210 - Using Behavioral Finance To Strengthen Your Practice With Marshall Heitzman

That Annuity Show

Summary In this episode of That Annuity Show, Paul Tyler and Tisa Rabun-Marshall interview Marshall Heitzman, VP of Advanced Planning Consulting at TruStage. They discuss the role of annuities in comprehensive planning and the importance of understanding clients' values and goals. Marshall shares his personal experience with behavioral finance techniques and how they can help advisors connect with clients on a deeper level. They also explore the evolution of annuity products and the benefits of including adult children in financial conversations. The episode concludes with recommendations for further reading and ways to reach out for assistance. Takeaways Understanding clients' values and goals is crucial in comprehensive planning with annuities. Behavioral finance techniques can help advisors connect with clients on a deeper level and engage them in the planning process. Including adult children in financial conversations can strengthen relationships and ensure continuity of the client-advisor relationship. Simplifying the planning process and focusing on clients' values can lead to better client retention and referrals. Chapters 00:00 Introduction and Background 01:18 Marshall's Career and Skills 02:15 Case Design and Solution Design for Annuities 03:35 Types of Advisors Working with Annuities 04:57 Overcoming Objections and Regulatory Changes 05:21 Behavioral Finance Techniques for Advisors 06:11 Time Objections and Building Relationships 07:49 Coaching Time-Pressed Advisors 08:18 Slowing Down and Having Conversations 09:47 Annuities as Estate Planning Tools 11:31 Evolution of Annuity Products 13:26 Behavioral Finance Conversation Techniques 14:08 Personal Story and Connecting with Clients 16:47 Communicating with Women in the Household 19:37 Better Client Retention and Referrals 24:39 Changing Advisor Mindset and Approach 26:11 Simplifying the Planning Process 30:09 Recommendations and Conclusion