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Uncovering Emotions Behind the Money

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Why is it important for advisors to uncover emotions behind the money? Presentation shared with woman in financial and insurance industry February 2018.

Publié dans : Économie & finance

Uncovering Emotions Behind the Money

  1. 1. MINDFUL MONEY Uncover Emotions Behind the Money Liz Kitchell Mindful Money Coach
  2. 2. Observations Financial advisors benefit from having uniquely different conversations to attract and retain desired clients Client satisfaction rises when authenticity comes into the conversation
  3. 3. Agenda • Emotions behind money • One’s “Money Story” • The overwhelming task of trying to take control of finances • What keeps clients stuck
  4. 4. Think about your current money situation … What emotions come up?
  5. 5. Myth • Money is money • Emotions are emotions • Emotions and money are two separate things IN FACT, MONEY IS EMOTIONAL!
  6. 6. Fact Money and emotion are greatly intertwined
  7. 7. Why acknowledge emotions?
  8. 8. Have you ever had a client you help consolidate debt, only to just end up right back where they started?
  9. 9. Have you ever had a client you help consolidate debt, only to just end up right back where they started? They never dealt with the emotions that got them into debt in the first place!
  10. 10. What about the client, sitting on cash, paralyzed to reenter the market even though they know they should?
  11. 11. What about the client, sitting on cash, paralyzed to reenter the market even though they know they should? Help them uncover the emotions that feed their fears!
  12. 12. Or the client that earns large annual bonuses, but never seems to have money for things they truly want?
  13. 13. Or the client that earns large annual bonuses, but never seems to have money for things they truly want? You can guide the client to soul-search, uncover their true goals, and set a plan!
  14. 14. Fostering an honest discussion of emotions with your client:
  15. 15. Fostering an honest discussion of emotions with your client: • Makes you more valuable to the client
  16. 16. Fostering an honest discussion of emotions with your client: • Makes you more valuable to the client • Gives you a competitive edge
  17. 17. Fostering an honest discussion of emotions with your client: • Makes you more valuable to the client • Gives you a competitive edge • Engenders trust and deeper, higher- quality relationships
  18. 18. So where do we start?
  19. 19. So where do we start? With your client’s Money Story
  20. 20. What is a Money Story
  21. 21. Why uncover money story Part of identity Solutions that address money story Couples have different money stories
  22. 22. Questions to uncover the money story • What is your first memory of money? • What did your parents teach you about money? • How does that play a role in your financial decisions today? • What is your financial mulligan (do over)? • Describe your current financial situation • Describe your ideal financial situation
  23. 23. Your own money story • Define • Solve • Check
  24. 24. Address their story Whatever you learn needs to be addressed in the solution
  25. 25. Client must juggle… Budgeting Needs versus wants Intentional spending Joy / Rejuvenation Account
  26. 26. Client must juggle… Budgeting Needs versus wants Budget savings Intentional spending Income Glass ceiling
  27. 27. Client must juggle… Budgeting Needs versus wants Budget savings Intentional spending Income Glass ceiling Assets Categorize money • Short Term: Working Capital, Incidental, Joy, Emergency • Intermediate • Long term
  28. 28. Client must juggle… Budgeting Needs versus wants Budget savings Income Glass ceiling Assets Categorize money • Short Term: Working Capital, Incidental, Joy, Emergency • Intermediate • Long term Debt • Perception of debt • Save your way out of debt • Stabilization • Elimination • Debt Free
  29. 29. Client must juggle… Budgeting Needs versus wants Budget savings Income Glass ceiling Assets Categorize money • Short Term: Working Capital, incidental, joy and emergency funds • Intermediate • Long term Debt • Perception of debt • Save your way out of debt • Stabilization • Elimination • Debt Free Core Emotions: Joy, connection, rejuvenation OR Fear, scarcity, deprivation
  30. 30. Next Steps • Define your own money story • Ask clients questions to uncover their money story • Start asking open-ended, probing questions for authentic conversations: • Why is that so important to you? • Tell me a little more about that. • I’ve heard a lot of people say that … can you explain it to me?
  31. 31. Coaching & Training Resources If you like what you heard here today, share my information with your friends and colleagues to have me talk to your organization. Training CoachingLiz Kitchell Liz@lizkitchellcoaching.com (513) 638-1942

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