Ep 234: Charging Advice Fees To Help Clients Change Their Money Script with Yohance Harrison
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 22 June 2021
⏱️ 104 minutes
🧾️ Download transcript
Summary
Yohance Harrison is the founder of Money Script Wealth Management, an RIA based out of Texas that offers ongoing financial planning services to 225 young healthcare professionals. Yohance uses a unique model of monthly subscription fees and charging for subsequent implementation, and his zone of genius is helping his clients identify and change their personal money scripts to better align their financial decisions with their goals.
Listen in as Yohance shares how he has tapped into the power of referrals to build his client base and dives into why he uses a mix of client tiers to profitably serve clients while also meeting their unique needs. He also talks about how he helps clients identify and change their personal money scripts so they can better reach their financial goals, and what he sees as lacking in the financial planning industry when it comes to attracting diverse talent.
For show notes and more visit: https://www.kitces.com/234
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, |
| 0:17.5 | and get insight from leading 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 Kitsas. Welcome, everyone. |
| 0:29.2 | Welcome to the 234th episode of the Financial Advisor Success Podcast. My guest in today's |
| 0:34.8 | podcast is Johanz Harrison. Yohantz is the founder of MoneyScript Wealth Management, an RIA based in Cedar |
| 0:40.4 | Hill, Texas, that offers ongoing financial planning services to 225 upwardly mobile |
| 0:46.0 | young health care professionals for a combination of monthly subscription fees and getting paid |
| 0:50.5 | for subsequent implementation. |
| 0:52.5 | What's unique about Johan's, though, is that the value |
| 0:54.9 | he offers his clients revolves around helping them identify and change their own preconceived |
| 0:59.6 | notions about in relationship with money, their personal money scripts, to help them make money |
| 1:05.1 | decisions that are better aligned with their financial goals. In this episode, we talk in depth |
| 1:09.9 | about how Johantz helps his client to recognize |
| 1:12.2 | and understand their personal money scripts, which so often influence our financial decisions |
| 1:16.4 | without us even being aware it's happening. And what Johan's does to help them subsequently change |
| 1:21.0 | their money scripts for the better. How Johans developed his niche serving physicians and other |
| 1:25.7 | health care workers and the way he helps them not become a target for their other family members when they suddenly start generating a higher income. |
| 1:32.9 | And how early in his career, Johan's recommended that his lack of a natural market meant that his best path to success would be to get better focus on a value proposition that could bring referrals to him instead. |
| 1:45.2 | We also talk about Johant's financial planning process itself, how he starts with a deep |
| 1:49.9 | examination of a client's budget to find the various paths they can take to make small |
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