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Michael Kitces' #FASuccess Podcast: Amy Mullen on Advisors Becoming a 'Thinking Partner' with Clients

Amy Mullen discusses how her firm, Money Quotient, helps advisors guide their clients to gain self-awareness around their values and what’s most important to them.



FAS Ep 224 Amy MullenWelcome back to the 224th episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Amy Mullen. Amy is the President of Money Quotient, a company based in Portland, Oregon that has developed tools and training to help advisors have better and more meaningful conversations with their clients.

What's unique about Amy, though, is that her Money Quotient solutions give advisors the tools not just to help their clients achieve their goals, but to help clients get real clarity around what's most important to them in their lives in order to create the clearly defined goals that they're actually motivated to work towards, and in the process, help the advisor to become a "thinking partner" who journeys alongside their clients as they ultimately realize those goals.

In this episode, we talk in depth about how Amy’s firm helps advisors guide their clients to gain self-awareness around their values and what’s most important to them, why with that understanding it becomes easier for clients to make financial decisions that will move them closer to the vision they’ve created of a fulfilled life, and the reason that, in contrast to the current behavioral finance framework, Amy posits that people are perfectly capable of making good decisions on their own despite their “irrational” biases… as long as they have a process to help them understand the possibilities that are available to them and properly weigh the pros and cons of the financial choices they have in front of them.

We also talk about the Money Quotient system itself, and how each step of the process has been tailored to each of the various stages of the financial planning process (creating both awareness for the clients as well as a conversational framework for the advisor), the questionnaires, exercises, and even templated deliverables that Money Quotient has developed for advisors to use with clients, all organized around the concepts of Explore, Engage, Envision, Enlighten, and Empower, and how Amy helps advisors leverage this process to create a fully developed client experience and value proposition to grow their businesses and validate why they’re worth the fees they charge.

And be certain to listen until the end, where Amy shares her own journey to becoming the president of Money Quotient and the challenges she’s faced along the way, the work that their sister company, MQ Research And Education, is doing in partnership with various universities to better define the factors that influence financial wellbeing and life satisfaction, and the satisfaction that Amy has gained herself by seeing the positive outcomes of advisors who are not only having better conversations with clients but who all go through the Money Quotient process themselves as part of their training and benefit from the impact of it personally when they gain more clarity on their own true financial planning goals.

So if you're interested in learning more about how to make more meaningful connections with clients, how Amy's process helps clients follow through with recommendations, or why helping clients visualize what their lives look like after they've reached their goals creates better buy-in, then I hope you enjoy this episode of the Financial Advisor Success podcast with Amy Mullen.


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