Welcome back to the 234th episode of the Financial Advisor Success Podcast!
My guest on today's podcast is Yohance Harrison. Yohance is the founder of Money Script Wealth Management, an RIA based in Cedar Hill, Texas, that offers ongoing financial planning services to 225 upwardly mobile young health care professionals for a combination of monthly subscription fees and getting paid for subsequent implementation.
What's unique about Yohance, though, is that the value he offers to his clients revolves around helping them identify and change their own preconceived notions about (and relationship with) money—their personal money scripts—to help them make money decisions that are better aligned with their financial goals.
In this episode, we talk in depth about how Yohance helps his clients recognize and understand their personal money scripts (which often influence our financial decisions without our even being aware it’s happening) and what Yohance does to help them subsequently change their money scripts for the better, how Yohance developed his niche serving physicians and other health care workers (and how he helps them not become a target for other family members when they suddenly start generating a higher income), and how early in his career, Yohance recognized that his lack of having a “natural market” meant that his best path to success would be to get better focused on a value proposition that could bring referrals to him instead.
We also talk about Yohance’s financial planning process itself, how he starts with a deep examination of a client’s budget to find the various paths they can take to make small incremental changes in order to make progress toward their long-term goals, how Yohance positions and prices his various monthly subscription fee tiers (ranging from Silver to Diamond) so he is able to effectively (and profitably) serve clients all along the complexity spectrum, and how, by going outside of his comfort zone to include a request for referrals as part of his email workflow (rather than asking for them in a meeting), Yohance has enjoyed the highest rate of growth he’s ever seen.
And be certain to listen to the end, where Yohance shares how he gives clients personal links to his calendar as a deliberate means of creating a business model that actively promotes access to financial information and advice, Yohance’s own experience with building diverse and inclusive teams and how the best way for the industry to attract diverse candidates is by putting diverse advisors into leadership roles, and how Yohance has come to appreciate how much greater his impact and reach can be as a financial advisor after he realized he needed to start building out his own team in order to reach more clients.
So whether you’re interested in learning about how Yohance helps his clients rewrite their own money scripts, the process that he’s developed and honed around asking his clients for referrals, or how he actively works to create and promote access to financial advice, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Yohance Harrison.