Forget rocket science. Financial planning is neuroscience.
“Here's a shocker: We're emotional about our money,” Mary says. “I don’t think the industry likes to admit that money is so very emotional.”
She’s sharing her view in a forthcoming book titled “Emotionally Invested,” set to be released this spring.
“I’ve had this in my head for 16 years. When I got in this industry, I saw a lot of things that I thought were wrong and they just weren’t helping people,” she says. I want to change the way financial advisors talk to people.”
She’s leading the charge with how she approaches her business, her clients – and her own life.
Simplifying finance
Coming from a career in corporate accounting, Mary was always the “numbers person” who got called upon to teach internal courses on “financials for non-numbers people” or who was asked to partner with the other departments to help them figure out their budget for next year.
“I think one of my best skills is that I can take the complex and put it in very simple terms,” she says. “So, throughout my whole career, they always chose me to talk to the non-financial people. And I never realized that this could be a great skill to use as a financial advisor.”
She admits there’s nothing quite like gratitude from individuals whose lives you’ve impacted so greatly.
“Working with small businesses, individuals and families is so incredibly rewarding,” Mary says. “Oh my gosh, I get thanked every day by people for being able to retire, not having to worry about their savings, being able to educate their children or going on a dream vacation.”
She makes prospects feel comfortable by having a complimentary three-meeting approach before becoming a client.
“The first meeting is just getting to know you. At the second meeting, we start to develop your plan. And at the third meeting, we make recommendations. I just take it slow and easy,” Mary says.
Growing, genuinely
Mary never made a cold call in her life (much to the chagrin of a previous firm) because she felt strongly that her business should be built on authentic connections and real relationships.
“I was the go-to person if you had a financial question, and people knew I was honest, never pushy,” Mary says. “I tell people all the time to do good things for other people every day of your life. Because it is stunning the number of people who will remember that.”
She also knew that referrals would be the most powerful way to establish those strong relationships – “because if your brother's really happy with me, you're coming in here already liking me,” she says.
One of the ways she found success was holding events – both educational and social. (It sure beat cold calling.)
“When I first thought about establishing a client base, I thought to myself, ‘I’m good at hosting parties.’ So, I contacted professional women that I knew, and invited them to an event called Wine, Women and Wealth. We had it at this mansion with a ton of chocolate. I offered financial guidance; that’s how I kicked it off.”
The party’s just getting started…
Mary still hosts regular events for clients and their guests. Even when her office was just 900 square feet, she had a dedicated education corner with a few chairs.
Now, in an 8,000-square-foot office, 3,000 of it is reserved for a sleek event space.
“I have tables and chairs that can transform the space from a classroom to party room in about 30 minutes,” Mary says.
“Here’s my theory: When you meet somebody and become friends, you feel like you’ve gotten to know them better once you’ve been to their house for a dinner or party. You feel like you’ve learned more about them by being in their space. This office is my house. So, we do everything here. Every event is here. Every party, every seminar.”
Besides the requisite chocolate, Mary makes sure there’s something at every event that gets people talking – from a shocking statistic to a delicious appetizer.
“I want to make sure they’ve seen something, heard something or ate something that they’re going to be talking about the next day,” she says. “So, when they’re at their sister’s house next weekend or out to dinner with friends, they’re talking about their financial advisor’s event.”
The office is decorated with pieces curated by Mary, including furniture from her mother’s home, and has a beach theme reflecting her style.
“We don't use a desk and chairs for client meetings. It's all sofas, recliners and a coffee table. You just come in, sit down, relax, and we're going to talk about your money.”
Power of the mind
Mary is a self-proclaimed book-acholic (she reads for two hours every morning, almost entirely nonfiction) and loves studying neuroscience, psychology and stoicism. In another life, she might have explored that career path. But she’s thankful she landed here, finding the perfect blend of her interests and talents in behavioral finance.
Do you have FOMO or FORO?
According to a study conducted by Nobel Prize-winning economist Daniel Kahneman, emotions contribute about 90% to our decisions, while logic only factors in about 10%. Being aware of these biases can help us make better financial decisions.
Just as she encourages her clients that they can reframe their relationship with money by using the power of their mind, she applies this to all aspects of life.
“When you understand how the amygdala works and the prefrontal cortex, and how they communicate with each other, why you do the things that you do, you can help change the way that that you respond,” she says. “It's not what happens to you, it's how you respond to it. You can learn to change your response.”
Mary understands how hard this can be, but she’s proof that people are resilient. Just a couple years ago, she tragically lost her son to a brain tumor. She doesn’t take anything for granted and takes fun seriously by enjoying her husband, her four stepchildren and four step-grandchildren. She spends more time at the beach – at a vacation home that her husband had to convince her to buy (she tends to be more of a saver than a spender).
“Life is to be enjoyed, and humor has the power to get you through a lot of very difficult situations,” she says.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
This piece was featured in Aspire Magazine, a biannual publication from the Women Financial Advisors Network. View the latest.
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