From the Boiler Room to the Living Room

Author Mitch Anthony has been recognized as the voice of conscience for the financial services industry. For more than a decade, he has shown advisors how building authentic, genuine relationships can serve clients' best interests and build heathly—and financially successful—practices at the same time.

In From the Boiler Room to the Living Room, Mitch examines where the financial services industry has failed in the past, and what it needs to do to restore trust at both the individual and industry levels. He teaches readers how to better understand the emotional significance of the money that clients entrust to their advisors and the struggles they face as they attempt to get "more life for their money." The book also discusses why venture philosophy, funding single moments, and rethinking one's purpose in life is more important to clients than net worth or asset allocation. Finally, it discusses how to develop dialogues that forge meaningful, long-term client connections—in other words, how to stop selling and start listening.

Foreword ix

Acknowledgments xv

Preface xvii

Part I Industry Resoulutions 1

Chapter 1 If These Walls Could Talk 3

Chapter 2 Speedometers and Odometers 13

Chapter 3 The Warring Hand 21

Chapter 4 I’m a Numbers Guy 29

Chapter 5 A New Level of Integrity Beyond Disclosure 39

Chapter 6 A New Value Proposition 49

Chapter 7 A New Standard for Practice: Practicing World-Class Wealth Care 59

Chapter 8 The New Frontier: Getting to the Right Side of the Advisory Business 69

Part II Life Resoulutions 81

Chapter 9 Permanent Reference Points: How the Financial Blueprint is Formed 83

Chapter 10 How We Measure Money 91

Chapter 11 Spinning Out of Control 101

Chapter 12 Protecting Your Clients from Half fluence 111

Chapter 13 The End of Retirement as We Know It 121

Chapter 14 What Do Your Clients Want Their Money to Do? 133

Part III Dialogue Resoulutions 143

Chapter 15 The History Dialogue: Finding Your Clients’ Future in Their Past 145

Chapter 16 Goals Are Overrated 155

Chapter 17 Funding “Single Moments” 163

Chapter 18 The Parental Pension 171

Chapter 19 By the Side of the Road: Dealing with the Big “What If . . .” 179

Chapter 20 A 100 Percent Certainty 189

Chapter 21 The New Venture Philanthropy Dialogue 197

Bibliography 207

Index 211

MITCH ANTHONY is the founder and President of MitchAnthony.com, whose companies include Advisor Insights Inc. and The Financial Life Planning Institute. He also writes and hosts the syndicated radio feature The Daily Dose, and is a regular contributor to Research, Financial Advisor, and Bank Advisor magazines. Anthony was named one of the financial service industry's top "Movers & Shakers" by Financial Planning magazine. He is also coauthor of Storyselling for Financial Advisors and author of The New Retirementality (Wiley), now in its third edition.

Visit www.MitchAnthony.com for more information.

Over the years, the financial services industry has consistently failed to help its clients deal with some of the most important internal aspects of money—such as meaning, emotion, and intention, to name a few. But a recent confluence of events, including a sobering bear market and the revelation of corruptive conflicts of interest, has started to change the "boiler room template" from which this industry was originally cast, and has allowed advisors within it to refocus on building more meaningful relationships with their clients.

Today, a major revolution is underway in the financial services industry, and it's based on the idea of understanding what your clients are really asking for: authenticity and integrity. Advisors who embrace this change will prosper in the years ahead, while those who don't will fail, and ultimately become extinct.

Author Mitch Anthony is a recognized voice of reason in the financial services industry. For more than a decade, he has shown advisors how to build genuine relationships that can serve clients' best interests and build healthy—and financially successful—practices at the same time. In From the Boiler Room to the Living Room, Anthony continues to develop this message by examining where the financial services industry has failed in the past, and what it needs to do to restore trust at both the individual and industry levels. He also takes the time to discuss the subtle steps advisors should take to improve client relationships, such as becoming more aware of the emotional significance clients attach to their money and the struggles they face in an attempt to get "more life for their money."

Along the way, Anthony addresses essential issues that may affect your clients' lives at critical junctures, including the possibility of disability and the rearrangement of retirement, and he skillfully reveals why embracing venture philanthropy, funding single moments, and rethinking one's purpose in life is more important to today's client than net worth or asset allocation. Filled with in-depth insights and expert advice, From the Boiler Room to the Living Room is a must-have guide for any financial advisor or institution intent on adapting to the changing times and forging meaningful, long-term connections with current and future clients.