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Finding Clients Their "Why?"
32 Plays4 months ago
What brings you joy?
That’s not the question most people expect from a financial advisor…and that’s exactly the point. Larry Sprung, advisor and Founder of Mitlin Financial, believes focusing first on statements & balance sheets misses the “Why?” behind all the portfolio management.
On this episode of the Synergize podcast, Larry Sprung explains why that missing piece so often turns financial advice into lasting, impactful client relationships.
Copyright 2025. TradePMR, Inc. For a transcript of this episode with sources, visit synergizepodcast.com. Mitlin Financial and TradePMR are unaffiliated companies. If you want to join the conversation or connect with us, please visit us at synergizepodcast.com. This content is provided for general information purposes only.The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR Inc. or its affiliates. TradePMR Inc. and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR Inc. TradePMR Inc. does not provide investment advice, tax advice or legal advice. TradePMR Inc. is a member of FINRA and SIPC. TradePMR, Inc.,is registered with the Securities and Exchange Commission {SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker dealer and non-bank affiliate of Wells Fargo & Company.
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Transcript
Introduction to Synergize Podcast
00:00:02
Speaker
Welcome to Synergize, unscripted conversations where we explore the evolving role of the financial advisor in an emerging AI-driven world. Join us as we bring together thought leaders across a range of disciplines and industry experts, sharing insights designed to help RIAs thrive in the industry of tomorrow.
Meet Bill Capell and Ryan Neal
00:00:24
Speaker
Welcome back to Synergize. I'm Bill Capell, Director of Client Growth at Trade PMR, a Robinhood company. And I'm Ryan Neal, Editorial Manager at Trade PMR Robinhood. And Bill, it's good to have you back here in the
Beyond Sales: New Roles for Financial Advisors
00:00:36
Speaker
podcast. um We're talking about something today that I know it really hits on of part of your career. Something you've talked about for as long as I've known you and and I know for a while before that. And that's about advisors needing to do more than sales, right? Going beyond that classic stockbroker mentality, that ah portfolio management aspect of the business, which while important, isn't everything anymore. And it's about moving advisors into more of a a behavioral finance mindset, emotional intelligence, having conversations with their clients that may be difficult. um Can you talk a little bit about your experience there before we introduce our guest this week?
00:01:14
Speaker
I'd be happy to, Ryan, and thank you. you know The reality of it is is that we have really created the situation, and and i would argue we've actually lowered the expectations of the clients that we serve.
00:01:26
Speaker
you So much of what we done is did was very mechanical, and you know we used capabilities technologies to do things like portfolio management and planning. And often we focused on the apparatus and not as much on what matters most to clients. I think the reality is that advisors have got to begin to develop deeper relationships and a deeper understanding of what it is that matters most to clients and help them achieve that versus simply a rate of return.
Larry Sprung's Journey in Financial Advising
00:01:58
Speaker
Absolutely. and And that relationship and and and who advises ours people is one of the main reasons I launched RA Reflections. And so I'm excited to have today as our guest, ah one of the authors of a ah recent RA Reflections story. We have ah Larry Sprung. Larry is the founder of Mitland Financial, and he hosts his own podcast, the The Joyful Money Journey. I hope I had that right. Larry, welcome to the show. Hey, thanks for having me, guys. It's a pleasure to be here.
00:02:27
Speaker
Absolutely. So we're excited to really have you and and talk about all the things Bill just covered. um But for anyone that maybe hasn't read your article or isn't familiar with you or your podcast, do you want to just give us a little bit of your story and what sets you apart and we can talk about how it's influenced your firm?
00:02:44
Speaker
Yeah, sure. So again, I'm Larry Sprung and I'm founder and wealth advisor of Midland Financial. And the RA Reflections piece was really an impetus about my journey into the profession and some of those profound events of my life that have changed the way I have and and deliver advice and
Impact of Personal Experiences on Practice
00:03:08
Speaker
our firm does. And Essentially what that was, was prior to launching my firm in 2004, we unfortunately lost my 27-year-old brother-in-law, my wife's brother, Keith Milano. And I started really looking at mental health a lot more heavily because he suffered from bipolar disorder. And I didn't realize that that was something that you could essentially die from. And thinking about that in practical terms for the business and how we ah can implement that into our practice and be a little bit more aware of what people are going through in their mental capacity and how that ties into their financial life. So we tend to focus on three things, people's physical health, their mental health and their financial health. And You know, we strive to bring joy to people's money journey. And that's really where our focus lies on those three legs of the stool. And, you know, being more cognizant of many of the things that you guys have talked about in the opening today.
00:04:13
Speaker
Larry, that's great. um I want to drill down on that because that's exactly kinds of things I think that we are missing. You've talked about these three cornerstones of of your business. You know, clearly we understand the financial crisis.
00:04:26
Speaker
what I call the essential resource profile of an individual. You can see that it's tangible. You can record that. Then there's that wellness profile, their mental health, that that that connection of their physical, emotional and mental well-being.
00:04:41
Speaker
And then finally, you talk about the other aspects that help them define what matters matters to them. um When you think about your own life experiences, how have they begun to influence the way you approach talking to ah client?
Balancing Financial Planning and Life Enjoyment
00:05:01
Speaker
Yeah, I mean, hugely. i mean, going back even further, the day after my 23rd birthday, I lost my mom, Linda, who's part namesake of the firm. She's the L-I-N in Midland. I lost her to to cancer. And you know I started realizing at a very young age that you know when when I entered this profession, we're talking to people about retirement. In some cases, it's far off, some cases not that far off. But at the same time, you look at my mom's situation, she never had the opportunity to reach retirement.
00:05:36
Speaker
So as we start thinking about advising families and and we advise the families we serve, I feel like there has to be a a happy medium, meaning you can't advise families to save everything that they can save towards retirement and not find joy in the journey up until that point, because not everybody is going to make it there. And that got further reinforced when I lost my brother-in-law, as I mentioned earlier, at the age of 27. We're not all afforded the same and time and and the nor the same path. So we talk to families about what's most important to them so we can help them achieve joy along the journey and also still reach those goals that are important, right? It's not that you don't want to put anything towards retirement and enjoy life
00:06:26
Speaker
fully today and and spend all your resources today. But there has to be a medium between saving for the future and providing joy today as well. I love that. You make me think of um ah a very distinct memory I had back in my 20s. You know, was still making student loan payments, was still having a lot of fun, wasn't really saving for a retirement at all. and And a coworker asked me about that. And I was like, oh, whatever. I'm just going to be working until I'm 80 or until eight work till I die anyway. It'll be fine. And he's like, well, Ryan, what happens if you can't work?
Building Trust Through Personal Stories
00:06:59
Speaker
what do you mean What happens if you get hurt or your health fails you and you can't work? And you haven't saved anything. And whenever I was in my twenties, that concept had never dawned on me. i was like, Oh, right. Okay. So maybe I should actually take advantage of my, ah my office's four one k match.
00:07:17
Speaker
Yeah, I think if you look at some of the quote unquote pundits that are out there today, right, there are some that put you and talk about being on a path to wealth, but it's at the expense of putting every single dollar you can away today and and living very frugally.
00:07:33
Speaker
um But I mean, what kind of life is that? You know, if you if you only had the opportunity, if you're in your early 20s and you only had the opportunity like my mom to live to 47, right? What kind of life is that going to be? So you've got to be able to balance both of those. And, you know, I think a lot of that fundamentally comes from knowing your why and what fundamentally brings you joy and designing a life around that that's supported by the things you do and by your financial resources as well.
00:08:03
Speaker
and You talk about it in the article about this notion of the transparency that you share about your own personal life and your own experiences and how that has changed. make clients feel more comfortable about opening up. Talk to us a little bit about how and what you've, how you've done that and what you've discovered that have helped people really achieve that joyful, you know, success of that joyful journey with their money.
00:08:29
Speaker
Yeah, I mean, i listen, we've all heard this before, right? People do business and work with people they know, like, and trust. And and I think by having this air of transparency and sharing my own experiences, and and our team does the same thing, they share their own experiences, ah people know, like, and trust us more. And we attract people that are attracted to that, you know, that we're sharing that information.
00:08:55
Speaker
And I think by knowing what that why is, we're in a better position to help guide and direct those families that we serve to get there, knowing though that information that we got out of them. Had we just went with the numbers, I think we lose a great deal of that conversation. And you can then replicate that into other areas, whether it be you know donor intent and wanting to donate to different charities or you know, if they're looking to get a second home or a vacation home, why is that important to them? Why is it important to them to envision themselves drinking or sipping a cup of coffee on their deck overlooking the ocean? Is it just simply helping them buy that property? Why do they want that property? Why are they thinking in those directions? And I think it leads to meaningful conversations, more meaningful conversations, and it puts us in a position to better help
00:09:49
Speaker
them get there with knowing what that why is and why it's so important to them. Yeah, let me let me let me jump in because what's interesting to me, Larry, in my experience has been it's not an easy question for clients often to answer straight
Client Joy and Initial Meetings Approach
00:10:04
Speaker
up. Right. We we give them a list of things that we need to know. It's bit of an you know it's an inquisition in lot of cases.
00:10:11
Speaker
In your experience, Share with us a little bit about how challenging it is for a client often to really get to their why. Because we don't spend a lot of time thinking about that.
00:10:25
Speaker
Yeah. So we turn our whole process kind of turning on the traditional process that a lot of advisors have on their on its head a little bit. So instead of starting that first meeting with bring in statements, let's look at the balance sheet and and that inquisition that you mentioned earlier, we start kind of quite oppositely and and tell them to come in with nothing. We just want them to come in prepared to have a conversation. And I will say a lot of the families that come in for the first time know what we're going to want to talk about because we talk about it, we put it out there on social media and other avenues about how our firm operates. And literally, when you walk into our conference room or the first meeting over Zoom, that first slide that goes up on the screen says, what did you do today that brought you joy?
00:11:16
Speaker
And it's simply right there. And we start off with that conversation about what brings that. we We start off that conversation with what brings them joy and start drilling down on and help them work towards that why. Now, to your point, Bill, does everybody come in ready and able to have that conversation?
00:11:35
Speaker
No, but we drilled down enough to at least get an overarching idea of what is joyful for them so that we can have a really meaningful dialogue in that first meeting where I feel like if we don't have it at all, it's very new numeric, very prescriptive, and we're just like every other advisor that's out there. So we try to be a little bit different and we find that it works really well for us and those folks that that we attract. But I agree, it's something that you're not gonna have all that why kind of vetted out in that first hour meeting. It may take years to really drill down on certain areas, but if you don't start having the conversation, you'll never know the information ever.
00:12:19
Speaker
You know, Bill, I kind of wish we had Larry on the podcast like a a long time ago because I feel like he's ah he's hitting on and saying all the ah sort of exact stuff that I've heard you talk about when I first came to Trade PMR and and first heard you talk about your goals with this podcast. I feel like he's kind of ah he's kind of nail on all of them here.
00:12:39
Speaker
Absolutely. I mean, Larry, it's it it it I'm very, very... excited about how you're approaching it. And and I agree with you. it it it's It's not easy. And I imagine you get some pretty bizarre looks occasionally from from a client when you start to drill down on that.
00:12:56
Speaker
But I think that, you know, you've been successful at doing it. Well, let me let me ask both you guys something because as a sort of an outsider, um you know never been an advisor personally, but I wrote about the industry for a while. when i When I first came into this space and started writing articles, I got a lot of pitches about the need for the industry to to sort of embrace this, to expand beyond portfolio management, to embrace financial planning and um you know emotional intelligence and behavioral finance and and sort of all those are interrelated things, lot stuff that both of you are talking about. But it feels like it's still a push to get there, that there maybe some resistance within the industry. that um So guess it I want to know your both of your perspectives on that. Am I right in saying that? Is there still some resistance to embracing this sort of new way of doing business? um
00:13:47
Speaker
And is it is it just ah inertia? Is it because the conversations are difficult and people feel uncomfortable? um I'm just kind of curious what you guys think. it it Has it been a slow change in the industry? And if so, why?
Industry Resistance and Future Opportunities
00:14:01
Speaker
Yeah, I mean, I think i i think that you hit the nail on the head, right? i think that I think it's something we all have to be talking about. And that's why I am. And you know thankfully for us, it's something that's working really well. For others, it may not. But I i think the the challenge that the profession has, it Ryan, is you still have a large number number of quote unquote, advisors out there that are more or less portfolio managers. They don't want to have these conversations because all they're really concentrating on is the portfolio construction, the returns. My feeling is that that's not an area that we can
00:14:40
Speaker
add a tremendous amount of value to. I mean, some of the best in the industry can't do that, right? I think it's a combination of that. You also have, you know, an aging population in our profession who are not willing or interested in changing the direction of their practice, you know, as a as dramatically as this might have to do. So I think that those two things are just two examples of why there is some pushback and it's not happening as fast as it should be. But I think those firms that understand that if they want to be in this profession for a long time, be around for multiple generations with the families they serve and have a business that lasts beyond their lifetime, they're going to have to start having these conversations and building these deeper relationships. And our fees have not gone down. But what we have had to do is have different conversations, add more services, add more deliverables to
00:15:45
Speaker
justify or to make sure that that fee was being rightfully charged. So I think it's a combination of all these things. And I think that you know the the forward thinking future firms are moving in this direction. And I think those reasons are why we're not seeing it perhaps move as quickly as it should.
00:16:06
Speaker
Yeah, I agree, Larry. I think it's it's hard. ah Let's face it. The kinds of conversations you're having are hard conversations. They're not easy conversations.
00:16:16
Speaker
You know, one of the things I wanted to ask you is, you know, well, let me let me just create some context. First, we live in a highly digital world today. And I would argue And many, many scientists and psychologists and other academic professionals have have pointed out the fact that we are becoming more and more isolated as human beings, right? We can have a party of one very easily today.
00:16:43
Speaker
Our whole ability to communicate with each other face to face is becoming more and more challenging. We can see it across all the generations. um What I really wanted to ask you around this issue is it's hard, right?
00:16:58
Speaker
But think about the dynamic when you, in the case of a traditional couple, a husband and wife, maybe married 30, 35 years as an example, or 20 or 25 years. How often are those conversations so uniquely different, right? Because you ask the questions about what matters most, it's doubtful.
00:17:17
Speaker
If they're truthful, you're going get the same answer answer from from both parties. um Have you experienced that you know as you've progressed and evolved your business? Yeah, I think that many times there are different opinions and you know it takes some skill to recognize if one person is taking the lead charge in those meetings and you also have to be very aware of it and be able to interject. So so I've seen situations where either the husband or the wife, it could be either or, kind of takes the lead role and is answering a lot of our questions about what their goals are, what their objectives are, what brings them joy. And then if there's one person who's contributing a lot and then the other is not, I'll take a pause and say to the husband or wife, the the spouse and say, you know How do you feel about these same things that you're hearing about the goals, the objectives, the things that bring you joy? Are they the same? Are they all the same? Are there some different? Are there things that you're looking to accomplish that bring you joy that perhaps your spouse doesn't? So I think you have to be very attuned to being able to have those conversations and feel comfortable enough to draw that information because many times there will be some similarities, but I assure you, if you're not hearing differences, then you're not probably asking the right questions because there definitely are some differences as well and you need to bring those out. And I think that that just two does two things. One, it makes both people feel heard And two, in an environment where we hear all these statistics about when a spouse dies, the remaining spouse leaves their advisor in X amount of years or time, I think making sure that both are heard and you're helping both of them equally helps ensure and insulate that you're going to be working with that family for multiple generations like we do.
00:19:17
Speaker
let me ask Let me follow on with this.
Engaging Multiple Generations in Planning
00:19:20
Speaker
When you set up these meetings, Larry, ah how often or do you, maybe I'll start with, do you invite G2 and G3 to these meetings?
00:19:29
Speaker
um And if you do, how do you go about doing that, engaging the entire family? Because the point you're making around the statistics, you know, Cerule talks about the fact that 70% of people will who who are going to receive an inheritance are going to fire their parents or whoever gave them the money, going to fire their advisor.
00:19:48
Speaker
i'm Assuming you know you're a young guy ah you are dealing with multi-generational families, your your advisory council represents that. How often are you bringing the entire family into these conversations?
00:20:02
Speaker
Yeah. So up until this point, and it's funny that you brought this up, up until this point, we we've been bringing them in via like on demand. in In a lot of cases, we're working with the G2s or even the G3s of the families we serve. But one of the things that we're going to be proactively doing into 2026, and this came out of the advisory council, is really intentionally bringing the families together for a family meeting. And we're we're working out the process right now, but I think it's going to look something like getting the G1s together, having them have a conversation with us about what
00:20:43
Speaker
what their goals are, what are they looking to share? Is it financial or is it non-financial? Are they looking to pass values or you know ah ideas down to the next generation? Really get a sense of what they're looking to portray to the next generation and then bringing everybody into the same room and making sure that we're hitting on those that information that they want to pass along. I think where a lot of advisors get hung up a little bit is on the dollars and cents and they're like, well, I don't know if we should share the numbers, we shouldn't share the numbers. And what I say is it's not about the numbers. you know At the end of the day, mom and dad, their numbers are their numbers. They typically want to instill some values or some kind of thinking into the next generation. So it's something we've done, i would say, on demand up until this point.
00:21:36
Speaker
pretty well because we're working with second, third, and in some cases moving to fourth generations of families. But we are working to be much more intentional because that was feedback that we got from our advisory council that they would really ah love to have us help them educate the next generations about certain topics that they're not getting that education on from, you know, their schools or just regular, you know, environments, if you will.
00:22:07
Speaker
Yeah, that
Resources and Tips for Advisors
00:22:08
Speaker
makes sense. Well, this literally, this has been great. I'm going to move or where I'm getting from my producers that we we're coming up on time. um So thank you so much for this. I know you you have a lot of thoughts on this. As we said at the top, you have a podcast. I believe it's what ah the Joyful Money Journey ah YouTube series podcast, both.
00:22:25
Speaker
Yeah, so i have a we have a website for advisors called joyfuladvisor.com where we're going to be releasing a webinar where we're going to share a lot of these tips and how we use them for the families we serve so they can implement them themselves. We have our our podcast, which is the Midland Money Mindset. Oh, there different ones. Yeah, What Did You Do Today That Brought You Joy? And then I do have a YouTube channel, which is my my name, Larry Sprung CFP.
00:22:53
Speaker
Right, and he's got a book as well, guys, ah Financial Planning Made Personal. So he's got lots of thoughts on this. So to close out our show, how about one?
Insights from Non-Financial Conversations
00:23:01
Speaker
One piece of actionable advice, which is how we like to close the show every time, for our listeners or viewers um that they can maybe take to their practice to start implementing some of this stuff that you've been talking about.
00:23:13
Speaker
Yeah, I would say this, have those non-financial conversations. It can be really easy. All you need to do is at your next annual review meeting, you know put a question in there that is emotion provoking.
00:23:29
Speaker
Our question is, what did you do today that brought you joy? You can find your question and allow it to open up and delve down to an area that maybe you've never delved before with that family. And just listen, ask the question and just listen. And you would be surprised with the amount of information that you will get, which will just help you be a better planner and help you plan better for the family that you're serving.
00:23:59
Speaker
And so, Ryan, I'm going to jump in because I want to also leave our listeners and and with a thought here ah to build on what Larry said, because I think it's critical. Larry, you know thank you very much for being here because you have really begun to illuminate the importance of this mission.
00:24:17
Speaker
So my suggestion is, you know, stop as you think about what Larry's saying here and how he has essentially reshaped his business to focus on what matters most in the client's lives that he serves.
Conclusion and Larry's Insights
00:24:30
Speaker
Start with your own family and your own self. It'll become easier because what Larry is suggesting is not easy. It's a change in the direction. It takes skill and courage to kind of to have the ability to ask those kinds of questions. So, Larry, thank you.
00:24:46
Speaker
Thank you, guys. Great. And yes, Larry, thank you. And to all of our listeners and viewers out there, thank you as well. Wherever you're getting this podcast, if you could take a moment to like and subscribe, share, tell your friends, tell your family, all of that good stuff. It helps the algorithm, helps us get out there. And we will catch you on the next episode of the podcast.
00:25:06
Speaker
make sure you listen for our next episode where we'll bring you more even more insights and ideas. to help you grow your business. And remember, the challenge is yours to capitalize on what the future holds.
00:25:26
Speaker
If you want to join the conversation or connect with us, please visit us at SynergizePodcast.com. This content is provided for general information purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of Trade PMR or its affiliates. Trade PMR and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by Trade PMR.
00:25:55
Speaker
Trade PMR does not provide investment advice, tax advice, or legal advice. Trade PMR is a member of FINRA and SIPC. Trade PMR Inc. is registered with the Securities and Exchange Commission s se and the Municipal Securities Rulemaking Board. msrb Trade PMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing.
00:26:18
Speaker
First Clearing is a trade name used by Wells Fargo Clearing Services, LLC. Member SIPC, a registered broker dealer and non-bank affiliate of Wells Fargo and Company. Copyright 2025.
00:26:30
Speaker
Trade PMR, Inc. For a transcript of this episode with sources, visit synergizedpodcast.com.