Dr. Mary Bell Carlson and Jonathan Walker on the Intersection of Technology and Humanity in Financial Planning

Hosts Johnny Sandquist and Brodrick Lothringer sit down with Dr. Mary Bell Carlson, CFP®, AFC®, President at the Financial Behavior Keynote Group, to talk about the importance of emotional intelligence in finance. Stick around for part two of the episode to hear insights on the future of tech in finance from Jonathan Walker, Managing Consultant at the Financial Behavior Keynote Group.

Struggling to connect with your clients on a personal level? Wondering how you can elevate your financial planning services and stand out in a crowded market? 

In this episode, Dr. Carlson and Jonathan Walker discuss how to prioritize the human element of financial planning to win client trust (and keep it).

Through her work as President of Financial Behavior Keynote Group, Dr. Carlson aims to help financial advisors create more effective and compassionate client relationships, ultimately leading to better outcomes for all parties involved.

“The most important thing to understand is that the client is the expert in their own lives,” she explains.

Walker applies that same behavioral approach to his own work, and notes that while technology can help solve problems, it won’t erase the need for relationship-building.

“The simple principle that I look at is when using a technology, does it increase or does it decrease the friction that a client is going to experience in interacting with you?” he says. “If it increases friction, it’s the problem.”

Walker describes that “friction” as anything that hinders understanding or trust between advisors and their clients. As advisors employ new technology within their client interactions, they must weigh the benefits against the hindrances to decide whether it’s ultimately beneficial.

Click “Play” on the full episode to hear more from Dr. Carlson and Walker, or browse our other On the Circuit episodes to hear more insights from financial experts. 

Key Takeaways

1. Human-first financial guidance should focus on prioritizing the personal and emotional aspects of money management.
2. Advanced technology like AI can help eliminate friction in financial planning processes, but it can’t replace our humanity.
3. Trust isn’t something you win at a single point – it’s a continuous journey between advisors and their clients. 

Key Timestamps and Topics

• 00:04:49 – Guest and hosts discuss the shift towards human first financial guidance in the industry. 
• 00:09:26 – Dr. Carlson explains the importance of emotional intelligence in financial advising. 
• 00:11:50 – Dr. Carlson encourages advisors to become better listeners and to ask good questions to improve client relationships.
• 00:14:48 – Dr. Mary Bell Carlson shares her strategy for helping clients overcome adversity by asking them to reflect on the past. 
• 00:15:22 – In the next five years, Dr. Carlson hopes that technology will allow financial advisors to focus more on building relationships, rather than just completing tasks.
• 00:20:10 – Jonathan Walker explains that customer experience management is a broad field that includes technology, behavioral psychology, and user experience.
• 00:22:51 – As technology advances, financial advisors need to strike a balance between utilizing tech to eliminate friction for clients, while still maintaining the human element of building trust. 
• 00:29:47 – The human element to financial planning is essential, and no matter how advanced technology gets, we will always need to bring each other along as human beings.
• 00:33:24 – Walker highlights the benefits of having an adventurous mentality, which allows him to connect with people in unexpected ways. 

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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