Jason Wenk & Dr. Meghaan Lurtz On Creating a Mission-Driven Culture in Financial Planning

Jason Wenk and Dr. Meghaan Lurtz sat down with Three Crowns’ Brodrick Lothringer and Johnny Sandquist to explore the human side of financial planning in this episode, recorded live at the 2023 Shift conference.

With a deep-rooted belief in empowering financial advisors through innovative technology and a strong sense of purpose, Jason Wenk has played a pivotal role in shaking up the traditional finance world through his role as Founder and CEO at Altruist. His personal experience in building, selling, and witnessing the transformation of a company has given him a unique understanding of the importance of a human-first approach in finance.

Likewise, Dr. Meghaan Lurtz’s experience as Founder of Couplr, Professor of Practice at Kansas State University and a lecturer at Columbia University has given her firsthand knowledge of the importance of people in personal finance. Even with the rise of AI technology like ChatGPT, both Lurtz and Wenk know that robo-advisors are far from taking over the advisory experience.

In this episode of “On the Circuit,” hosts and guests delve into these two professional powerhouses’ backgrounds that lead to their current career roles. You’ll also hear their thoughts on the current state of financial planning – including how behavioral psychology and a human-first approach can help advisors connect with both clients and prospects. 

“There’s no reason that psychologists, psychiatrists, marriage and family therapists, social workers – there’s no reason that they should have the market on being good communicators,” Lurtz explains. “These are skills that anybody can develop and there is immense value in developing those skills. Not to be therapists, but to be therapeutic – to be with other humans and be good at it.”

Listen to the full episode to learn more, or explore our other episodes to hear more expert takes on the human side of financial advice. 

Key Takeaways

1. A business acquisition is about more than just numbers – blending workplace cultures can be a difficult process.
2. A clear, mission-driven business plan can help you connect with clients and build a successful firm. 
3. With new tech on the rise, advisors should realize that the future of financial planning will rely largely on the development of human and relationship-building skills. 

Key Timestamps and Topics

• 00:02:14 – Jason Wenk talks about the challenge of blending the cultures of two companies after an acquisition. 
• 00:05:13 – Wenk talks about Altruist’s two approaches to customer service, including a live chat feature with 30-second response times and SSG’s phone-based customer service. 
• 00:09:29 – Wenk emphasizes the importance of having a clear mission and values that guide a company’s decisions. 
• 00:14:54 – Jason Wenk talks about the genesis of the Human Advisor podcast and how it was inspired by the need to augment financial advisors so that they have superhuman capabilities to deliver better outcomes for their clients and serve more people. 
• 00:20:33 – Johnny Sandquist and Jason Wenk discuss innovating the podcast space and how people are now looking into new pieces of tech like Chat GPT and AI. 
• 00:29:04 – Jason discusses  the value of human financial advisors over robo-advisors, stressing the importance of empathy and connection in the financial planning process. 
• 00:39:32 – Dr. Megan Lurtz discusses the importance of relationships in financial planning, citing a Harvard study that found relationships to be the key to happiness and health. 
• 00:43:04 – Financial advisors can move away from investment-focused meetings and look to human-first financial planning, using positive psychology frameworks to help clients flourish.
• 00:48:23 – Conflict can be viewed as a creative brainstorming session if approached with a high level of emotional intelligence.
• 00:53:10 – The future of financial planning lies in the development of human skills. 
• 00:56:12 – Research has shown that humans want to be treated as humans, not just data points or objects.
• 00:56:59 – Behavioral finance research has challenged preconceived notions about financial decision-making, with studies on future-self, the impact of emotions on decision.
• 00:58:00 – Financial advisors should think like they are on a second date when meeting with prospects.
• 01:00:10 – Technology can help build confidence in finance, particularly for younger generations who trust technology but not financial professionals.
• 01:05:31 – Asking specific questions and molding the process to meet the client’s needs is critical to building trust and enhancing the relationship.

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

About Three Crowns

Three Crowns is a full-service marketing partner, providing the financial industry with high quality custom blogs, website design, branding, podcast production and more. We help financial advisors and fintech companies find their message and amplify their voice. From strategy to click-worthy content, to SEO optimization and social media promotion, our team is ready to help you feel confident in your communication. Click here to connect with a member of the Three Crowns team today.