4 Business Reasons to Join the Breaking Money Silence Revolution

Financial advisors are uniquely positioned to bust through the money talk taboo with their clients and role model healthy financial communication skills. This is not only a nice thing to do, it's a savvy business strategy. Here are the top 4 business reasons to join the Breaking Money Silence revolution.?

It protects your book of business during family transitions.

Approximately 90% of families will move their assets to another advisory or management firm after a family transition. Joining the revolution helps you reduce this risk because you are proactively working with families to facilitate conversations about these transitions. Offering family meetings to discuss legacy planning, business succession, or end-of-life wishes, automatically positions you as a trusted advisor and the go-to person to contact when one of these family changes occurs. If you have met the next generation prior to the death of their parents and helped them talk about a difficult topic, these clients are likely to be more loyal. No longer will you just be seen as “Dad’s investment advisor,” you will be viewed as a family resource.

It makes you more referable.

The best way to acquire new business is through a word-of-mouth referral. Word-of-mouth referrals don’t deplete your marketing budget and are a highly effective prospecting tool.? Joining the revolution means you are providing a service that will make you stand out in a very crowded marketplace. Trust me, not every advisor is willing to break money silence and teach their clients how to talk more openly and honestly about money. As a result, transactional advisors will refer you when they don’t want to be bothered with an “overly emotional” client. Women in transition will seek you out, as they want advisors who understand that transitions are fraught with feelings. Satisfied clients will tell their friends about how you helped them talk to their daughter about saving for college. Couples who thought they could never have a healthy, productive money conversation will tell their friends about how you taught them these skills. Yes, being a revolutionary will generate more business.

It’s a service caregivers really need.

People are living longer than ever before. While families are happy to have their loved ones with them longer, they often are perplexed by the myriad of financial and emotional decisions longevity brings with it. They need emotionally intelligent advisors to help them navigate these uncharted waters. Adult children really struggle with when and how to ask elderly parents about their finances and health care directives. Conversely, parents are reluctant to discuss these matters with their children for fear of burdening them. The result is many families put this conversation off until a crisis hits, which is not ideal. As a revolutionary, you coach and encourage family members to talk about aging with each other and to actively plan for the inevitable end of life. Offering a safe, non-judgmental place for these dialogues is an invaluable service. As most clients who have experienced this type of service from their advisors report, it can be life-changing.

It’s a gender savvy service.?

Women are economically powerful. They are receiving the majority of the wealth being transferred and growing their careers and businesses at a fast-pace which makes them great clients. However, many female clients report feeling misunderstood by advisors and want a more holistic approach to financial planning and investing. Offering to help them engage in healthy financial conversations is a wonderful service that will attract and retain these affluent and powerful consumers to your practice.?

There are many business opportunities for advisors who are willing to break money silence and engage women, couples, and families in money talk. It does require extra effort, and at times can be challenging. But it also can be uplifting, rewarding, and a wonderful way to grow your business year after year.???

If you want a copy of the second edition of Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life, click here.