Sarah Newcomb and Susan Bradley on Creating Purposeful Lives Through Personalized Financial Planning

Susan Bradley, Founder of The Sudden Money® Institute, and Sarah Newcomb, PhD, Founder at THRIVE Financial Empowerment Center, sit down with Three Crowns at the 2023 SHIFT Conference to talk careers, client psychology and the future of financial advice.

The shift towards a human-first approach in financial planning is an opportunity for financial advisors to build stronger connections with their clients and guide them through challenging financial situations more effectively.

For Bradley, that journey toward stronger connections began decades ago, when she founded the Sudden Money® Institute, which has a transitionist focus on helping clients navigate moments of change. 

“We’re looking at the human side first. It isn’t just that the human side exists – it’s the starting point. That’s a big difference,” Bradley explains.

Similarly, Sarah Newcomb emphasizes human psychology and connection through her work as the Founder of THRIVE, where she empowers clients to build lives they love through resourcefulness. 

Newcomb believes that empowering the next generation requires a reimagining of financial education and guidance. This new approach should prioritize teaching individuals to create meaningful lives by aligning their financial goals with their unique values and aspirations. Encouraging young people to tap into their strengths and find their purpose shifts the focus from merely accumulating wealth to living a fulfilling and value-driven life. 

Click above to listen to the full episode from Bradley and Newcomb, or explore our other episodes of On the Circuit with hosts Johnny Sandquist and Brodrick Lothringer now. 

Key Takeaways

1. World events, rising mental health challenges and new technology all contribute to a changing financial services landscape, in which people need more than just number-crunching to plan for their futures. 
2. Asking the right questions and learning active listening skills can help advisors make those much-needed connections. 
3. Financial education should shift focus to resourcefulness, or the ability to build the life you want using the tools you have available.

Key Timestamps and Topics

• 00:02:33 – Susan Bradley explains the concept of a “Financial Transitionist,” defined as someone who is skilled and trained to manage change, and how this differs from traditional financial planning.
• 00:09:50 – The group discusses how the human side, including emotions and decision-making processes, plays a critical role in financial planning, and how advisors can build skills such as deep listening and effective decision-making to better assist clients.
• 00:13:57 – Bradley explains the concept of deep listening, which involves being present and respectful while allowing clients to speak without interruption, and how this skill can help advisors better understand their clients’ needs and goals.
• 00:19:41 – Guest and hosts talk about the common misconceptions that financial planners have about transitionism. 
• 00:23:35 – Bradley expresses her desire to create a culture shift in the financial planning profession. 
• 00:27:21 – Sarah Newcomb talks about her passion for financial education for the next generation.
• 00:36:44 – Loneliness is a pervasive issue among many age groups, and advisors can help by encouraging clients to find groups and clubs to be a part of. Additionally, advisors must ask questions and take time to understand their clients’ attitudes towards money and financial products, helping them address loss aversion and other concerns.
• 00:41:49 – Advisors must prioritize their clients, asking open-ended questions to help them better understand their financial needs and goals. 
• 00:45:10 – Financial education should focus on teaching people how to think critically about money and financial products. 
• 00:49:28 – AI and chat interfaces can be valuable tools in financial education, but they must be trained on sound financial data to produce accurate and understandable results.
• 00:51:47 – Newcomb wants to create a generation of empowered young people who have a flexible knowledge of financial concepts and know how to create meaningful lives from whatever they have to work with. 
• 00:53:04 – Newcomb believes that we need to bring our individual awesomeness to the workplace to find what is most valuable. 

Relevant Links

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• Connect with a member of our podcasting team
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