How Data Transformed Avantax's Offering From Advice to Financial Therapy

Episode 069: On this week’s episode of The Connected Advisor, I talk with Emily Millsap, Manager of Financial Planning at Avantax Wealth Management.

Our relationship with money is often influenced by personal experiences, cultural upbringing, and deeply rooted beliefs. These invisible drivers shape our financial habits, decision-making, and overall well-being. Financial therapists understand that money decisions aren't just about numbers and logic—they're about people. By recognizing clients' emotional and psychological responses to money, financial therapists create holistic plans that align with each person's values and goals.

In this episode, we discuss financial therapy and its role in holistic planning. We explore the key differences between traditional financial advice and financial therapy, and how a holistic approach can lead to more effective and sustainable outcomes. Emily also shares the process of managing a centralized planning desk and future trends in the industry.

Key Takeaways

• Financial therapy is a holistic approach to financial planning that considers both the emotional and logical aspects of money management.

• Understanding clients' emotional responses to financial decisions is essential for providing effective advice.

• A centralized planning desk streamlines the process for advisors and clients, allowing for a more efficient and effective approach.

• Emerging trends in the industry include the growing importance of holistic planning, the increasing role of women in wealth management, and the need to navigate the growing availability of financial information.

Quotes

[08:18] - "Most of us in this industry are problem solvers and solution bringers. But I think we have to get to a point where we humanize financial planning in many ways. And it's not just about getting to the solution but answering the question for the client." ~ Emily Millsap

[23:27] - "If we continue to silo our financial lives, which is a very important part of our lives, how do we know the different pieces are working together and that we've got the best pieces in place? I would love to get to a point where this doesn't have to be a question anymore because everyone is doing holistic [planning]." ~ Emily Millsap

[24:28] - "If we stay as a team and keep learning as a foundational part of our culture and what we do together, then we will be better positioned to stay on top and continue building an environment where it's okay for any one team member to not know something at any point." ~ Emily Millsap

Links 

• Emily Millsap on LinkedIn

• Avantax

• eMoney Advisor

• MoneyGuidePro

• RightCapital

• Think Again

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• Milemarker.co

• Kyle on LinkedIn

• Jud on LinkedIn

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Kyle Van Pelt