How do advisors understand clients’ money-related attitudes before their first meeting? We chatted with Deborah Meyer, CFP®, CPA/PFS, CEPA, owner of WorthyNest® and Amazon bestselling author of Redefining Family Wealth about how her firm incorporates DataPoints assessments into the client experience.
Tell us a little about WorthyNext and what makes your firm unique.
WorthyNest® is a fee-only, fiduciary wealth management firm based in Punta Gorda, FL that helps Christian parents and Christian entrepreneurs across the U.S. unlock their full wealth potential. Many financial advisors start a new relationship by evaluating your investment mix, account types, and spending patterns. We take a unique 3-step approach at WorthyNest® to serve new clients:
- Define family values, vision, and goals.
- Guide you towards specific tactics to achieve those goals.
- Provide accountability and encouragement when you get off track.
Drawing on my background as a long-time CPA and Certified Financial Planner professional, my firm provides holistic wealth management services: tax planning, investment oversight, education funding, business value enhancement, insurance analysis, and cash flow monitoring.
How does your firm use DataPoints in its practice?
We incorporate DataPoints early into the planning process. When a prospective client sets up an initial appointment, we send either the Financial Perspectives or Building Wealth assessment. Then, we look to the Investor Profile to form an investment strategy for established clients. If a client is frustrated with a particular assessment score and wants to improve it, we retest on Building Wealth later.
How does DataPoints benefit your clients and your practice?
DataPoints helps me know clients more deeply early in our advisory relationship. I can see from the initial Building Wealth or Financial Perspectives assessment results if a married couple has an underlying financial conflict. Large discrepancies between spouses’ scores are common and cause me to probe further. Money conflict is a leading cause of divorce, and DataPoints assessments foster easier communication.
What advice would you give to other planners, advisors, or coaches looking to implement assessments in their practices?
Do it! Assessments allow clients to provide honest feedback in real-time on their financial beliefs. You get a very quick overview of client attitudes around money and can ask clarifying questions during the meeting.
What advice would you share with those who do not have a financial plan or those who aren’t working with a financial planner?
You don’t have to wait until retirement to realize your dreams! My award-winning book, Redefining Family Wealth, turns common misconceptions about wealth upside down. It offers step-by-step instructions to create a financial plan that is consistent with your values.