Ep 091: Increasing The Value Of Advice By Focusing On Life-Centered Planning For Transitions Not Goals with Mitch Anthony
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 25 September 2018
⏱️ 102 minutes
🧾️ Download transcript
Summary
My guest today trains and coaches financial advisors on how to ask the right questions in order to have better conversations with clients. Mitch Anthony is the co-founder of ROLAdvisor, a coaching community that helps practices transform into Life-Centered Planning firms. With his truly unique gift for finding the right words for effective client conversations, Mitch describes the value of financial planning itself based on six principles that all advisors should take into account.
In this episode, we talk about the real value that financial advisors provide, as well as the best way to communicate this to clients and prospects. Listen in to hear Mitch’s advice for effective client conversations, the problem with the traditional focus of benchmarking an advisor’s return on investments, and why he is more focused on providing what he calls a “return on life.”
For show notes and more visit: https://www.kitces.com/91
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.1 | Welcome to the 91st episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:34.3 | podcast is Mitch Anthony. Mitch is the founder of an eponymous training and coaching firm for financial advisors on how to ask the right questions to have better conversations with clients. |
| 0:44.8 | What's unique about Mitch, though, is his truly unique gift for finding the right words for effective client conversations, |
| 0:52.0 | from describing the value of financial planning itself based on the |
| 0:55.3 | six principles of helping clients with their organization, accountability, objectivity, proactivity, |
| 1:01.8 | education, and partnership, to simply making the point that in the end, the role of a good financial |
| 1:07.0 | planner is to help clients find the balance between vocation and vacation and ensure that |
| 1:12.2 | clients prepare so they don't have to repair instead. In this episode, we talk about the |
| 1:18.6 | importance of language in financial planning, the difference between having good rapport with clients |
| 1:23.5 | and really building a relationship with them. Why asking clients the right questions is all about |
| 1:28.3 | engaging them by making them feel like they're answering the questions they've always wanted to |
| 1:32.4 | talk about anyway. And why the best way to demonstrate the ongoing value of financial planning is not |
| 1:37.5 | about helping clients to reach their goals, but instead helping them to prepare for and then navigate |
| 1:42.8 | the never-ending stream of transitions |
| 1:45.0 | that life throws out them anyway, which are also great opportunities for advisors to demonstrate |
| 1:50.1 | our value and grow our businesses because money goes in motion when life goes into transition. |
| 1:56.5 | We also talk about how the real value of a financial advisor should be measured by their |
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