Ep.019: The Cost of a Superficial Advisor-Client Relationship with Dr. Moira Somers

Summary
In this episode, Dr. Moira Somers discusses the psychology of money, emphasizing the importance of understanding financial behavior and decision-making. She highlights the role of financial advisors in fostering effective client relationships and the need to overcome procrastination and impulsivity in financial decisions. The conversation explores the significance of building effective financial systems, the emotional aspects of financial choices, and the importance of communication between clients and advisors. Additionally, the episode touches on generational perspectives on wealth, the need for meaning beyond money, and the future of financial advisory in a changing landscape.

 

Topics Covered in this Episode:

00:00 Introduction to Moira Somers

06:02 Transitioning to Financial Psychology

07:45 Understanding Habit Change in Finance

12:51 The Role of Catastrophic Events in Financial Change

14:44 The Importance of Systems in Financial Planning

16:12 The Advisor-Client Partnership

20:46 Encouragement and Client Relationships

24:31 Common Mistakes Advisors Make

30:59 Effective Communication in Financial Advisory

32:30 Organizational Challenges in Financial Management

34:44 The Evolution of Financial Planning

35:41 The Personal Side of Money

39:44 Cognitive Biases and Decision-Making

41:00 The Future of Financial Advisory

42:02 The Illusion of Superiority in Financial Decisions

47:00 Aligning Wealth with Values

54:16 Finding Meaning Beyond Wealth

 

Work with Dr. Somers

Website: https://moneymindandmeaning.com/

Blackwood Family Enterprise Services: https://www.blackwoodfes.com/

Work with Millen Wealth Advisors
Book an intro meeting: https://www.mwadvisors.ca/
Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/

Follow Sam and Guillaume on Social Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
Sam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Sam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Guillaume’s Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Keywords
Psychology of money, financial behavior, financial advisors, client relationships, procrastination, financial systems, communication, wealth management, emotional decisions, generational wealth