89: How Financial Empathy And Data Visualization Influence Client Behavior with Dr. Michael Thomas

"Behavioral Coaching" continues to emerge as the primary source of value in a relationship between an advisor and client. Yet, most advisors have never learned the skill set required to actually influence and change a client's behavior for the better. It starts by first understanding the forces that influence client behavior both positively and negatively. To learn what works and what doesn't. (Quick note: Telling someone what to do DOESN'T work!) Fortunately, Dr. Michael G. Thomas has done extensive research on two forces that often go overlooked: 1) Financial Empathy 2) Data Visualization He'll explain just how much power these two forces carry and how he uses them to influence client behavior for the better. In this episode, we discuss: The "Zoom Out/Zoom In" approach he uses to identify emotional barriers Why confidence and clarity are crucial for changing client behavior The big mistake advisors make that demotivates clients What Robinhood teaches us about the power of data visualization His approach to budgets that avoids anxiety and overwhelm   The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals. *For more resources discussed in this episode -> Go Here. *For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn