It's time for the Rational and Relational aspects of wealth to merge!
Financial advising can be one of the most rewarding, and most frustrating, jobs a person can have. No matter how long you’ve been in your advisory role, we know that you are painfully aware that emotions almost always trump rational thinking when it comes to spending, saving, giving and investing,
What you may not be aware of is that there are predictable patterns of relating to money that require distinctly different approaches. And, even more importantly, your underlying adaptive strategies with money may inadvertently clash with those of your clients.
More and more financial institutions are recognizing that having qualitative skills and abilities to successfully address the myriad of family dynamics and other emotional aspects of money is a necessary key differentiator in the industry. Firms such as Wells Fargo, Merrill Lynch, Ascent of US Bank, and Oppenheimer are all developing and providing family dynamics consultantion and qualitatively focused services as part of their offerings to their high net worth clients.
What do we mean by “qualitative”?
Qualitative is how we capture what you experience every day with your clients, when you are confronted with the most common, emotionally-driven, scenarios your clients experience through their life transitions. A few examples of these include:
- Inheritors who are not following through on sound advice and are in danger of being taken advantage of
- Couples having trouble with initiating the pre-nup conversation
- Divorcees who are over-spending
- Wives who are terrified of becoming bag-ladies
- Fiscally unequal couples using money to manipulate and control each other
- Blended families contending with conflicts of interest between stepparents and stepchildren
- Siblings who do not trust each other who have to make important decisions together related to shared property
- Family business owners who know they need to prepare the next generation but are having a hard time letting go/giving up some control
- Well-meaning parents who want everything to be equal when they are actually treating their children unfairly
- Parents who say they want their children to be empowered but treat them in ways that have them feel entitled
- Couples who seem to be in agreement in your office, but never sign their documents due to unaddressed areas of resentment
- Parents who do not want to discuss their planning with their children, even when their children are adults and needing to do their own planning as well (and that information could be very useful for them).
You are well versed in what structures and documentation and planning need to be in place to maximize financial opportunities, equalize out estates, and mitigate taxes. Unfortunately, what you've also experienced far too often is how families can be ripped apart when a parent dies and beneficiaries are not adequately prepared for the roles they now find themselves in. The heartbreaking statistic is that well over 70% of wealth transfers fail. By learning more about how to assist families in transitioning their values with their you can do much to avert destruction and help to maintain family harmony across generations.
Becoming proficient in navigating the emotional side of money allows you to be:
- more effective in your communications with your clients
- more efficient in your work for your clients
- more trusted as a true fiduciary, which often leads to having more money under management
- more able to bridge across generations and become better acquainted with the offspring of your clients
- more competent and confident when upsets arise in your office, or when tempers flare on the phone
- more responsive and less reactive when clients are unhappy
- more able to retain clients and attract new ones
- more self aware and empathetic
- more engaged and of greater service
Additional Benefits participants receive from this training include:
- A network of other advisors who want to support you with industry-specific feedback
- A key differentiator that sets your practice apart and brings even greater value to your existing clients and their families
- A new platform from which to bridge across generations and to build greater trust and rapport with new clients
During this month-long intensive, you will learn how to seamlessly integrate the rational and emotional sides of estate and financial planning by:
- Understanding your patterns of behavior around money and how these may inadvertently clash with those of your clients
- Increasing your efficacy in client interactions and in empowering your clients to make and follow through with healthy financial decisions
Who we are and Why we are Doing this:
Jamie Traeger-Muney, PhD, Founding Partner of WLG, was hired as the first psychologist to work directly with clients at a major financial institution and launched a program on "Wealth, Worth and Fulfillment" for the ultra high net worth clients they served. Emily Bouchard, MSSW, Managing Partner of WLG, has led over 130 family meetings, co-authored Estate Planning for the Blended Family, and is on the faculty of the Exit Planning Institute as their "Family Transitions Specialist". We both specialize in working with women clients and women advisors.
Since 2004 we have been working collaboratively with advisors and the families they serve. We have witnessed and documented what has the client-advisor relationship go smoothly and easily transition to the next generation of family members. We have also seen the unnecessary pain and disappointment for both clients and advisors when things don’t go smoothly. Time and again we have intervened to allow for ease of communication and addressing misunderstanding in the moment, so that the client/advisor relationship remained trusted and long-lasting.
We have dedicated our professional and personal lives to the study of positive psychology, appreciative inquiry, and Bowen family systems theory. We work holistically with our clients and their advisors in addressing family dynamics, intergenerational discord, and the often debilitating emotions related to having significant wealth. We want to share with you the most useful and relevant resources we know of (and use ourselves), and give you the opportunity to try them out while having access to direct consultation and support.
What the Training Consists of: Over the course of four weeks you will experience:
- Interactive, engaging training sessions, combining didactic instruction with role-playing, done virtually via zoom video conferencing
- Q&A group consultation conference calls where you bring your most challenging client situations to discover new approaches
- A 30 minute 1:1 personal coaching session
- and more…
Apply Now to join our Next Training