In Episode 43 of the Rethink Financial Advice Podcast, hosts H. Adam Holt, CFP CEO of Asset-Map and Derek N. H. Notman, CFP CEO of Conneqtor.co sat down with certified financial coach, Catherine Morgan, best selling author and podcaster of "It's Not About the Money," to debate the emerging trend of financial wellness and its importance for financial advisors and their clients.
Traditionally, seeking help from a financial advisor has been stigmatized, often leaving individuals feeling ashamed of their lack of financial education. However, the conversation around financial wellness is shifting towards a more positive and proactive approach. As Catherine Morgan shares in the podcast, she experienced her own personal trauma with money and a lack of financial wellness. Her struggles with money led her to become a financial advisor and ultimately transition into a certified financial coach, helping others overcome their own challenges with money.
One of the key takeaways from the discussion is that financial advisors do not need to be therapists, but they do need to be active listeners to bring awareness to their clients' financial behaviors and help them make more informed decisions. It's not just about providing financial advice; it's about creating an environment where clients feel safe to discuss their financial challenges and connect with their money on a deeper level.
The conversation also delves into the idea that money is a reflection of the relationship we have with ourselves. Therefore, financial wellness is not just about money, but about self-awareness and self-care. Advisors can help their clients achieve financial wellness by providing a more sensory experience with their money and helping them feel safe and secure in their present, not just focusing on future goals.
As Catherine Morgan emphasizes, financial well-being should be the starting point, not the end goal, for both financial advisors and their clients. By prioritizing financial wellness, advisors can differentiate themselves in a crowded industry and provide more value to their clients beyond just investment management and financial planning.
In conclusion, the conversation around financial wellness is a timely one, as more individuals seek to improve their financial well-being and find advisors who prioritize this aspect of their practice. As financial advisors, it's important to listen actively to our clients, provide a safe space for them to discuss their financial challenges, and help them achieve financial wellness through a sensory and self-care approach. By doing so, we can create a stronger and more meaningful relationship with our clients and differentiate ourselves in an increasingly competitive industry.
Listen to the full episode here: Rethink. The Financial Advisor Podcast - Episode 43: Financial Well-Being Starts Day One featuring Catherine Morgan — Asset-Map
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H. Adam Holt, CFP®️, ChFC®️
H. Adam Holt has been a financial advisor for over 25 years, during which he has helped build and manage his wealth management firm to over $1.2B in assets under management. Adam is known for his early adoption of technology to build trend-setting client experiences. This mindset led him to found Asset-Map, a financial technology firm dedicated to creating engaging visual communication tools used throughout the customer and advisor journey and now used by thousands of advisors worldwide and over 1M consumers.
Adam obtained his Bachelor of Science in Economics and Environmental Planning from Rutgers University in New Brunswick, an Executive MBA from Drexel University, a Certificate in Retirement Planning from Wharton School of Business at the University of Pennsylvania and is a Certified Holistic Financial Coach through Columbia University. Adam is a CERTIFIED FINANCIAL PLANNER® Practitioner and attended the American College where he earned his Chartered Financial Consultant® designation.