Dr. Moira Somers - Giving Financial Advice That Sticks

This week on Standard Deviations with Dr. Daniel Crosby, Dr. Crosby speaks with Dr. Moira Somers. Dr. Moira Somers is a psychologist, family wealth consultant and executive coach. Her work is divided between direct client services, on the one hand, and consulting to family business offices and financial services, on the other. Although Canada is her home, her client base is international. Dr. Somers works closely with financial professionals who serve UHNW families. She helps family office team members address client-facing challenges such as non-adherence, cognitive impairment and addictions, transition stress, and an array of family struggles. Where appropriate, she also provides direct services to the firm’s clients. She has delivered keynote addresses to organizations such as the National Football Players’ Association, the Financial Planning Association, XYPN Conference, and a wide array of banking, insurance, and investment companies. She offers Mastermind Groups and in-house training for those who want to increase their expertise on the personal side of financial counsel.

Her book, Advice that Sticks: How to Give Financial Advice that People Will Follow, has become an international bestseller. It tackles, head-on, the problem of unimplemented financial advice. It has been adopted as an authoritative guidebook by such diverse groups as postsecondary institutions, private firms specializing in Ultra Hight Net Worth clients, and credit counseling agencies.

Tune in to hear:

- How does non-compliance with advice, and the gap between knowing and doing, present on a macro level and impact our lives?

- Is the financial services industry, as a whole, guilty of delivering advice without much regard for how it is retained and implemented?

- How is the term non-compliance potentially problematic?

- What are some individual characteristics of advice givers that causes their advice to be stickier?

- What are some of the big drivers that cause professionals to use too much jargon?

- What are some potential resources for financial advisors who are hoping to be more culturally sensitive?

https://moneymindandmeaning.com

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