In this episode of Bridging the Gap, Matt Reiner and guest Mitch Anthony, a pioneer in financial life planning, explore how adopting a client-centered approach can transform the financial advisory experience. Mitch critiques the industry’s reliance on complex jargon, urging advisors to communicate clearly through analogies and metaphors. This shift makes financial concepts more accessible, fostering deeper client engagement and understanding. Rather than pushing traditional goal-setting, Mitch encourages advisors to focus on life possibilities, which opens up more meaningful conversations and better aligns financial planning with clients’ real aspirations.

Mitch’s journey from crisis intervention to financial services has shaped his belief in service-oriented, rather than sales-driven, financial planning. Drawing from the work of Viktor Frankl, Mitch emphasizes the importance of guiding clients toward a sense of purpose. He advocates for financial advisors to tap into their clients’ life goals and emotional needs, integrating emotional intelligence into their practice. By doing so, advisors can cultivate long-term relationships that are grounded in trust and understanding.

The conversation also tackles advisor compensation models, with Mitch challenging the popular “we only make money when you make money” approach. He stresses the need for transparency and fairness in how advisory services are billed. Advisors can enhance their impact by asking meaningful questions that connect with clients’ deeper motivations, focusing on improving their clients’ quality of life (return on life), and continuously developing their emotional intelligence to create lasting, trust-filled relationships.

Timestamps From This Episode

[06:18] The industry focused on salesmanship over service, leading to inevitable crises.

[10:06] Debate on life planning vs. financial planning approaches.

[11:20] Life-centered financial planning prioritizes personal purpose over merely accumulating wealth. It emphasizes meaningful reasons for investing and places a heart at the center, signifying the importance of values.

[20:11] Money should provide freedom and autonomy, not create stress.

[23:37] Prefer discussing “possibilities” over stating “goals” to prompt more genuine, thoughtful responses and avoid clichéd, superficial answers that clients think advisors want to hear.

[25:08] Framing questions effectively encourages more meaningful conversations, aiding in setting and maintaining long-term goals with emotional intelligence.

[29:58] Emotional intelligence (EQ) is often more important for success than IQ.

Host

Matt Reiner, CFA, CFP®

I’ve been fortunate to be around the wealth management business for over 25 years. Along with this, I’m also the CEO of a tech startup. These experiences have given me a bird’s eye view of both the technology and financial services spaces.

Guest

Mitch Anthony

Mitch Anthony has been creating innovative discovery approaches for the advisor community for more than two decades. He has been credited with creating “Financial Life Planning” (2001), “Return on Life” (2005), and most recently, “Life-Centered Planning” (2017). A prolific author, Mitch’s seminal books include StorySelling for Financial Advisors, The New Retirementality, and Your Clients for Life.

Along with Steve Sanduski, he founded ROLAdvisor , a coaching community that is helping practices transform into Life-Centered Planning firms, and the Retirement Coaching Program, a program that is equipping advisors with the skills to help clients navigate modern retirement. Along with Paul Armson, he launched LifeCenteredPlanners.com, a platform designed to educate and inspire life-centered planners.