In this episode, Jack Sharry talks with Michael Liersch, Head of Advice & Planning at Wells Fargo. They dive into Michael’s transformative approach to financial decision-making and what drives his desire to improve financial opportunities for future generations.
With a background in academia, Michael took a somewhat unusual path to the financial industry. Growing up in a household where money wasn’t always well-handled, he became fascinated with his own financial psychology and knew his career path would involve helping others.
So he began teaching at NYU before transitioning into the corporate sector where he could help clients directly and in real-time. Now at Wells Fargo, Michael breaks down his industry-first approach to helping clients make better financial decisions.
“I think a key piece is to always speak in data and fact around the mission of the organization and the transformation exercise. And the data and facts that I always love talking about are around real human beings. What are the jobs that real humans want to be done with their money? And that has really inspired people intrinsically to say, ‘Yes! This is a purpose-driven organization!’ In that way, it becomes a very exciting mission.” ~ Michael Liersch
Michael’s three-pronged approach is to 1) ask clients to look back at the past, 2) provide clients with options for current action, and 3) introduce a few strategic elements that clients should be thinking about, so it’s planted in their mind when they dive into a financial solution.
Everyone needs a North Star, or ideal destination, when it comes to financial goals. That long view should always be considered when making financial decisions. It’s ok to course-correct along the way because, as 2020 has taught us, sometimes life happens.
It’s important that staff and clients are on the same page when it comes to company ideas, values, and benchmarks.
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