Advice That Sticks: How to give financial advice that people will follow

by Moira Somers

Overview

What makes it so hard for people to do the right things with their money? Why do they frequently ignore sound financial advice? Grounded in the psychology of money and the science of non-adherence, this book equips financial professionals to deliver their advice more effectively.

Product Details

ISBN-13:	9781788600149
Publisher:	Practical Inspiration Publishing
Publication date:	02/28/2018
Pages:	218
Sales rank:	512,889
Product dimensions:	5.50(w) x 8.50(h) x 0.46(d)

About the Author

Dr Moira Somers is a leading practitioner in the field of financial psychology and financial change. A neuropsychologist, professor and executive coach, Dr Somers blends the science and art of advice-giving with practical wisdom and wit. Through her popular keynote addresses and follow-up seminars she works with financial professionals and organizations around the globe, equipping them to give easy-to-implement advice that captures clients' hearts and minds.

Table of Contents

Introduction Chapter 1 The Value of Advice That Sticks Chapter 2 Why People Seek Advice Chapter 3 A Curse, a Plague, and Other Problems Caused by Advisory Teams Chapter 4 The Peculiarities of People and Finances Chapter 5 What Makes Some Advice Harder to Take Than Others Chapter 6 Client Characteristics (Part 1): Working with the Horse You’ve Got Chapter 7 Client Characteristics (Part 2): How to Help When Life Packs a Wallop Chapter 8 Under the Influence: Social and Environmental Contributors to Adherence Chapter 9 Some Final Thoughts Recommended Reading Endnotes Acknowledgements About the Author Index

What People are Saying About This

From the Publisher

Rated #1 in Kitces.com 'Summer Reading List of “Best Books” For Financial Advisors – 2018 Edition'!

“Finally, someone is willing to tackle the complex issue of client compliance and how change occurs in the area of personal and business finance. Written by an expert in the field of financial psychology, the book delivers humility, humor and wisdom. It guides the reader in learning how to close the gap between good intentions and actions." Courtney Pullen, M.A. Author, Intentional Wealth
"This is a great book! A worn and dog-eared copy belongs on the bookshelf of every financial advisor who views financial planning as a calling and a profession." Rick Kahler, MSFP, CFP® Author, Conscious Finance
"Consumers know they need to do things differently with respect to their money, but are often dismayed or baffled by their own self-sabotaging habits. Financial professionals have not always known how to be helpful in creating lasting behaviour change. They’ve relied too much on the provision of information and the occasional stern lecture. This book will change all that. It is superbly written, and well-positioned to help a lot of people.” Kelley Keehn Finance author & consumer advocate
"Dr. Moira Somers has given professional advisors an inspired gift in Advice That Sticks. She shares dozens of adherence-boosting strategies, including outstanding recommended questions to ask clients. I love Somers’ delightfully dry humor, which sparkles throughout! This book’s insightful, disciplined, evidence-based process will enhance advisors’ effectiveness as advice-givers." Kathleen Rehl, Ph.D., CFP®, CeFT® Author, Moving Forward on Your Own
"With this book, every financial professional has access to deeply practical advice on how to listen, observe and respond while helping clients make their best life and money decisions. This is the book that connects financial planners and wealth advisors with the human experience of decision-making, commitments and adaptation to change." Susan Bradley, CFP® Founder, Sudden Money Institute
"Financial professionals need to understand their clients’ values, attitudes and beliefs about money, emotions, biases and social influences, and then connect with their clients with in a way that motivates and facilitates the right outcomes. This book highlights the importance of these skills along with Moira’s helpful insights and guidance for providing advice that sticks." Joan Yudelson, CFP® VP, Professional Practice, Financial Planning Standards Council

Editorial Reviews

Amazon Reviews: 'Being a nerdy advisor, I read this book on vacation by the pool. I scribbled and highlighted in it feverishly and laughed out loud often at the humor. It's human psychology applied to finance. It led to interesting poolside conversations. A relaxing businessman read it next with the conclusion that many of the principles apply to his business as well. A dentist is now reading this sunscreen-stained copy. Both indicate they now want more from their financial advisors. This has turned out to be a beach read with big reach.'

'Have you ever told a client to do something, something so important that it would make a meaningful difference in their lives? The client agrees, but six months, a year, two years later, the client still hasn't acted? This book is full of solutions to this all-too-common problem. It's an easy read full of useful tips that can be implemented right away. And when you read it, you'll want your clients to read it, as well.'

'I am only 30 pages in and Dr. Somers words ring huge truth to the reality of what financial advisors REALLY ARE and REALLY DO when done well. As an advisor myself, no matter how many initials of alphabet soup I have behind my name, if the client does not take action on the counsel given, then all my study and time with the client is for nothing. What's the old saying, A spoonful of sugar makes the medicine go down." If your an advisor and stuck in a rut, read this book and yes I know I am only 30 pages in. Once I am done, I shall add even more fun.'

'There is intellect, and then there is Wisdom. Dr Somers delivers BOTH in this book. With psychologists typically addressing how thinking impacts mental and physical health, Dr Somers addresses how our thinking impacts our wealth! She makes the elusive seem understandable, and more importantly easily practiced. Addressing the heart and mind of money, this is a must read for anyone (financial professional or otherwise) that wants a better understanding of their relationship with money, and how to improve it.' R. A.

"My only fault with this book is that Dr. Somers undersells it. This book has much broader scope than only offering financial advice that is useful and acted on by clients. With clever humor and easy to digest clarity Dr. Somers provides the reader with important ideas and tools they can use to increase the value and significance of their client engagements. If you want to distinguish your financial planning practice to be known in your market as something special, this book is for you. If you want your practice to be less vulnerable to market or economic forces beyond your control, this book is for you. If you think you would prefer having more personal or meaningful engagements with clients beyond their ledger sheets, this book is for you. Do you want to have a practice that offers clients and their families something robo systems can't? Then this book is for you. When you are ready to take your practice to a higher, more fulfilling level, you will want this book." Tom Chancellor

From the Publisher