‘Ask good questions, be quiet, and listen’

When Jordan Patrick started out in financial planning, he quickly realized that planning was about a lot more than the numbers.

“As a young advisor, you’re so focused on the technical side of financial planning, which is good and important, but then one day I realized if I truly wanted to make an impact in my clients’ lives, I need to be able to ask good questions – get them thinking, get them talking – and then I need to be quiet and listen.”

For Patrick, a senior financial advisor at Cincinnati-based Commas, backed by Truepoint Wealth Counsel, it all comes back to recognizing and appreciating the diversity among his client base – particularly when it comes to helping them realize their financial dreams.

“”One thing I’m passionate about is helping families align their resources with their family vision,” Patrick says. “I believe that helping someone feel empowered in their finances has the potential to impact their family for generations to come.”

To extend his impact beyond traditional financial planning, Patrick dedicates time on a pro bono basis, providing insights to those who may not have access to such services.

“A lot of the work that we do as financial planners or financial advisors is to help people not make emotionally driven financial decisions,” he says. “I’ve found that emotionally driven decisions often lead to poor financial outcomes. And so, we, to the extent that we can, create systems that help clients avoid those decisions.”

The first step involves prompting clients to cast a vision and set clear, meaningful goals. “When goals are vague, it’s hard to be motivated,” he says. By connecting specific financial accounts to these life goals, clients are more likely to stay motivated and less inclined to make impulsive decisions.

According to Patrick, a practical and simple way to do this is to name your accounts. For example, if a client wants to buy a vacation home in the next few years, naming that account “Lake House” would encourage clients to be more motivated in making progress toward that goal. This tangible connection between financial accounts and life goals serves as a constant reminder, reinforcing the purpose behind financial decisions.

Patrick does, however, acknowledge the challenges clients may face in maintaining consistent contributions, especially during challenging weeks or tight financial periods. Systems that automate savings plans, whether into investment accounts or dedicated bank accounts, remove the emotional element from decision-making, ensuring consistent progress toward identified goals.

As for the future, Patrick sees the financial industry evolving toward a greater emphasis on relationships. As financial planning becomes more commoditized, understanding clients’ nuances and crafting personalized plans will be essential. 

“I think in the future we’ll see a lot more focus on life planning on therapeutic tactics – things like that are really going help us to be able to know our clients better.”

Related Topics: Financial Planning, sector planning