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Top Advisor Podcast
#99 – What Every Advisor Needs to Know About Storyselling and Life Planning with Mitch Anthony
00:47:06
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- [00:01]
A
Welcome to the Top Advisor podcast, brought to you by Proudmouth's Pod Rocket Academy. I'm your host, Bill Cates, creator of the Cates Academy for Relationship Marketing. In each episode, I interview one of our industry's top performers, getting them to pass on their secrets to success to you so that you can impact more lives and generate more income. Now on to the show. Welcome, welcome. How good are you at using stories, anecdotes, little case studies to help prospects connect with your value and decide to work with you? Well, since that's one of today's main topics, wherever you are with that strategy, I think you're going to find today's interview will be very helpful. Make you even better at that. And also in today's show, we're going to address the huge trend in our industry and that is life centered financial planning. Some call it holistic financial planning. We'll dig into that. You know, whether you're looking for better connections with prospects and clients or bringing in more right fit clients, or building a business with lasting impact, I think we all want you're going to get a ton of value out of today's episode. But first, did you know that my newest book has just come out? This book is unlike anything I've written before. It's. It's a business parable, a tale, a story authored with Jeff C. West that's suspenseful, insightful, surprisingly fun. The title is. It's a long one. You ready? The Hidden Heist. Stop Robbing Yourself of Lasting Wealth. An irresistible tale of financial redemption. So the story is set in a bumble bank, Robbie, so there's a mix of fun and tension. It explores the beliefs and assumptions that keep many from seeking financial guidance and building wealth. And it shares a few essential financial principles and lessons that just about everyone can agree on. One reader called it a Netflix thriller meets the only money guide you'll ever need. And you'll like this. The book makes a very strong case for hiring a financial professional like you. And while the Hidden Heist is especially geared towards adults age, say 18 to 45, I believe that everyone will find the story interesting and the perspectives helpful. The Hidden Ice is also a great resource for financial professionals, ideal for sharing with clients and their adult children. You can use this book as a way to bring more value to your clients and their family members, as well as start a conversation about generational wealth planning. Curious? Go to thehiddenheist.com that's thehiddenheist.com now top advisor podcast is sponsored by the folks at Proudmouth, who help advisors increase client engagement and attract more ideal clients. And this episode is sponsored by Ironclad Family, who who bring you ivaultx, a financial advisor enablement tool focused on upping your game as a holistic advisor. And more on these folks in a bit later. Now on with today's show. So I am both thrilled and honored to have Mitch Anthony as my featured guest for today's show. I've been following Mitch's work forever and we finally just recently connected to do this show. Mitch really has truly helped thousands of financial professionals connect more deeply with clients and grow their business in the process. Mitch is the author of many books, two of which are Stories Selling for Financial Advisors and Life Centered Financial Planning. And we're going to draw from these two books today. I think these two books have become essential reading for advisors who want to move beyond transactions and into transformational relationships. Mitch is a sought after speaker, great speaker, consultant, trainer who's worked with firms across the globe to help them communicate more authentically, sell more effectively, and make their advice truly matter. I like that. So, Mitch Anthony, after that long preamble, zooming in from Rochester, Minnesota, welcome to Top Advisor podcast.
- [03:58]
B
Yeah, thanks, Bill. And you forgot to mention that you and I have crisscrossed paths probably 100 times out there in a conference circuit, haven't we?
- [04:08]
A
Yeah, we have. It's like, you know, you were on the day before me or the day after me and we weren't able to always connect and meet, but we've known each other forever. So I've had a lot, a lot of folks like that as guests on my podcast to finally, you know, meet these people I've known about forever. So I'm honored. Thank you. You know, I think it's safe to say that your book, Story Selling for Financial Advisors really has become an industry classic. So many people refer to it, still refer to it. I think it's as relevant today as when it came out years ago. So in a nutshell, what is story selling and how is it different from traditional approaches that so many advisors are taught?
- [04:49]
B
First of all, I have to confess, Story Selling is a title battle I lost. My original title was the Intuitive Advisor and really what I was thinking about at the time. And then we stumbled upon Story Selling, my co author and I, Scott west, over breakfast one morning. And really it was about how to untap that right side of the brain in the conversation. You know this as I would look at and listen to and audit advisor conversations with their clients, they seem to Lean pretty far left. And I don't mean that politically, I mean that really. Right. They were leaning left and they were using charts and numbers and rationales and logic paths and all these things and hoping that people would come to a conclusion or a decision and put ink to paper. And it kind of, it kind of dawned on me that the way I've spent a lot of my life studying how the brain works from a practical. I've been accused of practically applied psychology, right? And I've always loved studying these sorts of things. And what I found is the more you feed that left side of the brain, the more it consternates, right? It's, you know the old saying, analysis, paralysis by analysis. And so when you feed that monster, it gets bigger and hungrier and it doesn't get any closer to a decision. And so I started studying, you know, some of the great greatest minds in the history of the world, right, and how they went about communicating or persuading. And you could, I can start with Jesus and his parables and the phrase, it's kind of like and Ben Franklin and his poor Richard analogies and Aesop and his fables. And now I guess we have to add your name to it with the hidden heist, right? Because. Thank you. We're using a metaphor here to get a point. All right, I earned a green light. But at the end of the day, what is a metaphor? A metaphor is using the language of the known to explain the unknown. Use the thing they get to explain the thing they don't get. And Bill, I would watch advisors talk to prospects and clients and they would use this nomenclature that nobody outside of the industry understands whatsoever. And, and I would say afterwards, were you trying to impress them with how smart you were? Because I don't know that the proper way to start a meeting is to say, hi, Bill, I'm smarter than you and I'm going to demonstrate it in the first five minutes of this conversation.
- [07:34]
A
I'm going to make you feel ignorance. Just sit back and relax.
- [07:37]
B
Yes, sit back and relax while I dig a hole for your so called intelligence. And it's like, really, this is, this is so far fetched to think that we're impressing anybody with this. Because what people want is they want illumination, they want to understand. And so rather than, you know, I met a fellow one time, an advisor, and he says if grandma can't understand what I'm saying, I'm going to scrub it for my vocabulary, right? He said if I use the word yield and grandma goes, what do you mean? Well, say, grandma, how many apples did you get off the tree last year? That's your yield, right? Using the language of the known to explain the unknown is really just the perfect way, way of connecting with people. And then when people get it, then they leapfrog to the decision point. Yeah, but when you use linear logic. Sorry for the long answer here, but you asked the question I've got to answer. When you use linear logic, what happens is you start using this abcd, right? Okay, here's the topic now. Here's the reasons you should buy, right? That's the baby. And then we're going to get to see closing arguments or overcoming. We call it overcoming objections. And right there I call timeout and go, why are we experiencing objections right now? I submit to the jury, the reason we're experiencing objections is because you used objectionable material, right? You triggered that side of their brain to start asking questions and start coming up with reasons not to go along. And then we hope this leads to a decision. Well, it doesn't. So the path I preach is this one. Let's just explain it in a way that anyone can get it and satisfy the emotion that needs to be triggered. And first of all, I'm assuming here, Bill, that the only reason we're talking about whatever we're talking about is because it's in the best interest of the client, right? We're not talking about things that are not in their best interest. And if it's in the best interest of the client, then my job is to help them understand the why they need it. Right? And once that emotion is satisfied, they're ready to make a decision. And you can backfill on the logic later, if that makes any sense.
- [09:57]
A
It makes total sense. And so enter the story, right? Because it's the story that activates the right side of the brain, if you will. It creates the emotion. We know that all decisions that humans make are emotion based. There's been so much scientific evidence to that. I, I think personally, the logical side, some that that can have its place, right? An illustration. A statistic can wake the brain up. It can illuminate as, as you say. And then what it does is it triggers an emotional response. It's like, oh, wow, I didn't realize, you know, there's such a gap. So you kind of answered this, but go a little deeper about the, the story itself. So there's really kind of two stories, aren't there? There's the prospects or clients story. I know that you'd like to focus on that too. And then there's also the advisor story. So maybe touch on that, if you don't mind.
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B
Yeah, I'll get to that. One thing I forgot to mention here as a basis for this whole discussion is that this all started when a Stanford neuroscientist did an experiment with people that had epileptic seizures. And his, his hypothesis was that if he severed the corpus callosum, the neural pathway between the two hemispheres of the brain, the right and the left hemisphere, that it might cause a cessation of these, of these seizures. Well, it worked. But for the first time in the history of medical neuroscience, they had the opportunity to study the two sides of the brain independent of one another. And I won't bore you with details, but I'll share one little anecdote that really lit the room up for me. And that was they showed these people, they hooked up electro and cell phallograms, right? This is a predecessor to MRIs and that sort of thing. And to measure the electronic response in their brain as they looked at certain content, and they showed them charts and logic paths and comparisons that should ring the bell for any advisor. Right? And. And the left side of their brain went bing, bing, bang, and the right side went to sleep. Well, suffice it to say, the decision making triggers in the right side of the brain that you just put to sleep. Then they said the six magic words and both sides of the brains lit to life and stayed engaged until they're finished. And the six magic words were. Let me tell you a story. So both sides of the brain were engaged, right? Well, as you mentioned, the story cuts two ways and one, what is your story? You know, how did Bill get here? Why is Bill doing what Bill's doing? What is the reason that Bill's sitting in my office right now? What happened? Right. There's a story there.
- [12:46]
A
Yeah.
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B
And I need to get that story. Never assume. You know, I always tell advisors, most people are walking around with post traumatic advisor syndrome, they've met somebody and maybe it didn't go too well. And if you've got a new prospect in your office, I wouldn't assume they've never had an advisor. So it's incumbent upon you to get the backstory. So I'll give you an example of a question that does that. Have you had any experiences with any other financial professionals, either good or bad, that would be worth your time to tell me about. About.
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A
Okay, great question.
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B
Right. I, I remember a fellow came up to me. I, I think it was in Orlando. After a, a talk, he comes running up the aisle. He said, I heard you in Houston nine months ago. And he said, do you remember that question about have you had any experiences with any? And I said, yeah, I mention that all the time. He said, well, let me tell you something. He said, I went home and I started my meetings with that question. He said, I'm going to tell you. Sometimes their ears turned red and they told me stories. And he said, but every time they got done telling the story, they said to me, thank you for asking. And he said, I also need to tell you that I did more business in the first four months of this year than I've done in the last year. Right. Because what did it do? It opened the door to find out who you are, where you've been, what's going on and what's your perspective. Right. And I think this is where the industry at large fails because it uses what I would call selling processes. Right. A selling process, Bill, starts by me asking you a question I already know the answer to or I can fairly well predict the answer to so that I can go ahead and say to you what I planned on saying before I ever asked my so called question.
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A
A setup.
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That's not a sincere dialogue.
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A
That's a setup.
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B
Yeah. And the difference here, I'll distinguish it this way. There's a difference between a monologue and a dialogue. A monologue starts by me saying what I want to say or me asking what I want to ask so I can set up my own platform to deliver my, my soliloquy. A dialogue starts with me asking a question I can't predict the answer to. I sincerely need to know. It's driven by curiosity. And I'm going to ask you something I don't know the answer to, and then I've got to be nimble enough to respond appropriately. Well, that's what scares people who are, you know, pushing out sales processes. They don't want that, that moment where you don't know what to say or you have to absorb the story. But we all know when we're being set up, don't we?
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A
Oh, yeah, you can feel it usually.
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B
Yeah, you can sense it. We all have that antenna and it picks that up. We have that internal radar. And so what I, what I share with advisors is spend time. And what I, what I've spent my last two decades doing is I've got a question laboratory and I come up with questions advisors can ask to get the client to unfold their story to them. Right. And it starts with the simple question, where are you from? That is the launch pad for all biographies or autobiographies. Where are you from?
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A
Right. Gosh, so much. First of all, I want you to finish this. I wrote it down. But. And I love what you said. Using the language of the known.
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B
Using the language of the known to explain the unknown.
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A
Explain the unknown. Yeah.
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B
Use the thing. They get to explain the thing.
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A
They don't get the thing that's in their brain already. You're old enough to remember this. When 7up first hit the market, A lemon lime drink. Nobody knew what to do with a lemon lime drink. There wasn't any such a thing. And you remember the. The Uncola commercials, right? This is a nut. This is a cola nut. That's how they explained it, by comparing it to what was already in the Brain Cola.
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B
Right.
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A
And so it's a universal principle of marketing, messaging. Also, I love. You said you're getting objections because you're using objectional material.
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B
True story there.
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A
Yeah. The six magic words. Let me tell you a story. Yeah, we want to use stories. You've already used several stories in this program. But even just using those words, you know, if. Allow me to tell you a quick story or can I tell you a quick story that kind of gets the brain geared up, ready to receive. Does it? Does that make sense?
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B
Yeah. Yeah. Well, you know, I'm thinking of a guy and. And he told me that he would sit down with people prospects, right? And this guy was the top producer in his company. They had about 1600 advisors in this broker dealer, and he was number one for 11 years in a row. Right. And I had dinner with him one night to find out, you know, what do you do? How do you. How do you go about your business? And he said, well, the first thing I say to people is, I'm not really. I've never been comfortable telling people what to do with their money until I have a good idea who they are. And so if you don't mind, I'd like to take a little bit of time just to ask you some questions about your. Your story, where you're from, how you got here, how you met your significant other. Do you mind if we start that way? And he said, I've never been turned down. Yeah, Right. And people now, they feel understood.
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A
Yeah.
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B
And then when he got to that level of feeling, okay, I think I got an idea of who you are. Obviously I'll get to know you more in the future, but, you know, here's how I go about my business. I Think that's the proper order of the business. Right?
- [18:29]
A
Yeah. That's what we're talking about, getting their story first. I love the way you introduced it. It's kind of a nice. Here's why I'm asking you this. Right. Here's why I'm doing this, which I think can help a lot. Otherwise, some people may. May wonder why we're starting with that.
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B
Can I jump in there, Bill? Because you just brought.
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A
Always. You can jump in.
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B
You just brought up something really important. They need to know why you're asking.
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A
Good.
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B
Right. And so that's called establishing context. So for every question we create, we create a context opener. Say, Bill, you know, one of the most important lessons I've learned in this business is that it's better to prepare than it is to repair. This is just one examp example. Okay, now you're wondering, well, what does that mean? Well, what it means is things are going to change in your life and your career and with your family, and we need to. We need to anticipate the changes that are coming and get a plan in place ahead of time. That's what it means to be prepared. So for that reason, Bill, I'd like to ask you about any major changes that might be going on in your life right now with family, with health, with career, with finances. Right. So what, what I do, I'm. I'm going into discovery at a deep level with you now and asking you to reveal to me what's happening in your life. But I gave you a compelling reason to tell me. Yeah, that's the context open. I think that's where a lot of people fail. And I'll be quite honest with you, and I'm not going to name names. There are a lot of proponents in the financial services industry telling people to ask questions that quite frankly, are very awkward. Right. And that you don't want to start a meeting that way.
- [20:12]
A
Right. And when you create context and rapport through the story, then you can ask those questions. Right. It's just. That's right, yeah. So real quick, are there a couple of kind of ready to go stories that, that advisors should kind of have? You know, some people call it the, the why story, the founder story, the. There's all kinds of names of, you know, why you believe in what you do. I don't know if you proponent for that. What are a couple of the types that people should ask?
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B
Well, you know, I, I could give you a ton of those. I, I actually teach that sort of process. My why story. Right.
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A
Yep. Yep.
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B
But I'll give you the questions that help, that'll help the listeners here today or the viewers here today come up with their My Wife story.
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A
Great.
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B
Okay.
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A
Yes, please.
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B
So. So question number one is the kind of people I love working with. Question number two, the value I strive to bring into their situation. And then question three is, what I do is kind of like the development of the metaphor. So, you know, I remember one guy came up with a story, said, you know, I used to be a football coach. Matter of fact, one of my. One of my advisors is, he's a former college football coach. And he said, you know, in football coaching, you had your offensive coordinator, you had your defensive coordinator, and you had your special teams coordinator. And people don't pay a lot of attention to the special teams coordinator. But one third of every game is decided by the special teams. So here our approach is we. We're going to cover every base. We're going to be. We're going to be as offensive as you want us to be in the marketplace. We're going to be defensive, and we're not going to assume everything's going to go well every year, and we're going to cover the special teams as well. That was his way of coming up with my wife's story. Right.
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A
The kind of people you want to serve, the value that you strive to bring to these people.
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B
Yeah. And what it's kind of like.
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A
What it's kind of like. And having a metaphor. Metaphors are great because that's, again, that's part of that. Using to known to the known to explain the unknown.
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B
Right, right. And draw on your own experience here. Yeah, I remember. I remember a young guy, he was in his early 30s, he called me and he wanted to talk about. He said, I don't know how to explain myself. You know, he said, I go to the gym, I meet people my age, and I don't know how to explain the value I can bring to them. I'm not like other advisors. And I said, well, I just walked him through. His own personal story. Started with a bank. He was forced to force fit products on people. He couldn't stand it. He left the bank. Then he went to work with an independent advisory firm, but they wouldn't allow him to get outside of the numbers. And then he went with a firm that was more holistic in its approach. And I said, why don't you tell that story?
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A
Yeah, everybody has it. They just don't know it. They're too close to it. They need someone. People like you and me to bring it out. So Mitch, in a minute I want to address some of the mistakes that advisors tend to make in use of their stories. And then we'll move on to the second part of interview about life centered planning. But first let's take a quick pause for a word from Ironclad Family, the creators of IVAultX. I want to take about a minute to talk about one of the big trends in our industry and that is holistic financial planning. As you may know, holistic planning is not just about investments or insurance. Holistic planning is about creating a master plan where everything works together. Investments, insurance, taxes, estate planning, even your clients personal goals and values come into play. Many clients are loving this approach where their advisor connects all the dots for them. And this more comprehensive approach leads to clients gaining greater clarity, confidence and peace of mind. Now there's a platform that makes it easier for advisors to engage in true holistic planning. It's called the ivault X from the folks at Ironclad Family. Ivault X is a one stop digital vault for all your clients financial documents, personal records and even legacy plans. You help your clients get organized and secure for which they will love you. Financial advisor Mikhail Thorp said, as a trusted advisor I offer the IVAultX service to my clients to protect their investments and build a relationship between myself and and their family. And financial advisor Salvatore Sofia wrote, I enrolled a couple with IVAultX and during our holistic conversation I uncovered a dormant 401K. I handled the transfer earning a $5,500 commission and this couple referred their son to me to store shared assets, which made me his advisor too before we even met. Your next step is to grab your free guide on how to make becoming a more holistic advisor and easier for you and your team. Simply go to holisticadvisorguide.com to access this free guide. That's holisticadvisorguide.Com this link is also in the show Notes. After you receive your free guide, you'll have the opportunity for a complimentary strategy session to discuss holistic advising and IVAultX. IVAultX just may be your key to bringing integrated financial guidance and and the resulting peace of mind to your clients and their families. And we're back. Mitch, let's wrap up our conversation about stories with kind of two more quick questions. First, what are some of the most common mistakes advisors make when trying to use stories and how can they avoid them? So that's part one of the question.
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B
Well, you know, it's kind of it's kind of like the old saying about public speaking. You know, be brief and then be seated. I think. I think too often people, when it comes to stories, they want to be elaborate. And I have a little acid test on stories. Number one, is it instantly repeatable?
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A
Okay.
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B
Okay. If you give me an analogy, can I turn around and tell my wife that analogy right now? If I can't, then the story was too long and too complex.
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A
Hmm. Yeah, Great.
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B
Right? It's got to be instantly repeatable. So you want it to be simple, you want it to be clear, and you want it to be repeatable. Those are the asset tests. Simple, clear, repeatable. So, for example, Mr. And Mrs. Client, let's say you were entertaining the idea of buying a condominium on Lake Michigan. Would you be more interested in the condominium on the top floor with the panoramic view or the bottom floor in case of an emergency so you could get out early? Okay. That's a simple, clear story. You could turn around, tell that to anyone right now.
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A
Okay.
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B
And what. What lead to it leads to a discussion on risk.
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A
Okay. Yeah. I was wondering where you're going with that, but that. That makes total sense. Mm. What's. So be brief, be seated. Hopefully, Mitch, people aren't thinking that when you and I go on stage.
- [27:28]
B
Well, they're thinking that of the other speakers because they want to hear you.
- [27:31]
A
There you go. You know, I mean, the actuary and the compliance officer and, you know, people. I had a compliance guy talking before me, and my client came up to me, says, I bet you hate following these compliance folks. I said, are you kidding me? I love following these folks. All I got to do is be breathing, and I'll be, you know, a little more dynamic that.
- [27:53]
B
Oh, Bill. I remember the first conference in financial services I ever went to. The guy ahead of me was an economist, and he had 85 slides, and he felt compelled to read every line on every slide.
- [28:04]
A
Oh, man. Small font, too many words, all that. Yep. Well, you know, it makes us look better. So as we wrap up this story thing, is there. Is there kind of, like, one story that every advisor should have in their toolkit that can help them move the needle? I know context is everything, and you can't always say, always use something, but is there kind of one that sticks out?
- [28:27]
B
I don't know that I could point to one story. I do have a book. I didn't. I didn't plan on throwing my book title out here. If it's okay, I will, of course, but I have a Book called the Financial Professional Storybook. And what I did is I gathered stories from 240 different advisors that they're using in all aspects of financial advice, financial planning, investment management, etc. And then I had an artist draw a picture of the metaphor or the analogy so an advisor could take that book, find the. Find the stories that fit their approach to the business, and make copies of those drawings and use them with clients. So, you know, it's like, it's kind of a I'll teach you how to fish book.
- [29:17]
A
Yeah. Love it. That's great. I'm going to get it. I want to look at it. I want to see how you're doing that. It's wonderful. The Financial Professional Storybook. All right, let's move on to the next topic. Your most recent book is titled Life Centered Financial Planning. How to deliver Value that will never be undervalued. So what do you mean by life centered planning, and how is it different from traditional financial planning?
- [29:44]
B
Well, I've always been a proponent of what I call return on life versus return on investment. I think this industry is married to the idea of ROI and to the point that it's made ROI the central value proposition. And what we know about ROI is you cannot deliver on it year after year. Right? You can't. Who are you trying to beat? Right? You're trying to beat the competitors, you're trying to beat the indexes. And I've always used the phrase, if you measure your progress against the standard and poor, you've got a very poor standard. Because at the end of the day, you can't keep this promise. And why would we, why would we start with a promise we can't keep? Right? This is the only industry I've ever found that starts by making a promise it can't keep and then sends a statement out every three months to prove it. I don't understand. I don't understand. Let's make promises that we can keep. And what I mean by that is, okay, return on life is a promise we can keep. Because what is return on life? Return on life is getting the best life possible with the money you have. So what does this require of the advisor? It requires that they find out what the client wants to get from their money. What's your intention? What's your objective? What's your goal?
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A
Right.
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B
You can't have this conversation in a vacuum. I've never met anybody that didn't have intentions for their money. But I've met thousands of advisors that never bother to find out what those Intentions are. Yeah, they just assume that they know what they are. Oh, you want to retire? Oh, you want to send your kids to college. Oh, you want, you know, you want to leave a big inheritance, you want more money.
- [31:33]
A
But I don't care. What, what do you want it for? I'm just, I'm just going to focus on the numbers again.
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B
I'm just going to focus on building a bigger pile of money. But at the end of the day, life centered financial planning is what financial planning was always intended to be. And that is, we're going to help you get to where you want to go by making wise financial decisions. I think the advisor today needs to think of themselves as a wisdom merchant. All right? Every person you meet is one poorly informed decision away from ruin. Right? What do they need? They need wisdom. They need someone who's objective to look at their situation and be willing to tell them what they need to hear. Well, if you're selling, if all you're doing is selling, you're not going to be willing to tell people what they need to hear.
- [32:23]
A
Yeah, I love it. Wisdom merchant. I have a quote here on my desk, by the way, about wisdom. And I can't remember who I got it from. Might have been a past podcast interview. And here's what I wrote. You'll love this. Wisdom is knowledge in context. Knowledge that has been kindled in the fire of experience.
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B
Oh, that's beautiful.
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A
And that beautiful. That's, that's wisdom.
- [32:48]
B
That's really good. And so this is why the values that will never be undervalued. What I teach here for advisors is bring something to people that they know they need, but it can't be compared to anything else. Right. So comparability is the death of a value proposition. So if you're using roi, you're saying, well, what's our, what's our. How many basis points are we getting for what we're doing? Well, I can go online and compare that with somebody else and guess what? Voila. There's people that do that for zero. Now we've already. The race to zero is over. So if, when you're describing what you do to people or what you do for people, it's got to be those kind of values they feel. For example, I help people organize their financial life. Well, what's that worth? Right. Well, let's take a look at your situation and find out. Right. When people get their. Most people have some degree of financial chaos in their life, right? They, they. It's never been organized for them.
- [33:52]
A
Right.
- [33:53]
B
I I remember years ago when I ran across Asset Map, you know, you know that, that app, and I. I congratulate the Adam who created that thing. I said, it's about time somebody was able to put everything on one screen so people can see what they have and find out what they need to get rid of and where they're redundant and all these sorts of things. Well, that's a value that won't be undervalued. Organization, Right. Helping clients organize their financial life. Another one is accountability. What's accountability? Accountability is I'm going to hold your feet to the fire of your stated best intentions.
- [34:30]
A
Right.
- [34:31]
B
So if you tell me you want to get to here, I'm going to stay with you on this journey. We're both going to have an oar in our hand, and we're going to be rowing toward that. And if you stop rowing, I'm going to let you know. I mean, think about it. I think Michael Gerber invented the idea of business coach. Right. And now it's turned into life coach and executive coach. I have a friend who makes $1,500 an hour calling people and asking them the question. They asked him to ask them why.
- [35:02]
A
What a country.
- [35:04]
B
They want to be held accountable. Successful people want to be held accountable. That's a value that will never be undervalued. Those are just a couple examples.
- [35:14]
A
Yeah, I love it. I found that getting. I get into that, obviously with my clients. I like to get in it softly and say, you know, I sometimes don't call it accountability even. Sometimes I just call it support. You know, is it okay if I support you in this? Is it okay if I nudge you? Is it, you know, oh, yeah, I need to be held accountable. And when they say that now, I know we got a good working relationship. I don't know about you, but I found the folks that that kind of need accountability the most are usually the ones who resist it the most.
- [35:45]
B
That's right.
- [35:46]
A
Right. So in just a minute, I'm going to ask you about how advisors can integrate Life center planning into their practice without adding more hours to their process. I know that's something you talk about. I'm. I'm intrigued by that. And I also want to ask you about, you know, how you respond to a common sentiment, and you've kind of touched on this maybe a little bit already. You know, my. My clients just want the numbers, not this emotional stuff. I got a little story to tell on that one. But first, time for another very short pause to hear from the folks at Proudmouth First, Proudmouth provides my structure and production and and advice behind this podcast. Couldn't do it without them. And they help advisors determine if a podcast is right for for them. I have coached and interviewed many advisors who report significant success with their podcast. A podcast can create deeper engagement with your clients and attract more right fit clients to your practice. I've been working with the folks at proudmouse since the inception of this show. Not only do they take care of the nuts and bolts of producing and hosting the episodes, but they've shown me how to increase my influence and attract more business. Proudmouth has a tool they call the Managed Influence Accelerator that creates a powerful content ecosystem that amplifies your voice, builds your influence, and drives real growth. And their sonic boom coaching program with podcast pro Matt Howon will guide you through the entire process. They'll make sure you have the right strategies in place and then employ the exact right tactics for you. Podcasting isn't for everyone. And with that said, I think you owe yourself a look at how having a podcast can help you play bigger and build a better business. To book your free strategy session, go to proudmouth.com k8s that's proudmouth.com Cates Ms. Before we get into my next set of questions for our listeners who might want to learn more about your books, training, coaching and speaking, I can now see why you're a great speaker because you have great information and you're fun in delivery. You know, where should they start? Where do they find more about Mitch Anthony?
- [37:59]
B
Well, if they're interested in the books, they can just go to MitchAnthony.com or if they're interested in speeches for conferences or client groups, there's a speech keynote tab there. If they're interested in life centered planning and having tools and educational content to help them move in that direction, I would encourage them to go to R O L Advisor. R O L, which is shorthand for return on life advisor.com and they can get a free tutorial there and watch a video and do whatever they want to do to see if that. If that fits their practice or where they want to go.
- [38:37]
A
Very nice. Thank you. And that'll all be in the show notes too, for those of you listening. All right, so as promised, how can advisors integrate life centered planning without adding more hours to their existing process?
- [38:51]
B
Well, first of all, I have a little drill I do bill with advisors where I give them three questions and I have them pair up at, you know, conventions and workshops. Right? And I give them three minutes, two Minutes and three minutes to answer these three questions. Well, these questions are rather profound. Right. And they end up. Then I have them process. Wow. What did you learn about each other in those eight minutes of talking to each other? They each got to talk for eight minutes. Right.
- [39:24]
A
All right.
- [39:24]
B
And it's a. It's a simulation of a conversation you might have with a client. And they're always just absolutely blown away by how much they learned and how useful what they learned is. And then I said. Then I say to them, the whole point of this exercise was to overcome the objection I've heard from you. I don't have time. Right. How much time did you use or utilize? Talking about, how was the drive over today? How's the weather? How did the team do last Saturday? How many minutes did you use up in your half hour or an hour you would have had with that client on stuff that's just throwaway material. Material.
- [40:06]
A
Right.
- [40:07]
B
Okay. When you could have asked a meaningful.
- [40:10]
A
Question, what is one of those meaningful questions, if you don't mind? I'm anxious.
- [40:16]
B
Well. Well, it depends where you're at in the relationship with the person. Okay. When you first meet the person, it's the question I mentioned. Where are you from originally? Right. Get. Get their history.
- [40:26]
A
Right.
- [40:27]
B
History is context. That's really what it is. I think Shakespeare actually said that. Right. History is living context. And so just starting with get their personal history, and then let's say you haven't seen them in a year. Hey, Bill, has anything. It's been 12 months since we talked. Has there been any meaningful changes in your life or situation since we last sat down? That's a question they might have an answer to. And if they do have an answer to it, you'd better hear it.
- [41:00]
A
Yeah. Yeah, absolutely.
- [41:01]
B
Right. So those are just a couple examples. And then let's say you've known this person for quite some time and they're getting close to retirement. Here's a question. Hey, Bill, if you had all the money you ever needed, what would you do different?
- [41:14]
A
Yeah, I don't know. I'm addicted to work. That's what I'd say.
- [41:19]
B
Well, there you go. And that's the. That's the answer you need to hear. Right. So instead of me continuing to pound the platform here and say, bill, let's talk about retirement, let's say, hey, Bill, well, if you love what you do, then let's. Let's change our approach here to make sure you can keep doing what you're doing.
- [41:35]
A
Right, Right. I remember delivering a session many Many, many years ago. I remember it was, I can vividly, Caesar's Palace, Las Vegas, a breakout room with a bunch of newer, so mostly younger advisors. And I was talking about building relationships with prospects and clients. And I can picture this. This guy was in the back right of the room, a young advisor. He raised his hand, he said, why are we talking about all this relationship stuff? Aren't we just here to sell something? So I don't know if he got that from a manager or where that came. And I. And I remember, my response was something like, well, you don't have to develop relationships in this business, you know, unless you want to be successful and be able to maintain that success for years. Otherwise, you know, just go. Go sell stuff, and we probably won't see here next year. Now, I didn't say that we probably won't see it here next year because I've learned you don't insult the audience members because everyone in the audience is on your side, you know, especially when there's a jerk like that asking. Asking until you insult them, and then, Then, then they'll, you know, and they're on their side. But anyway, that leads me to the question, what is your response to advisors, you know, who. Who don't get this? You know, they just want the numbers. It's, you know, what. Why all this emotional stuff? I'm not comfortable with. Emotional stuff is probably what they're really saying. So talk about that.
- [43:04]
B
For some reason, I. You just stirred a memory. Me, I remember, you know, so often, Bill, when we speak at conventions, sometimes we're. We're playing Mariano Rivera. You know, we're. We're the closer at the convention. Right. And then it leads into happy hour and a reception. And I. It was one of those situations where I was. I was the closer. And I went out to the reception, and I'm just eavesdropping on conversations that are going on out there. And I heard a guy say to a couple other of his compatriots, he said, you know, I have this $8 million client and blah, blah, blah, blah, blah. And somehow I just took umbrage with that. I didn't say anything to them. And I thought, what if that $8 million client was standing there hearing that description of themselves?
- [43:49]
A
Right, right.
- [43:50]
B
And last time I checked, our clients were human beings.
- [43:54]
A
Yeah.
- [43:55]
B
And one thing I know about client or human beings is that they have a story. And here's the point I want to illustrate here. The human being has a story. And we tend to classify relationships by how much of my story, you know, so, for example, Bill, if I described you as a very, very good friend, what that really means is you know too much about me.
- [44:24]
A
Potentially.
- [44:26]
B
Right, right. And then we talk about people who are friends or casual friends or acquaintances or I don't know them very well. Well, it all comes back to how much of our stories have we shared with one another? And that's what the relationship business is all about. It's the exchange of, of stories with one another. That's how relationships get built. So when somebody says to me, I'm not in the relationship business, I'm in the. I've, I've, I've heard that a thousand times too, Bill. I just look at him and say, good luck.
- [44:58]
A
Right. Yeah. This is great. We could go on forever. But the producer will probably shut down the recording soon, so we better wrap it up. My featured guest on today's show has been Mitch Anthony, writer, speaker, trainer, coach to financial advisors. Clearly we've just scratched the surface of the depth of your knowledge and experience and stories. So I want to say thanks a billion for being on guest on today's show and for your important contribution to our industry.
- [45:29]
B
Well, thank you, Bill. I've enjoyed the conversation with you.
- [45:32]
A
Absolutely. The Top Advisor podcast is sponsored by the folks at Proudmouth who help advisors increase client engagement, attract more ideal clients. For more go to proudmouth.com kates that's proudmouth.com kates and this episode is sponsored by Ironclad Family, who brings you Ivault X, a financial advisor enablement tool focused on upping your game as a holistic advisor. Kind of related to some of the things we talked about here today. Go to holistic advisor guide.com that's holistic advisor guide.com to you, the listener of podcast. If I can ask you a small favor, if you like this episode or the podcast in general, please leave a five star review. That's important to us. We'd be grateful for that. And don't forget to check out my newest book, the Hidden Heist. The Hidden Heist. And also lots of free but valuable. I say free but valuable resources@referralcoach.com resources. That's referralcoach.com resources. This is Bill Cates reminding you that ideas do not make you more successful. Only acting on those ideas will bring you the success you desire. Thanks for stopping by. Thank you for listening to the Top Advisor podcast brought to you by Proud Mouse Pot Rocket Academy. I encourage you to Visit my website, referralcoach.com for links to my books online courses and direct register for the Katz Academy.