Ep 40: How do I feel better about my money? - with Mark Cano
The conversation focuses on the psychological side of client conversations rather than products or portfolios, including spending anxiety and how people estimate what they need. Cano's suggestion to revisit needs every two to three years gives advisors a concrete talking point for check-ins with clients who are reluctant to spend.
Summary
By the running an ria deskAn episode of Edelman Financial Engines' Money on Your Mind in which host Michael Liersch talks with financial planner Mark Cano about the emotions and behaviors behind money decisions. The discussion covers why money carries emotional baggage beyond the numbers, how past perceived failures can shape behavior for decades, and why feeling in control matters. It also addresses being too afraid to spend accumulated wealth and overestimating how much money you need.
- Money is described as deeply personal, with perceived failures potentially driving behavior for decades.
- Even highly educated people may need help gaining perspective on their personal history with money.
- The episode discusses clients who feel too afraid to spend hard-earned wealth and who overestimate how much money they need.
- Mark Cano suggests re-evaluating your needs every two to three years.
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