Financial Planning, Millennials

#XYPN17 Day 3

The third and final day of #XYPN17 is complete; we were back to breakout sessions to focus on improving the business aspect of our firms–it was compliance and efficiency through processes and workflows for me. Other advisors learned about niche marketing, growth through acquisition, behavioral economics, and a variety of marketing approaches. As I told you in my previous posts, this conference is all about improving our impact as advisors, not sales or gathering assets.

The grand finale for today was a keynote presentation by Mitch Anthony (@themitchanthony); I heard Mitch speak early in my career, and his book, Stortyselling For Financial Advisors, was one of the first industry books I read. His presentation today had a little of Storyselling in it–how to ask questions to get past the focus on numbers and get to the emotions of money. He also presented a new topic: moving from a focus on return on investment to return on life. Too many financial advisors and clients focus on investments, performance and other metrics as this has been the template for many years. While a portfolio’s return on investment is an important component on financial planning, the focus from it to comprehensive financial planning is occurring with financial advisors–the XYPN community understands this and are building firms to provide this type of planning.

I’ll be putting together a final post to summarize my experience at #XYPN17, but I’ll leave you with a quote from Mitch Anthony that sums up how advisors and clients should be discussing financial planning, “Are you managing your money in a way that improves your life?”

What’s your answer?


Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.