18: Sarah Newcomb | Understanding a Client's Money Mindset In Order to Maximize Their Well-Being

The Human Side of Money

Mar 17 2021 • 1 hr 42 mins


The greatest barrier for every client isn't lack of information. It's their own mindset and behavior.

Whether it's someone who over-spends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need, the key to changing their behavior starts with understanding their money mindset.

Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client's money mindset.

We discuss:

  • The framework she and her team developed to assess a client's money mindset
  • The important distinction between financial and emotional well-being
  • The #1 predictor of savings behavior and how to help clients with it
  • Using a "What-If Journey" to help clients overcome their fears
  • How role model's can play a powerful role in changing behavior and overall well-being

For more information and resources discussed in this episode, visit: www.wiredplanning.com/episode18

To join a community of like-minded advisors and planners around the world looking for top-notch insights and information on how to leverage behavior, psychology, communication, and emotion to master the human side of money, visit Wired Planning.

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