Advisors4Advisors

Financial advising has undergone revolutionary change in the last few decades, evolving from a transactional sales-oriented customer experience to an ongoing knowledge-based process led by an objective financial professional with a fiduciary obligation to act in a client's best interest. Spurred by the burgeoning social science of behavioral economics, the nature of client relationships has grown more personal, collaborative, and complex, requiring today’s professionals to possess counseling skills.

This course delves into the intersection of financial advising and psychology, equipping professionals with essential skills to better understand client behavior, improve communication, and foster deeper client relationships.

Key Topics Covered

• The Evolution of Financial Advising: From Transactions to Counseling
• The Three Psychological Schools of Thought in Finance:
  • Behavioral Psychology – "You Are What You Do"
  • Social Psychology – The Influence of Peer Pressure and Investor Identity
  • Humanistic Psychology – The Seven Fundamental Skills for Financial Counselors
• Strategic Emotional Communication: Addressing Emotion Before Logic
• The Changing Value Proposition: Financial Advisors vs. Financial Counselors
• Understanding the Intersection of Counseling Psychology and Financial Advising
• Overcoming Client Resistance and Emotional Barriers
• The Role of Mental Health in Financial Decision-Making

Learning Objectives

By the end of this course, participants will:
✅ Understand the psychological principles that influence financial decision-making.
✅ Learn techniques to guide clients through emotionally driven financial choices.
✅ Differentiate between financial advising and financial counseling.
✅ Develop strategies for getting clients “unstuck” and improving decision-making.
✅ Recognize how behavioral biases shape client interactions and investment strategies.
✅ Apply principles from behavioral, social, and humanistic psychology to real-world advising scenarios.
✅ Improve client retention, engagement, and long-term financial success.

Agenda

The Evolution of Financial Advising

• The shift from transactional advising to a collaborative process
• Understanding the role of fiduciary responsibility
• The value of financial counseling for clients and practitioners

The Three Psychological Schools of Thought

• Behavioral Psychology: How habits and actions shape financial success
• Social Psychology: Peer influence and investor identity
• Humanistic Psychology: The seven essential skills for financial counselors

Strategic Emotional Communication

• The power of timing in financial conversations
• Managing client emotions before making rational decisions
• The role of storytelling in effective advising

Practical Application & Case Studies

• Recognizing and addressing financial decision-making biases
• The intersection of financial counseling and mental health
• Overcoming common client misconceptions and resistance

Implementation & Next Steps

• Practical tools for applying financial psychology in your practice
• How to improve client outcomes while growing your business
• Q&A and wrap-up discussion

Join this session to deepen your expertise and provide meaningful guidance to affluent families as they navigate the challenges of raising financially responsible, well-adjusted children.

This is the third of four financial counseling classes taught by Dr. Frank Murtha in 2024.

• Who Should Attend? Financial Advisors, IARs, CFPs, CPA/PFSs, CIMAs, CLUs and ChFCs. 
• Cost: Free to members of Advisors4Advisors 
• CPE credit: 1 hour, in the Communications and Marketing field of study
• Prerequisites: None
• Advanced Preparation: None
• Course Level: Intermediate
• QAS Self-Study Webinar Replay

Advisors4Advisors (A4A) is registered as a provider of continuing professional education on the National Registry of CPE Sponsors and approved by the National Association of State Boards of Accountancy (NASBA) as a Quality Assurance Service (QAS) Self-Study Provider, enabling CPA financial planners to earn CPE credit on-demand via webinars on A4A, as well as on live webinars.

Advisors4Advisors is approved as a continuing education sponsor by CFP Board of Standards, which licenses the designation for CFP® professionals and by IWI, which administers the CIMA® and CPWA® designation programs.

If you have a complaint about our service, please contact us. But you can also submit a complaint about A4A to CPE regulators at www.nasbaregistry.org. A4A memberships refunds requested 10 days from signing up are issued unconditionally. Send comments and help requests to [email protected].