Ep 059: Systematizing The Financial Life Planning Process To Increase Your Money Quotient with Carol Anderson
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 13 February 2018
⏱️ 92 minutes
🧾️ Download transcript
Summary
Carol Anderson is the founder of Money Quotient, a 501(c)(3) non-profit organization that provides financial life planning training to advisors. She has spent many years working in financial life planning, and in contrast to the typical criticism of the field, her company has managed to systematize their process.
In this episode, Carol discusses Money Quotient’s unique approach, as well as the psychology and sociology research behind it. Listen in to hear how their tactics set a more holistic tone to financial planning engagement and why Carol says financial life planning isn’t an alternative to traditional financial planning, but rather a better way to help clients develop the self-awareness they need to truly identify what their goals are in the first place.
For show notes and more visit: https://www.kitces.com/59
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.1 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.4 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.4 | and get insight from leading industry consultants about how to break through to the next |
| 0:22.2 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.4 | Welcome to the 59th episode of the Financial Advisor's Success podcast. My guest on today's |
| 0:33.7 | podcast is Carol Anderson. Carol is the founder of Money Quotient, a 501C3 nonprofit |
| 0:39.1 | organization in Portland, Oregon that provides financial life planning training to advisors. |
| 0:45.4 | What's unique about Carol and Money Quotion, though, is the way that they have systematized |
| 0:49.2 | the process of doing financial life planning for clients. In this episode, we talk in depth about the five |
| 0:56.1 | meeting financial life planning process that money quotient is developed, built around their |
| 1:00.2 | five E's stages of explore, engage, envision, enlighten, and empower, how advisors can use standardized |
| 1:07.7 | survey tools regarding a prospective client's financial well-being |
| 1:11.3 | and potential life transitions to set a more holistic tone to a financial planning engagement |
| 1:16.4 | from the start. The way money quotient segments the qualitative data gathering process into |
| 1:21.4 | satisfaction and values, biography, transitions, and goals, and the meeting templates they've |
| 1:26.9 | developed to systematize every step of |
| 1:28.8 | the process along the way. We also talk about the psychology and sociology research and theoretical |
| 1:34.4 | framework that underlies the money quotient approach as they are a uniquely research-based |
| 1:39.4 | organization in developing their financial life planning framework. The 3D training program they've developed to teach advisors about their communication tools |
| 1:47.0 | and why Carol doesn't consider financial life planning to be an alternative to traditional financial planning at all, |
| 1:52.9 | and instead simply views it as a better way to help clients develop the self-awareness they need |
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