Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne explore the crucial role of understanding and addressing clients' emotional and financial mindsets in building stronger, trust-based relationships in financial advising.

Topics discussed:

• The challenges financial advisors face when clients aren't receptive to advice, particularly during transitions.
• Experiences offering well-researched financial advice that clients were not ready to hear, emphasizing the importance of timing in giving advice.
• The importance of listening and understanding clients' "money scripts," unconscious beliefs about money that influence their behavior.
• Four types of money scripts are discussed: money avoidance, money worship, money status, and money vigilance, each affecting how clients respond to financial advice.
• Being present and emotionally attuned during client transitions, rather than pushing advice when clients are not ready to hear it.
• The value of patience and active listening in advisory roles.
• The podcast also explores the evolving role of financial advisors, suggesting that they need to develop soft skills and emotional intelligence to meet changing client expectations and improve retention and organic growth.

Resources:

Signature Estate & Investment Advisors, LLC.

Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne delve into the critical importance of financial wellness and its far-reaching effects on financial advisors and their clients.

Topics they also discussed:

• The concept of financial wellness, exploring whether it's beneficial or challenging for advisors and their clients.
• Defining financial wellness by three main objectives: managing day-to-day finances, protecting against key risks, and achieving major goals.
• The importance of understanding how financial institutions tackle financial wellness and the role of financial advisors.
• The commoditization of financial wellness programs, often offered through workplaces, is highlighted as a potential threat to traditional advisory roles.
• How these programs can engage clients' families, particularly younger generations, before advisors do, posing a competitive challenge.
• Emphasizing a fiduciary standard and a comprehensive decision-making process can help advisors differentiate themselves and provide more holistic and empathetic guidance to their clients.

Resources:

Signatura Estate & Investment Advisors, LLC.

Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne explore how financial institutions often fall short in addressing elder financial abuse, leading to disparities among advisors in managing trusted contacts.

Topics they also discussed:

• The origin of the "trusted contact" concept in the financial industry, aimed at protecting clients, particularly the elderly.
• How financial institutions inadequately address elder financial abuse, resulting in inconsistent standards among advisors for identifying and managing trusted contacts.
• The challenges faced by advisors in obtaining support and making decisions about trusted contacts and clients with cognitive impairments are discussed.
• The difficulties of implementing trusted contact programs and the importance of engaging clients proactively.
• The lack of just-in-time resources and institutional support frustrates advisors in handling client transitions and managing assets.
• Aligning financial planning with clients' changing priorities, focusing on end-of-life care and estate planning.
• The need for improved support and proactive communication from institutions to meet clients' needs and maintain strong advisor-client relationships.

Resources:

Signatura Estate & Investment Advisors, LLC.