The choices people make about their financial future are some of the most important decisions in their lives. Knowledge and experience affect decision-making, but so do emotional and cognitive biases. How can people overcome their biases and achieve their financial objectives?
In today’s episode, Jack talks with Jess Liberi, Head of Product at eMoney Advisor, and Michael Liersch, Head of Advice & Planning at Wells Fargo.
As the Head of Advice & Planning at Wells Fargo, Michael is responsible for the delivery of all comprehensive planning services and sales strategies for clients of Wells Fargo Private Bank and Abbot Downing.
In her role as Head of Product, Jess brings eMoney Advisor’s product vision and strategy to life. She focuses on the evolution and development of eMoney’s robust portfolio of products, creating a powerful user experience across the platform. Working closely with financial advisors and advisory firms, Jess immerses herself in their world to fully understand their needs.
Jack talks with Jess and Michael about how the partnership between eMoney and Wells Fargo can deliver huge value to clients, why having a deeper human connection can help advisors understand what clients are trying to achieve, and what the next best step is to put financial advice into action.
Key Takeaways
- [01:03] – Jess’s role at eMoney and Michael’s role at Wells Fargo.
- [02:22] – How eMoney fits into Wells Fargo’s comprehensive plan.
- [06:30] – The role of eMoney in the wealth system.
- [10:41] – How understanding the behavioral aspects of human beings is crucial to setting financial goals.
- [16:47] – How advisors can contribute to having a sense of financial peace of mind.
- [18:54] – Why human perspective plays a major role in financial planning.
- [24:19] – The challenge of getting people to realize their financial future.
Quotes
[06:48] – “What has been really unique from the beginning is how closely aligned our two organizations are on our views of the value of planning and the criticality of access to planning to more and more people.” – Jess Liberi
[18:54] – “I think the first thing that we all need to acknowledge is that to understand the human being, you need to understand their identity and their past because that’s idiosyncratic to each human being. That’s not a common answer and the question means something different to everybody.” – Michael Liersch
[24:22] – “It’s oftentimes difficult for people to truly comprehend the small changes that they can make today with substantial impact to their financial future tomorrow. So to the extent that we can help bridge that gap and kind of draw that line and connect today and actions that they take today, to the future, and the possibilities of the future, we’ve got work to do there, but making headway.” – Jess Liberi
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