Five things financial therapists want advisors to know

Financial therapists who combine behavioral health and financial coaching are urging wealth advisors to take a more human approach to client work. They say advisors should include clients’ emotions and financial histories in planning and build trust before pushing strategies. Therapists point to a 2024 TIAA Institute finding that 42% of U.S. adults say money harms their mental health.

Therapists recommend that advisors begin by mapping client behavior. Asking about upbringing, past experiences and current stressors can reveal why someone spends or saves in a particular way. Megan Ford, director of the University of Georgia’s Love and Money Center, explained: ‘Behavior tends to make more sense when you begin to understand the context and the stories behind it.’

Advisors are encouraged to sharpen listening skills and use methods that draw out motivation rather than only collecting facts. Christine Hargrove, clinical assistant professor at the Love and Money Center, urged the use of motivational interviewing to learn what drives a client and to use that information to support goals.

Therapists say advisors should move beyond transactional questions about targets and numbers. Asking a client to tell a story that makes a savings goal meaningful can show what money represents to them and which goals matter most in daily life. Ashley Agnew, a behavioral scientist at Edward Jones, noted that story-based questions connect financial goals to relationships and life events.

Building safety and trust is another focus. Therapists report that clients often feel intimidated at initial meetings and may hold back information. Ford compared the experience to crossing a foggy bridge and recommended allowing time for clients to feel safe rather than rushing through a checklist.

Therapists advise against offering surface-level advice that clients have already tried. Hargrove suggested asking which strategies a client has used and why they did not work before proposing standard steps like spending less.

Therapists also encourage advisors to examine their own money beliefs. Agnew noted many advisors find it harder to guide deep conversations without having reflected on their own financial histories and recommended advisors use tools such as visualization and trade-off exercises that mirror planning work.

Therapists say these practices aim to reduce financial stress and increase the likelihood that clients follow long-term plans by aligning strategies with clients’ values and emotional readiness.