Podcast Summary: The Stacking Benjamins Show – "How Pros Build Motivation Into an Effective Financial Plan (SB1659)"

Release Date: March 21, 2025

Introduction to the Episode

In episode SB1659 of The Stacking Benjamins Show, hosts Joe Saul-Sehy and OG delve into the intricate relationship between motivation and effective financial planning. The episode, featuring expert guests Jesse Kramer and Dana Anspach, explores strategies professionals use to keep clients engaged and motivated towards achieving their financial goals.

Main Discussion: Motivation in Financial Planning

Challenges in Motivating Clients

The conversation begins with Joe highlighting the prevalent issue of maintaining client motivation within financial planning. The hosts discuss how financial plans can often feel abstract or overwhelming, leading to client disengagement.

Joe Saul-Sehy (03:14):
"I really want to talk today is motivation. Like how do we keep people motivated?"

Dana Anspach shares her experiences with client resistance, noting that many individuals prefer simplistic approaches like "just investing" rather than comprehensive financial planning.

Carrot vs. Stick: Approaches to Motivation

The hosts debate the effectiveness of positive reinforcement ("carrot") versus negative reinforcement ("stick") in motivating clients. Dana expresses a preference for the "stick" approach, using realistic fears to prompt action.

Dana Anspach (19:02):
"Susie Orman's example was like, let me instill a little bit of fear and anxiety into you about the downsides of what could happen if you don't act."

Conversely, the discussion acknowledges that while fear can be a strong motivator, it must be balanced to avoid alienating clients.

Sports Agent Analogy

Jesse Kramer introduces an analogy comparing financial planners to sports agents, emphasizing the importance of building trust and acting as a supportive team member rather than an aggressive salesman.

Jesse Kramer (15:27):
"Just like a sports agent, your goal is to have you succeed. But by the same token, I've got to tell you that if we keep doing the thing we're doing, we're not going to get where you want to go."

Tracking and Monitoring Financial Plans

Importance of Tracking Income, Expenses, and Net Worth

The conversation shifts to the critical role of tracking financial metrics. Jesse emphasizes the necessity of monitoring income, expenses, assets, and liabilities to maintain control over one's financial health.

Jesse Kramer (48:06):
"You need to have a place where you can track your income and expenses... and you need to track your net worth."

Dana reinforces this point by outlining the essential components of financial tracking, including creating a balance sheet and cash flow statements.

Correlation Between Tracking and Saving

Referencing research from the American College, the hosts discuss the strong correlation between regular financial tracking and higher savings rates. Joe highlights impressive statistics demonstrating that individuals who frequently monitor their finances tend to save more effectively for retirement.

Joe Saul-Sehy (48:50):
"People who track save more for retirement. Yes, quite a bit more."

Trivia Segment: Junk Fees Percentage

Mid-episode, the hosts engage listeners with a trivia question about the percentage of a ticket's cost attributed to "junk fees." Participants OG, Jesse, and Dana make their guesses, with Jesse correctly estimating the percentage.

Trivia Question (30:10):
"What percentage of your ticket to see Joe Lewis would have been attributed to junk fees today?"

Jesse Kramer (35:12):
"I'm going to go with 25% flat."

OG (37:56):
"Oops, Jesse’s our winner with 27% junk fees."

Emotional Conversations with Clients

The episode delves into the emotional dynamics between financial planners and their clients. Jesse shares anecdotes highlighting the delicate balance between being passionate about clients' financial well-being and maintaining professional boundaries.

Jesse Kramer (43:12):
"I've had those moments where I was just so adamant and they weren't a super high net worth household, like this was going to make a meaningful difference for them."

Dana adds that delivering hard truths calmly and factually can foster trust while ensuring clients are aware of potential financial pitfalls.

Dana Anspach (25:12):
"Deliver it calmly and you stick to the facts... I have a few clients suffering... I want them to know the truth."

Keeping Clients Engaged and Responsible

The hosts emphasize the importance of client ownership in financial planning. Jesse discusses strategies for encouraging clients to take responsibility for their financial decisions, thereby enhancing the effectiveness of the financial plan.

Jesse Kramer (15:27):
"When you say it, it's propaganda. When they say it, it's gospel."

Joe underscores the significance of open communication and regular check-ins to maintain accountability.

Joe Saul-Sehy (54:18):
"It’s not just about having extra or not having extra, it's being in charge of what you're choosing to spend money on."

Upcoming Resources and Activities

Towards the end of the episode, guests promote upcoming webinars and books. Jesse Kramer announces his forthcoming book, "Living off Your Acorns," which outlines strategies for the different phases of retirement.

Jesse Kramer (58:42):
"It's going to be called Living off Your Acorns, your guide to the four phases of retirement."

Dana Anspach mentions her webinar on creating a retirement income plan, encouraging listeners to visit SensibleMoney.com for more information.

Conclusion

The episode wraps up with a lighthearted recap of the discussion, reiterating the key points about motivation, tracking, and maintaining a proactive approach to financial planning. The hosts thank their guests and encourage listeners to engage with their resources for further financial education.

Joe Saul-Sehy (60:29):
"Thanks to Dana Anspach for joining us today. Head to sensiblemoney.com for more on Dana for practice and our upcoming free webinar."

Notable Quotes with Timestamps

• Joe Saul-Sehy (03:14):
  "I really want to talk today is motivation. Like how do we keep people motivated?"

• Dana Anspach (19:02):
  "Susie Orman's example was like, let me instill a little bit of fear and anxiety into you about the downsides of what could happen if you don't act."

• Jesse Kramer (15:27):
  "Just like a sports agent, your goal is to have you succeed. But by the same token, I've got to tell you that if we keep doing the thing we're doing, we're not going to get where you want to go."

• Joe Saul-Sehy (48:50):
  "People who track save more for retirement. Yes, quite a bit more."

• Dana Anspach (25:12):
  "Deliver it calmly and you stick to the facts... I have a few clients suffering... I want them to know the truth."

• Jesse Kramer (58:42):
  "It's going to be called Living off Your Acorns, your guide to the four phases of retirement."

Note: For more insights and resources, visit StackingBenjamins.com and SensibleMoney.com.