Brian Portnoy and Amy Mullen on Achieving Financial Well-Being

In this episode of On the Circuit, Brian Portnoy (CFA and Founder at Shaping Wealth) and Amy Mullen (CFP® and President of Money Quotient, Inc.) discuss the intricacies of human-first financial planning and how to better equip advisors to deliver the best advice.

Ever wondered what sets the best financial advisors apart from the rest? 

It’s their ability to form deep connections with clients by truly listening and understanding their emotions and values. In today’s episode, we’re joined by industry experts Brian Portnoy and Amy Mullen, who guide listeners through the process of cultivating empathetic listening skills to unlock that human-first approach in financial advising. 

In the realm of financial advising, strong connections with your clients can make all the difference in helping them reach their financial goals. A major aspect of building these connections is the ability to listen empathetically, ensuring that you fully understand your clients’ emotions, values, and concerns. Being equipped with this skill not only enhances your personal relationships with clients but also paves the way for professional growth and the ability to reach an increasingly diverse clientele. 

Mullen shares her personal story and background in financial education, which led her to co-found Money Quotient, an organization that focuses on providing financial advisors with tools and training to improve their client experience. 

Likewise, Portnoy founded Shaping Wealth, a company that trains financial advisors in the art and science of the psychology of financial planning.

Listen to the full episode to hear from both of these behavioral finance experts, or check out our other On the Circuit episodes to learn more about the future of financial advice. 

Key Takeaways

1. Empathy is crucial in financial advising because it allows professionals to connect with clients and engage in meaningful conversations.
2. Both Portnoy and Mullen encourage advisors to use technology and empathy to enhance their services, support efficiency, and complement the personal connection between themselves and their clients.
3. Face-to-face meetings foster trust and human connection – essential factors in building strong relationships with clients – that AI technology can’t replicate.

Key Timestamps and Topics

• 00:01:06 – Brian Portnoy discusses how the industry is pivoting from transactional to relationship building, and why it’s important to have a shared vocabulary around behavioral science in financial planning.
• 00:07:13 – Portnoy defines “human first financial guidance” as understanding the whole human, their goals, and who they want to be in life. 
• 00:09:53 – Johnny Sandquist asks if advisors becoming more like coach therapists will change the profile of who is a financial advisor.
• 00:14:10 – Hosts and guest discuss the rise of robo-advisors and the need for financial advisors to hone their marketing skills to compete.
• 00:16:48 – The financial advisor is both a mechanic and a guide, building and maintaining the vehicle, and also ensuring that it is headed in the right direction. 
• 00:19:11 – The use of AI chatbots can help eliminate barriers to talking about money, but there are still ethical questions to be asked.
• 00:24:13 – Portnoy encourages financial planning firms to focus on becoming a slightly better version of themselves and think long and hard about the cultures they are building for their advisors.
• 00:33:10 – Amy Mullen joins the podcast to discuss human-first financial guidance.
• 00:39:22 – Advisors need to have a practical process to guide clients through the self-discovery process of pinpointing their emotions, values, and goals, leading to higher conviction and follow-through on financial strategies. 
• 00:48:49 – Empathetic listening and offering alternative solutions are crucial parts of building trust and commitment with clients.
• 00:52:20 – Mullen discusses the need for advisors to strengthen their empathetic listening skills, which involves identifying qualitative information and learning how to support clients while they’re feeling emotional. 
• 00:57:00 – Amy Mullen shares her personal story of growing up with a single mother who became interested in financial education. 
• 01:00:06 – Mullen expresses her wish for the financial planning industry to reach a broader audience, particularly underserved populations who may not have access to sound financial advice. 

Relevant Links

• Download our free ebook, The Advisor’s Guide to Starting a Podcast
• Connect with a member of our podcasting team
• Learn more about starting your own podcast

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