Why psychology-driven financial planner believes industry is ripe for change

Why psychology-driven financial planner believes industry is ripe for change
InvestmentNews Women to Watch judge Sonya Lutter says it’s vital for other women to see female leadership
AUG 28, 2023
By  Manal Ali

Financial advisors aren’t always trained to address their clients’ emotional reactions about finances, while therapists aren’t necessarily equipped to discuss the impact of finances on a person’s well-being. Financial psychology acknowledges the inextricable link between the two.

The efforts of Sonya Lutter, one of this year’s judges of the InvestmentNews Women to Watch Awards, to bridge the gap between financial advice and therapy led her to become director of financial health at Texas Tech University’s School of Financial Planning. 

Lutter is enthusiastic about this year’ conference, which takes place Nov. 7 at Tribeca 360 in New York City.

“It targets the people that need to hear from their peers and understand the diverse perspectives,” she says. “At the conference, women can see female leadership that they can look up to and see a role model. It gets you thinking, ‘If this person did it, so can I.’

“We need more events like this and any time there's an opportunity to cheer on women, I love it,” Lutter said.

Nominations are now closed but a full rundown of the awards can be found here. To register for the event, click on this link.

Lutter started out with the goal of becoming a speech language pathologist, but felt financial planning was a better career fit given her love for numbers. However, as she prepared to become a financial planner, she realized a gap in her of knowledge of relationships, conflict and emotions.

“Once I got over to marriage and family therapy, I realized that my new fellow therapists knew nothing about money,” she says. “They wouldn't even engage in conversations with their clients about financial issues.”

In her efforts to marry the two, Lutter finds that the psychology of financial planning is something every advisor can incorporate into their practice.

With her years of experience in academia, Lutter finds that conferences provide the perfect setting to engage with peers and learn how to take your financial planning practice to the next level.

Latest News

Advisor moves: LPL welcomes $750M Osaic team, Raymond James recruits Wells Fargo duo in New York
Advisor moves: LPL welcomes $750M Osaic team, Raymond James recruits Wells Fargo duo in New York

Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.

UBS loses arbitration battle in fiduciary fight over foundation funds
UBS loses arbitration battle in fiduciary fight over foundation funds

A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.

RIA moves: NorthRock adds $800M Parkside Advisors, NFP acquires Levine Group in Tennessee
RIA moves: NorthRock adds $800M Parkside Advisors, NFP acquires Levine Group in Tennessee

NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.

Three easy ways to boost your firm’s impact this summer
Three easy ways to boost your firm’s impact this summer

Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.

Hightower taps Osaic alum Scott Hadley as first chief advisory officer, expands C-suite
Hightower taps Osaic alum Scott Hadley as first chief advisory officer, expands C-suite

Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.