In this episode, Chris Budd, a financial advisor and founder of Ovation Finance, discusses the evolution of financial advising towards a more human-centered approach. He emphasises the importance of coaching, listening, and understanding clients' true needs and desires to enhance their financial wellbeing. Chris shares personal experiences that led him to adopt coaching techniques in his practice, highlighting the disconnect between what clients want and what advisors often provide. The conversation explores the significance of finding meaning and purpose in financial planning, the role of support teams, and the future of financial advice as it shifts towards wellbeing.
Takeaways: Coaching skills enhance the financial advising process.
- Listening is more important than imparting information.
- Clients want to discuss their future plans and lifestyle.
- Financial wellbeing is about finding meaning and purpose.
- The evolution of financial advice includes cash flow forecasting.
- Understanding client happiness is crucial for effective advising.
- Empowering support teams can improve client relationships.
- Asking open questions leads to deeper client insights.
- Financial advisors should focus on long-term wellbeing, not just products.
- Building strong client relationships leads to referrals and loyalty.
Chapters:
0:00 - Intro
5:00 - Overcoming Resistance to Coaching
9:20 - The Importance of Listening in Financial Advisory
12:40 - Finding Meaning and Purpose in Financial Planning
16:40 - The Evolution of Financial Advice to Wellbeing
21:20 - The Pursuit of Happiness in Financial Planning
24:27 - Developing Coaching Skills for Financial Advisers
26:02 - The Relationship Between Money and Happiness
28:00 - The Importance of Social Relationships
30:00 - Empowering Support Teams in Financial Advisory
35:53 - Empowering Team Members for Better Client Care
38:15 - Outro
Chris Budd:
Website: https://www.chrisbudd.co.uk/
LinkedIn: https://www.linkedin.com/in/chris-budd-80b75413/
Mentions:
Harvard Longitudinal Study Video: https://youtu.be/aFwG_1_XBCM?si=_GcXehtWRKISQ6jI
The Good Life: https://the-good-life-book.com/
It's not about the nail: https://youtu.be/-4EDhdAHrOg?si=L-lzfq3jMHOqvTa9
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