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Delivering client discovery training to financial advisors through peer-led podcasts
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Content
Delivering Client Discovery Training to Financial Advisors Through Peer-Led Podcasts
Brenda K. Haan
Rossier School of Education
University of Southern California
A dissertation submitted to the faculty
in partial fulfillment of the requirements for the degree of
Doctor of Education
August 2023
© Copyright by Brenda K. Haan 2023
All Rights Reserved
The Committee for Brenda K. Haan certifies the approval of this Dissertation
Stephen Aguilar
Lawrence Picus
Wayne Combs, Committee Chair
Rossier School of Education
University of Southern California
2023
iv
Abstract
The purpose of this study was to explore the effectiveness of client discovery podcast training in
enhancing knowledge and motivation among financial advisors while examining the role of
organizational culture in this training’s success. The study employed a mixed-methods approach,
including both qualitative and quantitative data. The qualitative data were drawn from open-
ended questions as part of a pre-training and post-training survey. The quantitative data were
gathered via pre- and post-training assessments of financial advisors’ knowledge and motivation
regarding discovery methods and emotional intelligence. The findings suggest that client
discovery podcast training is an effective strategy for improving a financial advisor’s knowledge
and motivation, with organizational culture playing a significant role in the success of the
training. The study concludes with a discussion of the practical implications of these findings for
organizations seeking to implement client discovery podcast training programs, as well as
potential areas for future research.
v
Acknowledgements
I learned as a young girl that I can do all things through Christ who strengthens me
(Philippians 4:13), and the completion of this study has confirmed this belief. My loving friends,
Drs. Cecilia Patino-Sutton and John Sutton prepared me for this journey by telling me that
earning a doctorate and writing a dissertation can feel isolating and lonely. They were correct. It
is also a very lonely journey for our loved ones. My husband of 30 years, Joe Haan, sacrificed
much while I wrote papers, read hundreds of articles, attended classes, and then wrote some
more. My words will not represent my heartfelt thanks to him for his incredible support and
encouragement every step of this 3-year odyssey. His constant belief in my abilities and
willingness to provide much-needed emotional buck-me-ups has been instrumental in my
success. My support circle widens to our girls, Mickenzie Haan and Maddison Rodriguez. Their
many cards, texts, phone calls and “you can do it, Momma’s” made me smile with just the right
amount of brimming tears.
A special space of gratefulness is reserved for my intellectual sparring partner and
podcast co-creator and co-host, Chris Klein. Thank you, Chris, for sparking with me the idea of
the podcast in your kitchen that day, for verbally processing with me through many articles and
research and for the many hours, wisdom, and expertise you provided this project to make it all
happen.
As you can imagine, this study went through many iterations to get to this point. A huge
thank you to my dissertation chair, Dr. Wayne Combs, for the many hours he spent energetically
helping me think through this process to completion. I appreciate his belief that I could forge
ahead with this innovative idea and complete it, even without a precursor from which to work.
vi
And to my dissertation committee members, Dr. Lawrence Picus and Dr. Stephen Aguilar, for
helping me refine this study to become what it was meant to be.
Finally, I want to thank my father, Brian Finnigan, who is now in heaven, for instilling in
me a deep desire to be a lifelong learner and to believe that if you work hard enough, you can
achieve anything. Thank you, Dad. This is for you.
vii
Table of Contents
Abstract .......................................................................................................................................... iv
Acknowledgements ..........................................................................................................................v
List of Tables ................................................................................................................................. xi
List of Figures ............................................................................................................................... xii
Introduction of the Problem of Practice ...........................................................................................1
Purpose of the Project and Research Questions .....................................................................3
Importance of the Study .........................................................................................................4
Theoretical Framework: Knowledge, Motivation and Organizational Influences .................5
Organizational Context and Mission ....................................................................................12
Organizational Practice and Performance Goal ...................................................................13
Stakeholder Group of Focus and Stakeholder Goal .............................................................14
Summary ..............................................................................................................................15
Review of the Literature ................................................................................................................15
Discovery Building Blocks ..................................................................................................16
Discovery Mindset ...............................................................................................................16
Discovery Skillset: Emotional Intelligence ..........................................................................16
Discovery Tools and Action .................................................................................................18
Podcast Learning ..................................................................................................................19
Trust Building Between Financial Advisor and Client ........................................................20
Methodology ..................................................................................................................................21
Research Questions ..............................................................................................................21
Overview of Design .............................................................................................................22
The Researcher .....................................................................................................................23
Data Collection and Instrumentation ....................................................................................23
viii
Survey Procedures ................................................................................................................24
Data Analysis .......................................................................................................................24
Post-training survey data ......................................................................................................28
Results and Findings of Knowledge Influences .............................................................................29
Metacognitive Knowledge ...................................................................................................30
Summary of Metacognitive Knowledge Data ......................................................................32
Procedural Knowledge .........................................................................................................33
Summary of Procedural Knowledge Data ............................................................................34
Summary of Knowledge Influences .....................................................................................34
Self-Efficacy .........................................................................................................................35
Expectancy Outcome ............................................................................................................36
Results and Findings of Organizational Influences .......................................................................39
Organizational Culture Models Quantitative Questions ......................................................40
Organizational Cultural Models Qualitative Question .........................................................40
Mentor Training ...................................................................................................................41
IFCO Videos and Tools ........................................................................................................41
Peer-Led Training ................................................................................................................42
External Resources ...............................................................................................................42
Summary of Organizational Cultural Model Influence ........................................................43
Summary and Discussion of Findings ...........................................................................................44
Recommendations for Practice ......................................................................................................45
Recommendation 1: Train Financial Advisors in Emotional Intelligence to Increase Their
Metacognitive and Procedural Knowledge ..........................................................................45
Recommendation 2: Use the Podcasts as a Learning Method for an EQ/Client Discovery
Training Program for a Much Larger FA Population to Increase Motivation and Self-
Efficacy in Client Discovery Practices .................................................................................46
ix
Recommendation 3: Expand the Organizational Culture Model to Include Emotional
Intelligence Assessments for FA Candidates .......................................................................46
Limitations and Delimitations ........................................................................................................47
Recommendations for Future Research .........................................................................................48
Conclusion .....................................................................................................................................49
References ......................................................................................................................................51
Appendix A: Survey Instrument: Mixed-Methods Pre-Training Survey ......................................65
Appendix B: Survey Instrument: Mixed-Methods Post-Training Survey .....................................70
Appendix C: Email Invitation to Pre-Training Survey ..................................................................75
Appendix D: Email Invitation for Post-training Survey ................................................................77
Survey 2 ................................................................................................................................77
Reminders .............................................................................................................................77
Appendix E: Pre-Training Survey Demographic Information .......................................................78
Appendix F: Post-Training Survey Demographic Information .....................................................80
Appendix G: Transcript of Podcast Intro and Outro ......................................................................82
Appendix H: Procedural Knowledge Action to Take and Procedural Mindset Responses: “What
Did You Learn From the Podcasts That Will Help You Provide More Personalized Goals-Based
Advice?” ........................................................................................................................................83
Appendix I: Implementation and Evaluation Framework .............................................................86
Level 4: Results and Leading Indicators ..............................................................................86
Level 3: Critical Behaviors ..................................................................................................87
Supplemental Support from Leaders and Department Heads Within the Organization ......90
Assessment of Level 2 and Level 1 Training .......................................................................90
Level 2: Learning: Learning Goals ......................................................................................91
Evaluation of the Components of Learning .........................................................................92
Level 1: Reaction .................................................................................................................93
x
Evaluation Tools ..................................................................................................................95
Summary ..............................................................................................................................95
xi
List of Tables
Table 1: Demographics of Pre-training Survey Participants 25
Table 2: Demographics of post-training survey participants 28
Table 3: Distribution of 63 Post-training Responses to Procedural Knowledge Discovery
Skills 31
Table 4: Distribution of 56 Post-training Responses to Procedural Knowledge Listening
Skills 32
Appendix A: Survey Instrument: Mixed-Methods Pre-Training Survey 65
Appendix B: Survey Instrument: Mixed-Methods Post-Training Survey 70
Table E1: Practice Management Levels Pre-training Survey of 114 Participants 78
Table E2: Birth Year Range of Pre-Training Survey of 118 Respondents 79
Table F1: Birth Year Range of 76 Post-Training Survey Respondents 80
Table F2: Practice Management Levels of the 69 FAs Who Answered This Post-Training
Survey Question 81
Table H1: Outcomes, Metrics, and Methods for External and Internal Outcomes 87
Table H2: Critical Behaviors, Metrics, Methods, and Timing for Financial Advisors 88
Table H3: Required Drivers to Support the Financial Advisors’ Critical Behaviors 89
Table H4: Evaluation of the Components of Learning for the Program 93
Table H5: Components to Measure Reactions to the Program 94
xii
List of Figures
Figure 1: Interactive Conceptual Framework 6
Figure E1: Tenure of Financial Advisor Pre-Training Survey of 121 Participants 78
Figure F1: Tenure of 79 Financial Advisor Post-Training Participants 80
1
Delivering Discovery Training to Financial Advisors Through Peer-Led Podcasts
The wealth-management industry is in the process of significant transformational change.
Risk-based portfolio construction and transactional advice have been the foundation of the
financial advisor’s job. Today, the commoditization of investments and technological capabilities
is uprooting the need for traditional, transactional financial advice (Baghai, D’Amico, et al.,
2020). Due to increasing technological progress like machine learning, advanced analytics,
threshold rebalancing and robotic process automation, the nature of work performed by human
beings is changing (Baghai, D’Amico et al., 2020). However, the inevitability of technological
advances has not changed consumers’ preference for human interactions, especially when
obtaining financial advice (Baghai, D’Amico, et al., 2020; Longoni et al., 2019; Luo et al.,
2019).
Introduction of the Problem of Practice
Clients seek professional financial advice and direction built on their personal values
(Baghai, D’Amico et al., 2020; Baghai, Howard et al., 2020; Jones, 2007). Just as a physician
understands a patient’s medical condition and then offers medical advice (Weng, 2008), a
financial advisor (FA) must understand a client’s financial health and offer personalized advice
to help them achieve their financial goals (Brown & Brown, 2008). Financial advisors will
require different skills in the next decade to provide a more personalized approach to goal setting
and financial planning. They will need to become a type of financial coach with a personal fit
(Baghai, D’Amico et al., 2020; Baghai, Howard et al., 2020), concentrating on a broader range of
services, advising clients on financial wellness, healthcare, taxes, estate planning needs, banking,
and investments (Baghai, Howard et al., 2020). Younger investors in Generations X and Y are
interested in achieving a work-life balance and peace of mind rather than in amassing wealth
2
(Fidelity Institutional Asset Management, 2020). Clients desire help to achieve fulfillment rather
than simple management of their money (Baghai, Howard et al., 2020). To stay relevant, FAs
will need to evolve and alter how they provide advice and demonstrate their value to their clients
today (Fidelity Institutional Asset Management, 2020).
Understanding what motivates a person is foundational to financial planning (Maurer,
2016). Jones (2007) explained that inspiration to create a financial plan becomes compelling
once a client can connect what is most important to them on an emotional level. Once this
connection is made, the advisor and client can launch into an assessment of goals, gather the
needed data, and formulate a strategy to reach those goals (Jones, 2007)
Historically, financial planning has helped investors make their lives better by consuming
more property, material goods, and services (Jones, 2007). The focus has been on the numbers
and the rates-of-return aspect of financial planning because numbers are not nearly as complex as
the individuals making the financial decisions (Anderson & Sharpe, 2021). During the pandemic,
many North Americans discontinued reaching for certain financial goals due to losing a job or a
loved one and higher inflation (Beckman, 2022). Many had to pause pursuing financial goals like
having an emergency fund, being debt-free, and making big purchases without worry (Beckman,
2022).
When investors feel overwhelmed by the volatility of financial markets, an advisor will
make recommendations based on what an investor wants to achieve and their situation
(McAuley, 2022). To help with financial anxiety, some financial firms shifted their financial
planning approach to a more holistic philosophy (Anderson & Sharpe, 2021; Fidelity
Institutional Asset Management, 2020). This approach factors in clients’ physical, emotional,
and intellectual well-being and discovers what truly motivates them (Anderson & Sharpe, 2021;
3
Fidelity Institutional Asset Management, 2020). When an FA meets with a client during times of
economic uncertainty, like a worldwide pandemic, it is important to discover which of their
financial goals are a priority and why they are important (Jones, 2007). This allows for a goals-
based conversation, and the advisor can deliver advice that is more human-centered and
personal.
Goals-based financial advice is not just about helping clients make the right financial
decision today; it is about helping them with each of their life transitions. When a client
considers their priorities in life and attaches a concrete goal and time horizon to those priorities,
emotions are connected to their investments (Rohner & Uhl, 2018). This can increase their
investment satisfaction and happiness (Rohner & Uhl, 2018). Some of these life milestones are
buying a home, providing for a family, saving for children’s education, and planning for
retirement (Beckman, 2022). Rohner and Uhl (2018) found that every investment process should
center around goals-based investing to increase client satisfaction. To meet the client’s demands
and their fiduciary duty, FAs must understand the client’s goals to ensure that their financial
recommendations are in the client’s best interest (Anderson & Sharpe, 2021). When advisors ask
client discovery questions and listen with empathy, they are better informed to give advice
centered around clients’ goals, their priorities for the goals, and the different time horizons for
each goal (Jones, 2007). For financial firms to provide personalized goals-based advice,
discovery and emotional intelligence skills are quickly becoming the most important attributes an
FA must possess (Johnson, 2016).
Purpose of the Project and Research Questions
The purpose of this study was to evaluate podcast training in areas of knowledge,
motivation, and organizational resources to understand the effectiveness of discovery and
4
emotional intelligence training. At Ideal Financial Company (IFCO), a pseudonym, client
discovery is defined as going deeper in conversations with thoughtful questions, helping clients
understand who and what they are investing for and why. The research questions that guided this
study were the following:
1. How does a financial advisor understand client discovery practices to deliver
personalized goals-based advice?
2. How does a financial advisor perceive they are effective in applying discovery
training practices?
3. In what ways does this financial firm create an environment in which their financial
advisors are encouraged to seek training or professional development?
Importance of the Study
As revealed in a J.D. Power (2021) study, it is important to offer goals-based advice
through emotional intelligence and discovery practices because clients desire their FAs to have
an intimate understanding of what is most important to them and to guide them financially
through life transitions like buying a home, providing for a family, preparing for retirement, and
saving for education. Improving one’s emotional intelligence, which aids in discovery practices,
could help FAs to reduce assumptions and facilitate conversations by asking the right questions
of the client. This study had a threefold purpose of determining whether advisors are willing to
listen to the podcast episodes and improve their emotional intelligence and learn discovery
practices, whether the client discovery and emotional intelligence content were received and
implemented, and whether the FAs who implement the training uncover more financial needs
and document more goals per client household.
5
Theoretical Framework: Knowledge, Motivation and Organizational Influences
Clark and Estes (2008) provided a theoretical framework that diagnoses a problem within
an organization or industry and analyzes what improvement program is required to solve it. Their
theory has three elements, commonly identified as KMO: people’s knowledge and skills, their
motivation to achieve a particular goal, and existing organizational barriers (Clark & Estes,
2008). In this case, the financial firm IFCO was examined. The authors stated that organizational
culture is a way to “describe the core values, goals, beliefs, emotions and processes that are
developed over time” (Clark & Estes, 2008, p. 108). The gap analysis framework acknowledges
that individuals need proper knowledge, motivation, and organizational support to achieve goals
(Clark & Estes, 2008).
In the case of clients’ need for goals-based advice from their FA, the root cause may be
the lack of FA knowledge to understand that client discovery is essential to deliver goals-based
advice (Jones, 2007). As the financial industry shifts from being transaction-based to
relationship-based, advisors with effective emotional intelligence will be the most in-demand
(Anderson & Sharpe, 2021; Baghai, D’ Amico et al., 2020). Another aspect of this study was to
determine advisors’ motivation to be open to developing their emotional intelligence to enhance
their discovery practice. Finally, the organization needs to train advisors on emotional
intelligence and discovery practices so they can be effective in asking deep discovery questions
of their clients to deliver personalized goals-based advice. The organization also needs to provide
the technology, staff, and researchers to produce the podcast. Figure 1 provides a visual image of
the KMO conceptual framework.
6
Figure 1
Interactive Conceptual Framework
IFCO Financial Firm Organizational Goal: To Serve Clients More Completely Through
Deep Personal Relationships and Comprehensive Planning and Advice
Stakeholder Goal: By Listening to the Podcast Series, Learn the Importance of Discovery
Practices and Effective Emotional Intelligence to Offer Personalized Goals-Based Advice to Clients
Organization
Cultural Models:
• Understanding FAs knowledge and self-
efficacy for learning discovery practices
• Provide client discovery and emotional
intelligence training
Stakeholders: Financial Advisors
Knowledge
Procedural: Knowledge of the skills and
procedures involved with discovery
practices and emotional intelligence
Metacognitive: The ability to reflect and
adjust skills and knowledge by planning
and monitoring progress
Motivation
Expectancy outcome to learn via podcast
emotional intelligence skills, empathy, and
active listening skills to enhance discovery
practice.
Self-efficacy to practice discovery methods
with clients
7
Knowledge
Because the financial industry is experiencing a shift in business practices due to the
clients’ demands and technological necessity, FAs are at a crossroads of learning. They must
learn new discovery and emotional intelligence skills to provide the personalized outcome-based
advice the customer desires (Johnson, 2016; Jones, 2007). Krathwohl (2002) categorized
knowledge into four divisions: factual, conceptual, procedural, and metacognitive. Performance
requires factual knowledge of basic facts and information related to a topic. Conceptual
knowledge is knowing the underlying principles and categories of an area or field. Procedural
knowledge relates to the skills, procedures, techniques, and steps to complete a task. The fourth
category of knowledge is metacognitive, which Krathwohl defined as the ability to reflect on and
adjust the strategies, approaches, skills, and knowledge while monitoring one’s progress. For this
study, procedural and metacognitive knowledge will be highlighted.
Procedural Knowledge. When learning something new, learners want the steps clearly
presented so they know exactly what to do to accomplish the task (Krathwohl, 2002.) In this
same way, FAs want to know the exact steps to advising their clients to deliver goals-based
advice (Anthony & Armson, 2021), so it developed an online quiz titled Top Goals that clients
can complete that reveals their top three meaningful priorities. This quiz can be used as the first
step in practicing discovery skills. The next step is to ask open-ended follow-up questions about
each of the client’s priorities. This is when emotional intelligence can play a role in this client
discovery conversation (Anthony, 2003). To learn the meaning and emotion behind a client’s
priorities, the advisor must engage in active listening and empathy (Morningstar, 2018; Anthony
& Armson, 2021). This admission and explanation by the client will help the advisor deliver
personalized goals-based advice because they understand the why behind the financial goals. It is
8
imperative that the advisor is client-focused, engaging their emotional intelligence to learn what
is most important to the client and why.
Metacognitive Knowledge. An essential skill in self-regulated learning and critical
thinking is metacognition (Medina et al., 2017). Flavell (1979) defined metacognition as thinking
about thinking and metacognitive knowledge as reflecting an individual’s declarative beliefs and
knowledge about components that could influence a cognitive task (Flavell, 1979; Krathwohl,
2002; Rhodes, 2019). The important skills of planning, monitoring, and evaluating indicate an
individual’s metacognitive ability and accuracy (Medina et al., 2017). These skills help reduce
self-assessment errors and enhance their task knowledge and expertise (Rhodes, 2019).
Comprehension of concepts, reasoning-skills and problem-solving are evidence of an
individual’s metacognitive ability (Medina et al., 2017). An FA will succeed in delivering goals-
based advice to their client through their metacognitive knowledge of discovery practices and
emotional intelligence.
Motivation
This section describes what might influence FAs to be motivated to learn emotional
intelligence concepts to enhance their client discovery practices to deliver personalized goals-
based advice. When discussing motivation, it is important to define it, describe the part
motivation plays when learning something new and the motivational influences of self-efficacy
and expectancy value as they relate to FAs applying discovery practices.
Motivation is a central, personal, energizing state that aids an individual in beginning and
continuing goal-directed behavior (Mayer, 2014). The root word of “motive” stems from the
Latin “to move,” and the study of motivation is the study of action (Eccles & Wigfield, 2002).
Clark and Estes (2008) explained that an individual’s motivation determines how much effort
9
they will spend on a task. Motivation components are active choice, persistence, and mental
effort (Clark & Estes, 2008).
Self-Efficacy. Bandura (2000) proposed that motivation to learn a new skill was
correlated to an individual’s perceived self-efficacy in three ways: (a) how people gain
confidence in trying a new skill, (b) how it influences whether people think in a strategic or
erratic manner and (c) if they view a new task with a glass half-empty or half-full perspective
(Bandura, 2000). If an FA feels efficacious about learning, like enhancing their emotional
intelligence and discovery practices, they are apt to engage in cognitive and behavioral activities
that improve their learning. Some of these activities are setting goals, monitoring and evaluating
their goal progress, and using effective learning strategies like creating optimal environments for
learning (Schunk & DiBenedetto, 2020). Social cognitive theory (SCT) provides a framework to
understand what would make an FA want to learn and practice a new skill, like incorporating
client discovery practices into their financial advising business.
Developed by Albert Bandura, the SCT model is composed of three factors that influence
behavior: the individual, their environment, and the behavior itself (Bandura, 1998). A
description of these three factors, the triadic reciprocity, is how an environment can influence
how one feels or thinks, which influences their behavior which, coming full circle, impacts the
environment (Cherry, 2023). As an element of SCT (Bandura, 1998), self-efficacy affects
behavior directly. As a motivational process, self-efficacy affects how a person chooses a task,
the effort they employ in it, and the persistence exhibited to complete it (Schunk & DiBenedetto,
2020). Perceived efficacy is also affected by a person’s emotional and psychological state
(Schunk & DiBenedetto, 2020). If a person feels less anxious as they engage in learning
something new, they are more capable of succeeding at that task. If the person has higher
10
anxiety, they feel less competent (Schunk & DiBenedetto, 2020). Because self-efficacy is a
determining factor in the confidence in learning something new, it is an appropriate framework
through which to study discovery practices and emotional intelligence training of FAs through
the medium of peer-led podcasts.
Expectancy Value and Outcome. People’s motivation to accomplish or achieve has
been a topic of study for many decades. One motivation theory is the expectancy-value theory,
which began in 1938 with the work by Lewin on value and Tolman’s work in 1932 on
expectancies (Elliot et al., 2018). The theory is made up of three types of values: (a) expectancy
value or the expectation for success of a particular task or learned behavior; (b) attainment and
intrinsic value describes what is in it for the person, how they view themselves after the
attainment or if they are motivated purely for the enjoyment of behavior or task; and (c) utility
value describes the usefulness of a task and if the why of the task has a utilitarian reason (Elliot
et al., 2018). According to Ambrose (2010), value alone is not sufficient to motivate behavior.
People are motivated to pursue goals they feel they can achieve. When educated about a topic,
people are more likely to be motivated to try that new activity or engage in a new behavior.
This motivated attitude spills into the expectation of a successful outcome (Ambrose,
2010). When a person believes that they can identify, organize, initiate, and execute a course of
action that will bring about a desired outcome, they have high efficacy expectations (Ambrose,
2010). Outcome expectations influence how a person chooses a task, the effort they employ in it,
and the persistence exhibited to complete it (Schunk & DiBenedetto, 2020). Expectancy-value
provides a lens through which to further examine the motivation of FAs to learn new discovery
practices and emotional intelligence to deliver goals-based advice.
11
Organizational Influences: Cultural Model and Mindset
This section underscores the organizational influences or barriers (Clark & Estes, 2008)
preventing IFCO from effectively providing FAs with training in discovery practices and
emotional intelligence to deliver personalized goals-based advice to their clients. Understanding
that goals-based financial planning is the present and future of wealth management (Baghai,
D’Amico et al., 2020; Beyer, 2017; Morningstar, 2018), IFCO is determined to succeed in
transforming from being a financial firm that provides transactional, functional advice to a goals-
based financial planning firm. During this study, IFCO did not have a dedicated program to train
advisors in discovery practices and emotional intelligence. One year prior to this study, I was
invited to be a part of a research project at IFCO, where I presented my emotional intelligence
workshop to a group of IFCO FAs. After attending the training, the FAs were surveyed,
participated in focus groups, and were asked to implement my tools in three client meetings over
3 weeks. Through qualitative and quantitative research, IFCO determined that emotional
intelligence and discovery training is useful and needed at the firm.
Clark and Estes (2008) stated that organizational culture is a way to “describe the core
values, goals, beliefs, emotions and processes that are developed over time” (p. 108). Shein &
Shein (2017) explained that an organization’s beliefs, values, and desired behaviors are elements
that are learned early and formulate the fabric of the organization and can be thought of as the
organization’s sense of identity. These beliefs are the source of stability for the organization and
cannot be changed without changing the organizational altogether (Shein & Shein, 2017). With
another approach to defining the culture of an organization, White (2017) surmised that norms,
habits, and practices are a culture’s manifestations and do not comprise its foundation. White
described culture as a “pervasive phenomenon of human communities, manifesting as cognitive
12
codifications of ecological and physical contingencies that are mostly invisible as ontological
objects” (White, 2017, p. xviii). This distinction is important to note because as IFCO transforms
from a transaction-based brokerage firm to one that focuses on guiding its clients financially to
achieve their life’s ambitions and goals, the method previously utilized to train advisors in sales
techniques must be acknowledged. It is imperative that IFCO’s change programs are consistent
with its fundamental values and beliefs (Shein, 2017) and are also sensitive to how their already
successful advisors embrace or reject a new way of connecting with their clients. The
organization’s message of discovery and emotional intelligence training must include that their
advisors are appreciated for the relationships they built with their clients, and their adoption of
new discovery practices will only enhance their business, not fundamentally change it.
Organizational Context and Mission
In this study, the financial firm of focus is referenced for anonymity with the pseudonym
IFCO. As a Fortune 500 financial advising firm, IFCO is undergoing an organizational
transformation to become a wealth-management firm focusing on being human-centered and
comprehensive in its approach to its goals-based advice. Only 14% of financial firms have
moved from the historical approach of offering transaction-based advice to providing
comprehensive goals-based financial planning (J.D. Power, 2021b). Companies that have
changed their focus to a human-centered approach receive the highest customer satisfaction
marks (J.D. Power, 2021b). Blanchett (2019) stated that FAs who incorporate personalized
financial planning have a positive impact on households compared with advisors who are paid
primarily through commissions and are more transactional. According to IFCO’s internal
communications, the organization’s vision is to partner for positive impact, to improve their
clients’ and colleagues’ lives and better their communities and society. The firm continues to
13
adapt to stay competitive with evolving industry standards and client expectations. To
accomplish this, it is imperative to strengthen its talent and culture and modernize its
infrastructure to be even more effective as an organization. As part of this transformation, it is
shifting from being mission-driven to being purpose-driven. Rather than leading with a fixed
mindset, which is the belief that the talents, intelligence, and abilities of their leaders and
employees are unchangeable (Review et al., 2021), IFCO is teaching employees to embrace a
growth mindset to help them develop their talents, abilities, and emotional intelligence through
experiences and mentorship (Review et al., 2021). The organization provides many services that
have meaning for the client and intentionally creates a cultural shift, from viewing the good they
do as a byproduct of the services they provide to holistic outcomes focused on the good of
society. For example, IFCO allocated resources to training advisors to be less transaction-
oriented and more relationship-oriented, offering goals-based advice to their clients.
To shift from a transaction-oriented role to offering goals-based advice, advisors must
display effective emotional intelligence, which research shows increases trust in advisors, and
the more the client trusts their advisor, the more likely they are to understand the personal
reasons behind their goals (Zulz, 2017). Therefore, this research may be considered an evaluation
study because it will study the effectiveness of discovery and emotional intelligence training on
FAs to determine if there is an increased understanding of what is most important to the client.
This understanding is foundational to offering goals-based advice.
Organizational Practice and Performance Goal
After a significant drop in ranking among its peers in a 2022 nationwide client
satisfaction study, IFCO is determined to serve clients more completely through deep personal
relationships and comprehensive planning and advice. This annual study was the result of
14
surveys from 4,300 wealth-management clients on their satisfaction with their wealth-
management firm and their FAs. Over the past decade, IFCO consistently ranked first or second
in that study, and organizational leaders are highly motivated to receive higher marks in
subsequent surveys.
To help advisors learn more about their clients and understand what is most important to
them, IFCO launched a novel approach for conducting client discovery and emotional
intelligence training through a company-wide internal podcast series hosted by two FAs. The
podcast hosts interview veteran advisors in branches across the United States. Most of the
podcasts were structured into two portions. The first section consists of the two FAs facilitating a
15-minute interview recorded via Zoom. The next section consists of a conversation between the
hosts who have experience training FAs in emotional intelligence, a discovery mindset,
leadership competencies and coaching. They provide actionable training techniques and tools the
audience can incorporate into conversations and engage in discovery methods.
At IFCO, an advisor’s success is determined by assets gathered, new client creation, and
fees generated. As it trains advisors to deliver goals-based advice, IFCO created a measurement
tool so an advisor can keep track of the number of goals they document per client household.
This variable constituted the quantifiable data gathered in this study to determine if discovery
and emotional intelligence training through peer-led podcasts increased the number of goals
advisors documented.
Stakeholder Group of Focus and Stakeholder Goal
The stakeholder group for this study is the FAs who listen to the podcasts and are
motivated to implement new discovery practices and improve their emotional intelligence to
deliver goals-based advice to their clients. This was determined by surveying the stakeholders
15
prior to them listening to the first podcast episode. The survey measured their understanding of
discovery, their efficacy with trying new discovery practices and if they documented more goals
per client from the time they listened to the episodes and when they participated in the post-
survey.
Summary
The wealth-management industry has experienced the commoditization of investments
and the advent of robo-advisors, which is making financial advice more relevant and important,
but in different ways than in the past. Rather than simply calling a client to ask them to buy a
stock or bond, today, FAs spend time helping the client understand what is most important to
them and the reason behind their savings and investment goals. At IFCO, the focus has been to
document clients’ goals and show them specifically how these can be reached. There is less time
spent on risk-based portfolio construction and investment performance and more on personalized
goals and how clients can be on track to retire at a desired time, save for their grandchildren’s
college education, or leave a legacy to children or charities. This process can only take place if
the advisor is a skilled discoverer and asks questions that help the clients understand what
milestones, life stages, and goals are most important to them and why. This requires the advisor
to be skilled in effective emotional intelligence and discovery practices (Jones, 2007;
Morningstar, 2018).
Review of the Literature
This literature review will define client discovery according to IFCO financial firm, how
emotional intelligence is a foundational skill to implementing discovery practices, podcasts as a
mode of learning, and trust building in the client-advisor relationship.
16
Discovery Building Blocks
Discovery is the act of finding out or learning for the first time (Merriam-Webster, n.d.).
IFCO defined discovery by organizing it into four building blocks: mindset, skillset, toolset, and
action. Utilizing these discovery building blocks enables advisors to understand what is most
important to their clients and why, so they can create specific goals centered around their values,
hopes and desires.
Discovery Mindset
A discovery mindset involves an authentic curiosity to learn something new, and in the
context of an FA’s work, learning something new about a client or prospective client. Much of
an FA’s work is centered around inquiry, gathering financial facts, and asking questions of a
client to document financial goals, open the appropriate accounts, and help the client stay on
track with those goals with investments and a portfolio mix that matches their risk tolerance. At
IFCO, discovery is defined as going deeper in conversations with thoughtful questions, helping
clients understand who and what they are investing for and why.
Discovery Skillset: Emotional Intelligence
At IFCO, a discovery skillset is defined as engaging one’s emotional intelligence to be
others-focused, have empathy, and emotionally connect with another person. An example of
displaying effective emotional intelligence is when an advisor makes each client interaction
about what is most important to the client and not his or her agenda. Emotional intelligence is the
ability to understand one’s emotions and those of other people and behave appropriately in
different situations (Hornby & Crowther, 1995).
While only fewer than one in five businesses are investing in emotional intelligence (EI)
training (Capgemini, 2019), it is shown to be a trainable skill (Kadic-Maglajlic et al., 2016) that
17
can be practiced and improved to enhance personal and professional relationships (Goleman,
2020). In the introduction to the 25th-anniversary edition of his 1995 seminal work on EI,
Goleman (2020) highlighted how the momentum of artificial intelligence may place a premium
on people who have effective EI (Goleman, 2020). Training in regulating emotions results in
lower stress, enhanced well-being (Karimi et al., 2014, 2020; Slaski & Cartwright, 2003), and
transformational leadership qualities that can build trust with others (Frias et al., 2021). Training
in EI has also been shown to have a practical impact in helping one perceive one’s emotions and
regulate them (Geßler et al., 2021). In addition to enhancing the intrapersonal relationship, EI has
been shown to aid intrapersonal relationships, specifically between client and FA (Kadic-
Maglajlic et al., 2016).
Bar-On (2000) developed the three most studied EI models, and each generally
recognizes that EI is expressed intrapersonally: awareness of self, and interpersonally: awareness
of others (Ackley, 2016). Beyond this similarity, their models describe EI in unique ways. Bar-
On (2000) defined it as an “array of emotional, personal and social abilities and skills that
influence an individual’s ability to cope effectively with environmental demands and pressures”
(Bar-On, 2000, p. 1108).
Goleman’s (1996) definition (as cited in Wolff, 2005) states,
Emotional intelligence is the capacity for recognizing our own feelings and those of
others, for motivating ourselves, and for managing emotions effectively in ourselves and
others. An emotional competence is a learned capacity based on emotional intelligence
that contributes to effective performance at work. (p. 2)
Salovey and Mayer (as cited in Ackley, 2016) developed another EI definition: “as the
ability to perceive emotions, to access and generate emotions so as to assist thought, to
18
understand emotions and emotional knowledge, and to reflectively regulate emotions so as to
promote emotional and intellectual growth” (p. 271). Dulewicz and Higgs (2004) reviewed
literature on EI and concluded that it is possible to develop and improve one’s EI (Dulewicz &
Higgs, 2004). While each model slightly differs in definition, each emphasizes active listening
and empathy as foundational trust-building skills (Stalnikowicz & Brezis, 2020).
The EI FAs display has been researched. “Million Dollar Round Table (MDRT, 2020) is
a global, independent association of the world’s leading financial and insurance professionals”
that conducted a Harris Poll study of 2000 adults (para. 1). It discovered that 85% of Americans
would be more likely to trust recommendations from FAs who demonstrate high EI, including
the traits of empathy and compassion (MDRT, 2020).
Discovery Tools and Action
At IFCO, FAs have tools to engage in deeper discovery of their clients. An example is a
tool called Emotion of Money which consists of two questions the advisor asks clients: (a) What
does money mean to you and (b) How does money make you feel? The client is shown possible
answers to the questions to help guide the discussion. Examples of words shown to the client are
responsible, security, peace, legacy, freedom, opportunity, and lonely. These questions allow the
FA to learn what experiences shaped the client’s view about money and how they manage it
today. Knowing how a client feels about money is helpful during stock market volatility and
during life events so the advisor can guide the client in a personal manner (West & Anthony,
2021). Discovery action is the process by which the FA engages their discovery mindset, skills,
and tools during client interactions.
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Podcast Learning
Podcast learning has been shown to be an effective practice for teaching listeners in
multiple industries and disciplines (Riddell et al., 2017, 2020). Podcasting is creating a series of
regularly produced audio files that are accessed online for downloading to portable media
players or computers (Pegrum et al., 2015). Podcasts are engaging and convenient learning tools
(Riddell et al., 2017, 2020). According to the theory of informal and lifelong learning, whether
intentional or accidental, learning can happen all the time. (Naismith et al., 2004; Rosell-Aguilar,
2007). Because listening to a podcast can take place using a mobile device, the learning
environment can take place anytime, anywhere (Rosell-Aguilar, 2007, 2015). Listeners can
access content through multiple devices, such as laptops, mobile phones, and tablets (Lee &
Chan, 2007), which creates a flexible, personal, and motivational learning environment (Riddell
et al., 2017). Tuning in while driving or doing mundane tasks allows listeners to use their time
more efficiently (Farshi & Mohammadi, 2013; Lee & Chan, 2007).
Through the medium of podcasts, communities have become stronger as they spark ideas
of collaboration and innovation (Zumach & Portillo, 2020). They produce effective educational
information because podcasts have the potential to generate, construct, and manage knowledge
(Trujillo Torres, 2011). Learning via podcast can be a complement to traditional teaching
methods and has been shown it enhances learning retention and application of content, affording
more control over learning because a listener can relisten to materials several times if needed
(Abate, 2013; Firoozehchian et al., 2019). Zull (2002, as cited in James, 2009) stated that this
mode of learning enables the listener to feel in charge, which is an important need of adult
learners.
20
Ridell et al. (2020) conducted a qualitative study to determine the learning effectiveness
of podcasts by interviewing emergency medical students about their experiences listening to
educational podcasts (Riddell et al., 2020). As a research framework, the five skills (canons) of
effective communication (rhetoric) were used to categorize the features of podcasts. The first
was invention, wherein material was presented from multiple perspectives with explicit learning
goals. The second was arrangement, which allowed for efficient communication. The third skill,
style, involved incorporating humor and storytelling into the narrative. The fourth was memory,
meaning that key points were repeated to enhance learning, and the fifth was delivery, as each
episode was short in length and had good production quality (Riddell et al., 2020). This study
concluded that the students felt they effectively learned via this delivery method because the
podcasts were well-produced and included storytelling, humor, and helpful repetition of key
points (Riddell et al., 2020). This study provides evidence that podcast learning can be an
effective way to teach content because of the flexibility of when and where to listen, the ability
to repeat quality episodes, and the possibility of hearing from multiple presenters and
perspectives. As Mikat et al. (2007) summarized, to the tech-savvy person, podcasts are a
versatile, reusable, interesting and stimulating way to learn.
Trust Building Between Financial Advisor and Client
In the past few years, multiple economic crises, recessions, and the COVID-19 pandemic
created in Americans a sense of financial insecurity and trust in financial markets (Anderson &
Sharpe, 2021). While the U.S. economy struggles to recover, the wealth-management industry is
evolving to cater to its newest consumer-base: women, Millennials and Gen-Xers (Baghai,
Howard et al., 2020). When a person seeks the advice of a financial service professional, an
utmost attribute is the trust between client and advisor (Anderson & Sharpe, 2021; Madamba &
21
Utkus, 2017). Drivers of trust include emotional attributes displayed when the financial advisor
views the world from the client’s perspective, is relatable, and is someone with whom it is easy
to make a connection (Anderson & Sharpe, 2021; Madamba & Utkus, 2017). A Vanguard
(Madamba & Utkus, 2017) trust study concluded that a client gains trust when the advisor
pursues goals for the client as if they were their own and gives them time and attention without
making the client feel rushed (Vanguard, 2017). Furthermore, when clients develop a deep
emotional connection with their FA, they are more likely to be loyal and recommend their FA to
their family and loved ones (J.D. Power, 2021b; Zulz, 2017).
Three components of trust are functional, emotional, and ethical factors (Madamba &
Utkus, 2017). While all three are drivers of trust, emotional trust is the largest component
accounting for 53% of total trust (Ritzer-Angerer, 2019; Madamba & Utkus, 2017). It is
important that an FA have effective EI and ask discovery questions to guide the client (Heffernan
et al., 2008). Emotions influence investment decisions (Ritzer-Angerer, 2019); therefore, trust in
the FA is paramount.
Methodology
The method chosen for the primary research was two surveys, each consisting of
qualitative and quantitative questions. This section describes the three research questions guiding
this study, an overview of the research design, a characterization of the researcher, the data
collection and instrumentation.
Research Questions
The research questions that guided this study were the following:
1. How does a financial advisor understand discovery practices to deliver personalized
goals-based advice?
22
2. How does a financial advisor perceive they are effective in applying discovery
training practices?
3. In what ways does this financial firm create an environment in which their financial
advisors are encouraged to seek training or professional development?
Overview of Design
IFCO Financial advisors were to complete a pre-training mixed-methods survey
(Appendix A) on their perceptions of how they were engaging in discovery practice, the
definition of discovery, and how they viewed emotional intelligence as a skill in their work. The
pre-training survey was conducted to identify themes and perspectives that might be useful in
analyzing the data for the post-training survey. It was necessary to understand the participant’s
understanding of the concept of client discovery, the role emotional intelligence has in the
client/FA relationship and the training the FAs had received by their organization prior to
listening to the podcast episodes. They were to also complete a post-training mixed-methods
survey (Appendix B) approximately 2 weeks after they completed the pre-survey.
Anonymity played a crucial role in this study, as it ensured the privacy and
confidentiality of the participants. By guaranteeing anonymity, the research protected the identity
of each participant, preventing the matching of pre-training survey results to post-training survey
results for individual participants. This was essential in maintaining the integrity of the study and
ensuring that participants felt comfortable providing honest and unbiased responses. It allowed
participants to share their experiences openly without fear of repercussions or identification,
contributing to the overall trustworthiness of the research outcomes.
23
The Researcher
Having been in the role of an FA at IFCO for 10 years, salient identities inform my
understanding of this problem. I have observed the financial industry’s transformation from the
act of performing transactions like placing a trade of company stock to focusing on creating a
more relationship-based business. As this transition took place, I noticed the need for EI training
among colleagues and presented an EI workshop to hundreds of advisors at IFCO. The feedback
was overwhelmingly positive and informed me of the need for this kind of training in this
industry to help FAs deliver goals-based advice. As research was conducted, I was aware of the
slant toward this need and how important it was to frame questions and findings without bias.
I am a co-writer, producer, and co-host of the Client Discovery podcast episodes used in
this study. Because of this, utilizing online surveys was the best option for research. For reliable
and valid data (Salkind & Frey, 2020), I needed to collect data without the participants feeling
that their responses could personally affect me. As Merriam and Tisdell (2016) noted, the
integrity of the research is determined by the researcher’s position and “how the researcher
affects and is affected by the research process” (p. 249).
Data Collection and Instrumentation
Because IFCO has a large population of FAs, a mixed-methods survey design was chosen
to gather quantitative data from a sample of this population as well as qualitative data that speaks
to the advisors’ personal experiences and thoughts. Surveys can be used to generalize about a
larger population from a smaller sample of respondents (Creswell & Creswell, 2018; Robinson &
Leonard, 2019). In the research introductory email, FAs were asked to complete the pre-training
survey, listen to at least one of client discovery and EI podcast episodes available on IFCO’s
professional learning and development platform, and complete the post-training survey two
24
weeks after the first survey. To further strengthen participant anonymity, the pre-training survey
and the post-training survey were administered at different time points, with no direct connection
between the two surveys. This design ensured that there was no possibility of linking the
responses of a participant who completed the pre-training survey to their subsequent engagement
with the podcast episodes and their answers in the post-training survey.
Survey Procedures
After approval from the institutional review board (IRB), I also received approval from
IFCO’s compliance officers to send pre-training and post-training surveys to its FAs. Both
surveys were sent from IFCO’s client discovery podcast email address to a random sample of
794 FAs in the United States. The email invited the FAs to participate in pre-training and post-
training surveys and described the research purpose and design. Appendix C presents the
instructions in the pre-training survey email. The post-training survey reminded the participants
to listen to at least one episode of the client discovery podcast and to complete the post-training
survey within 14 days. Appendix D presents the instructions in the post-training survey email.
Data Analysis
Pre-training Survey Analysis
Descriptive statistics were used to examine the distribution of scales from the study.
Descriptive statistics are defined as those used to organize and describe the characteristics of the
data collection (Salkind & Frey, 2020). The pre-training survey consisted of 20 questions. Four
questions were demographic, surveying their age range, length of tenure as an advisor, gender,
and practice management level. Twelve questions provided Likert-scale options, and three
qualitative questions allowed respondents to describe the answers to the questions in their own
words. Data were exported from Qualtrics for analysis. The data were cleaned by removing any
25
blank surveys. After transcribing the qualitative answers from Qualtrics, I imported the data to
Excel and then copied them into a Google table, where I inductively coded the data and analyzed
them for themes, patterns, and key concepts (Braun, 2021). The following table describes the
demographic questions in the pre-training survey which revealed the average participants’ age,
tenure as an advisor and the average PML level. The averages of age and tenure were calculated
by using a midpoint year of the date range. Appendix E details the age ranges, the ranges of
tenure, and the practice management level of the pre-training survey participants.
Table 1
Demographics of Pre-training Survey Participants
Demographic Average
FA age 48 years
FA Tenure 11 years
Practice management level (PML) Level 6
26
During the time this study was being conducted, the population of female financial
advisors at IFCO was 21%. Of the 119 participants for this question, 34% identified as women.
The practice management level (PML) is determined by the assets under management in the
advisor’s business and the commission/salary the advisor has generated in the last 12 months.
For reference, Level 10 and Level 10+ are at least one million-dollar producers. This
demographic information showed that the pre-training participants make up a representative
sample of the financial advisors at IFCO.
The pre-training survey data revealed three themes that helped inform the analysis of the
results from the post-training survey data. The first theme is the FAs knowledge of client
discovery skills and practices. The second is about the motivation the participants had to engage
in client discovery practices. The last theme that emerged from the pre-training survey data
revealed what of any organizational support is available at IFCO for FAs to learn about client
discovery and emotional intelligence.
Knowledge: A majority of respondents felt that demonstrating high emotional
intelligence is a necessary skill of a financial advisor. They also agreed it is important to have a
genuine curiosity about their clients, which can lead them to uncover the personal importance of
their clients’ goals. They are open to learning questions and techniques to understand their
clients on a deeper level. The FAs understand what knowledge is needed for client discovery, but
most participants felt that discovery training would be helpful to improve their skills and to aid in
providing their clients goals-based advice. The analysis of the pre-training survey revealed a high
level of familiarity among participants with the concept of client discovery. Additionally, the
survey findings indicated a consensus among respondents regarding the significance of
interpersonal skills and emotional intelligence in achieving success as a financial advisor.
85
27
Motivation: The pre-training survey highlighted the FA’s self-efficacy with displaying
client discovery and EI skills. Participants generally agreed that understanding the meaning and
emotion behind their client’s goals is important to them. However, many FAs reported that they
feel they talk more than they should with their clients. This is an important revelation because
talking too much can be an indicator of an inability to regulate one’s emotions (Bar-On et al.,
2007). Other data revealed how participants would self-report their emotional intelligence,
particularly when talking with clients. They had mixed responses when asked about how they
typically react when a client shares their feelings and displays emotion. Forty percent specifically
stated they react “empathetically” or with “empathy.” For example, one said, “[They] listen until
they appear to be done sharing, carefully ask follow-up questions, offering reassurance when
appropriate.” Another participant stated,
I am a very empathetic person. I will make eye contact, mirror their emotions, give space
to be silent and listen, let them know that I may not have the right words to say, but I am
here to support and listen. The rest of the answers to this question generally stated that
their reaction depended on the situation, the client, and what was being shared. One said,
“It makes me squirm a little.” Another said it makes them feel honored to be trusted with
such information. Another said,
I have been told, “thank you for the counseling session” on many occasions. I feel that
the role we play is much more than just finance. We work in the two most important and
emotional areas of our client’s lives: family and money. And they both affect each other.
Organizational Support: The pre-training survey also revealed that IFCO generally has
not provided emotional intelligence training to FAs although most of the participants understand
this is a fundamental skill of their job. See Appendix A for a complete list of data from the pre-
28
training survey questions and those specifically relating to organizational support and culture,
questions 9, 13 and 20.
Post-training survey data
The post-training survey consisted of 20 questions. Four questions were demographic,
surveying their age range, length of tenure as an advisor, gender, and practice management level.
One question asked about the percentage of the FA’s client base that had multiple goals
documented. Nine questions provided Likert-scale options, and five qualitative questions
allowed respondents to describe the answers to the questions in their own words. Data were
exported from Qualtrics for analysis.
Summary of Post-Training Survey Demographics
The following table describes the demographic questions in the post-training survey
which revealed the average participants’ age, the average tenure as an advisor, and the average
practice management level. The averages of age and tenure were calculated by using a midpoint
year of the date range. Appendix F details the age ranges, the ranges of tenure and the practice
management level (PML) of the post-training survey participants.
Table 2
Demographics of post-training survey participants
Demographic Average
FA age 43 years old
FA tenure 11 years
Practice management level (PML) Level 6
29
Of the post-training survey participants, 57 identified as male, 19 as female, and two
answered other/prefer not to answer. The female participants made up 24% of the respondents.
The data presented indicates that the post-training survey participants were a representative
sample of IFCO financial advisors.
Results and Findings of Knowledge Influences
The first research question asked, “How does a financial advisor understand discovery
practices to deliver personalized goals-based advice?” The post-survey data allowed for the
evaluation of two categories of the knowledge influence: metacognitive and procedural.
Metacognitive is reflecting on the necessary EI skills and knowledge to engage in client
discovery practices. The term “metacognition” refers to a set of processes used to monitor
ongoing cognition (Krathwohl, 2002; Rhodes, 2019) and control one’s behavior. This type of
knowledge “reflects an individual’s declarative knowledge and beliefs about the factors that
might influence a cognitive task” (Rhodes, 2019, p. 168.)
Procedural knowledge is the knowledge of the skills and procedures involved with
engaging in client discovery and learning via podcast. Procedural knowledge refers to an
understanding of the skills and procedures involved with a particular task, including techniques,
methods, and necessary steps (Krathwohl, 2002). Seven post-training survey questions were
asked to determine the participants’ metacognitive and procedural knowledge (Krathwohl, 2002)
regarding their understanding of discovery practices to deliver personalized goals-based advice
to clients. Statistical data were collected from the quantitative questions, and an inductive coding
technique (Creswell & Creswell, 2018) was used to collect data from the qualitative questions.
30
Metacognitive Knowledge
Data suggest that participants understand that effective emotional intelligence is
necessary for their role as FAs. This question illuminated the EI attribute of influence and that
those with the emotional self-awareness and self-control to manage themselves while being
adaptable, positive, and empathetic express themselves in a way that appeals to others (Goleman
et al., 2017)
Participants were asked to rate their agreement with the statement, “The podcasts
provided me with knowledge of new discovery methods and questions that I am excited to try”
on a 5-point Likert scale with strongly agree (1) and strongly disagree (5) serving as anchors.
The mean response for this question was 2.26, indicating a moderate level of agreement among
the 62 participants who answered this question. The standard deviation was 0.80 (n = 62; M =
2.26; SD = .80).
The participants were asked to examined the metacognitive knowledge about their
communication skills during client meetings. They were asked to rate their agreement with this
statement “After listening to the podcasts, I am more aware of the amount I talk during client
meetings” on a 5-point Likert scale with strongly agree (1) and strongly disagree (5) serving as
anchors. Results indicate that 58 participants who answered this question moderately agreed with
this statement (n = 58; M = 2.28, SD = .83). This indicates that their knowledge of their
emotional intelligence skills increased after listening to the podcasts.
Two questions explored procedural knowledge regarding aspects of client discovery and
EI: (a) the participants’ awareness of their discovery skills regarding asking the meaning and
emotion behind client goals and (b) whether the podcasts helped their awareness of their
listening skills and how to improve their listening skills. Procedural knowledge is often difficult
31
to articulate or explain in words (Krathwohl, 2022) and is often demonstrated through action.
These questions show that 62% of participants who listened to the podcasts strongly agree/agree
that listening skills are paramount to understanding what is important to their clients and why,
including having the ability to gather the meaning and emotion behind their clients’ goals. Tables
3 and 4 illustrate these answers.
Table 3
Distribution of 63 Post-training Responses to Procedural Knowledge Discovery Skills
Post-survey item Response n % n = 63
Q. 11 To improve my discovery skills, I
need to get better at asking clients
about the meaning and emotion
behind their goals
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
22
34
4
2
1
35%
54%
6%
3.4%
1.6%
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Table 4
Distribution of 56 Post-training Responses to Procedural Knowledge Listening Skills
Post-survey item Response n % n = 56
Q. 15 The podcasts helped me become
more aware of my listening skills and
how to improve them.
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
8
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21
0
0
14%
48%
38%
0%
0%
To determine the importance and utility of continuing the podcast series after this study is
completed, a survey question asked, “For future podcast episodes to be helpful and engaging,
what other topics should be included?” 56% of those who provided an answer stated they would
like them to include communication tips and topics about behavioral finance. One participant
said, “More about what to look for when someone has a behavioral bias, when to recognize it,
and if you should say something about it.” Another stated, “Dealing with a client who doesn’t
open up.” Two other participants punctuated the need to learn more about what specific language
to use during client discovery. One stated, “Word smithing and language to use and not use with
clients.” The second mentioned, “Conversations after major life events, such as death or divorce.
How to use empathy and active listening to make clients feel heard during those vulnerable
times.”
Summary of Metacognitive Knowledge Data
The metacognitive knowledge data show that most participants believe that having EI
skills and a genuine curiosity about their clients is important. Most agree that they need to get
better at asking their clients about the meaning and emotion behind their goals. The data analysis
also concluded that those who listened to the podcast episodes have become more aware of their
33
listening skills and new discovery methods. Most participants agree that podcasts are an effective
way to learn about their client discovery skills, including becoming more aware of the amount of
time they talk during client meetings. Some mentioned the importance of not assuming they
know how their clients feel and asking deeper questions to understand them.
Procedural Knowledge
A procedural knowledge qualitative question sought to determine if content learned by
listening to the podcasts would result in the action of delivering more personalized goals-based
advice to clients. Many participants answered with a tactile approach to specific tools or steps to
take to engage in client discovery. They described that what they learned was an encouragement
to them and a reinforcement to their client discovery process. They stated the content helped
them know how to perform the task of client discovery to deliver personalized goals-based
advice. Four participants quoted a phrase to help with this endeavor: “Make it about them until
they make it about you, … and then be brief.”
®
I created this trademarked phrase and added it to
the outro of the podcast. Appendix G presents a transcript of the Client Discovery Podcast intro
and outro. One participant wrote, “My biggest ah-ha moment was learning to “make it about
them … until they make it about me … then be brief.” This phrase encapsulates the concept that
for an FA to have a discovery mindset and display authentic curiosity about their clients, it is
important to ask questions and actively listen to them. Forty-six percent of participants shared
specific ways they could change their behavior to improve their client discovery skills. One
mentioned the need for mindfulness, or more self-awareness, by sharing they wanted to become
“mindful of how I frame questions to gather more information behind the motives/meaning
behind each goal.” Another said that the podcast episodes reminded them to improve their
34
listening behavior: “It has made me more aware of my listening skills and that I may talk more
than I listen. My goal is to be more aware of that and listen to hear rather than respond.”
Appendix H lists the 28 qualitative survey responses that brought forth rich data that
illuminated how the podcasts helped the participants with their procedural knowledge
(Krathwohl, 2002) to engage in client discovery practices. It also illustrates the two themes that
arose from this question: procedural action to take and procedural mindset change.
Summary of Procedural Knowledge Data
The qualitative question substantiated that participants who listened to the podcasts
gained greater procedural knowledge about how to better engage in client discovery practices by
being others-focused. The content in the podcasts helped them become more aware of their
listening skills, being mindful of how to ask the right questions and how to ask their clients about
the emotions behind their money.
Summary of Knowledge Influences
Results from the post-training survey revealed that most participants who listened to the
podcasts were able to reflect on and employ new metacognitive knowledge and necessary
procedural skills to engage in client discovery. They are open to learning questions and
techniques to understand their clients on a deeper level. A majority feel that emotional
intelligence is a necessary aspect of their role. Sixty-two percent agree that learning via podcast
is an effective and preferable way to gather information and stories from their peers. These
findings reveal that FAs understand what metacognitive knowledge is needed for client
discovery. Most participants feel they need more procedural knowledge to better deliver
personalized goals-based advice, and they desire discovery training to improve their skills.
Results and Findings of Motivation Influences
35
The second research question asked, “How does a financial advisor perceive they are
effective in applying discovery training practices?” Being successful in client discovery practices
takes awareness of one’s EI and communication skills (Goleman, 2020; Jones, 2007). This
section describes how the motivational influences of self-efficacy and expectancy outcome
(Bandura, 1997; Bong & Clark, 1999; Clark & Estes, 2008; Pintrich, 2003; Schunk &
DiBenedetto, 2020) play a part in an FA’s perception of their effectiveness to apply discovery
practices. The questions revealed FA’s self-efficacy and expectancy outcomes as related to client
discovery practices and emotional intelligence skills to deliver goals-based advice.
Self-Efficacy
One self-efficacy survey question asked participants to share their concerns about asking
deep discovery questions, a majority (57.5%) went into detail about how they feel uncomfortable
asking questions that might evoke an emotional response or not wanting to ask deeper questions
that might make the client feel uncomfortable. A participant shared their concern of “getting so
deep/emotional and not being able to change the weight/heaviness of the conversation to more
positive after.” Another said,
I practiced asking deeper questions. My concern is that I am more of an empath. I have
found that these deeper dives bring out some really deep emotions from my clients. It is
hard not to carry these sometimes really deep feelings home to my own family and to not
carry that with me.
One advisor described their concerns about finding out something new that would put
them in a precarious position to give advice: “[I have concerns about] discovering a goal I can’t
help with or don’t have the knowledge to be effective. As a smaller producer and newer advisor,
that is scary because, for my livelihood and performance, I need to keep all the clients I can.”
36
This response indicates further training is needed for advisors to understand what Jones (2007)
summarized: an emotional connection between advisor and client can create the inspiration to
launch into an assessment of goals and formulate a strategy to reach them. Understanding these
relationship components may help the advisors with concerns that their clients were not
comfortable sharing the meaning and emotion of their goals. Other respondents stated they are
concerned about “[pushing] the client too far out of their comfort zone” and are hesitant because
“some people aren’t interested in sharing them” and “not all clients are ready for this, but that
doesn’t mean we can’t guide them through the process.” While a third of participants revealed
they do not have concerns about going deeper in client discovery, most shared about the lack of
comfort they feel with going deeper because they fear not knowing how to navigate the emotions
associated with client discovery conversations.
Participants shared how they perceive they are effective in applying discovery training
practices. Sixty participants responded to the statement “I feel more confident about asking my
clients discovery questions after listening to colleagues tell their stories in the podcast episodes”
on a 5-point Likert scale with strongly agree (1) and strongly disagree (5) serving as anchors.
Results indicate that the podcast episodes have had a positive impact on respondents’ confidence
in asking discovery questions. However, there is a variation in the level of confidence reported,
indicating that the effect may not be uniform for all respondents (n = 60; M = 2.22, SD = .82).
Expectancy Outcome
Outcome expectation is an element of motivation and can influence how a person
chooses a task, the effort they employ, and the persistence exhibited to complete it (Schunk &
DiBenedetto, 2020). After listening to the Client Discovery Podcast, 94% of respondents
strongly agreed/ agreed that they are motivated to improve their discovery skills to provide more
37
personalized goals-based advice to clients. When asked if they felt confident in helping their
clients verbalize the importance of their priorities and goals, 22.5% selected “sometimes true of
me.” However, 77% answered, “very often/often true of me.” This displays the expectancy
outcome they have that improvement in these skills would enhance their effectiveness as
advisors, to serve their clients in a more comprehensive, complete manner.
In the post-training survey, respondents answered the question, “How has your awareness
of your emotional intelligence changed since listening to the podcasts?” While 37% stated they
did not listen or their awareness had not changed, 63% stated that they were more aware of the
importance of EQ or realized they needed to improve their skills. For example, one participant
said, “The podcasts were a confidence builder for me as it reassured me that the way I arrive to
appointments, deeply getting to know my clients beyond just their finances, is encouraged.” One
stated that they found themselves “asking [clients] ‘tell me more’ or ‘why does that make you
feel like that?’” Three participants shared that their awareness is enhanced: “I catch more in
meetings w/ clients and even my interactions in public I seem to notice EQ;” “Way more aware.
It’s something I have a lot of interest in improving on and I am looking for valuable resources to
get better at this,” and “[I have an] awareness of the power of open-ended questions along with
being vulnerable with clients in relating their experiences to my own.” One participant displayed
self-reflection by sharing,
I have always considered myself to be fairly high on the EQ spectrum, however, the few
podcasts I listened to caused me to reconsider the things I’m already doing which can be
improved as well as a few things I need to stop doing.
One participant explained that because of the podcast’s training on EI, they realized they “need
to spend more time in discovery and less in administrative processes.” Another respondent has
38
expectations for improvement when answering the question about their EQ awareness
increasing:
More keen on times when [EI] happens. Prior to these podcasts, I wouldn’t be able to
realize until afterwards that I was using or not using emotional intelligence. Now I can
pick up on it during the moment, not every time, but certainly more consistently.
The responses to this question also showed that most participants are familiar with the
term “emotional intelligence” and agree that being an active listener and engaging with empathy
is part of their job. Their answers revealed their concerns about how to handle difficult
conversations. One participant wrote,
[I have concerns about] not being equipped to navigate through any potential conflicts
between clients. For example, if their priorities don’t line up and it raises issues that I am
not fit to address. Creating a chasm between spouses or partners or bringing one to light.”
Another said they don’t want to be viewed as “cheesy or corny and it not coming across
as authentic interest in knowing them better.
These admissions illustrate the building blocks of EI as modeled by Goleman (2017). Emotional
self-control is the ability to stay calm under stress and display impulse control (Goleman et al.,
2017). Understanding one’s motivation helps to express authenticity and genuine care toward
others (Goleman et al., 2017). The attributes the research participants mentioned reveal the
importance of financial advisors learning and exhibiting effective EI.
Summary of Motivational Influences
Results from the surveys revealed how FAs perceive they are effective in applying
discovery training practices. Quantitative and qualitative data show a need for advisors to have
greater confidence and self-efficacy to practice client discovery. While the pre-training survey
39
revealed that participants feel their clients communicate clearly that they trust their advisor, the
post-training survey highlighted that many advisors lack the self-efficacy to engage in deeper
client conversations. They also agreed that EI is an important skill, but many felt they needed to
improve their listening abilities and feel more comfortable when their client’s express emotion.
Data also exposed a need for effective training in EI to enhance their self-efficacy with client
discovery practices. The participants showed strong expectancy outcomes with what the podcast
could teach them, but the percentage of neutral answers may indicate lack of interest or not
enough time to listen. Many advisors expressed their self-awareness of the need to improve their
communication skills with clients, which could result in the outcome of providing more
personalized goals-based advice through more effective client discovery.
Results and Findings of Organizational Influences
The third research question for this study asked, “In what ways does this financial firm
create an environment that encourages their financial advisors to seek training or professional
development?” How an organization offers different modalities for employees to learn can be a
catalyst or a barrier to learning. Prior to this study, IFCO had not offered professional training or
development for employees by listening to podcasts. Peer-to-peer learning is a part of IFCO’s
organizational culture and has been proven to be a welcome and popular mode of learning.
Podcast learning has been studied and concluded to be an effective way to learn (Abedian et al.,
2018). This study combined these two elements and provided peer-to-peer learning by podcast.
The podcast co-hosts are financial advisors who shared their own discovery success stories and
interviewed other financial advisors to learn their stories. The hosts and the guests discussed the
role of EI in deep connection and trust with clients. For this section, statistical data were
40
collected from three quantitative questions, and an inductive coding technique (Creswell &
Creswell, 2018) was used to collect data from one qualitative question.
Organizational Culture Models Quantitative Questions
One survey question posed, “I wish my firm provided more professional development
opportunities like the Client Discovery Podcast series,” and 64 participants responded to the
statement with a 5-point Likert scale with strongly agree (1) and strongly disagree (5) serving as
anchors. Results indicate that the participants expressed a moderate level of agreement which
suggests that there is some interest to have their firm provide more professional development
opportunities akin to the Client Discovery Podcast. The mean value falls close to the midpoint of
the Likert scale, which indicates a neutral overall stance (n = 64; M = 2.20; SD = .83).
Organizational Cultural Models Qualitative Question
A qualitative question determined if participants had previously received EI or client
discovery training at IFCO. Four themes emerged from the participants’ answers: mentor
training, IFCO videos and tools, peer-led training, and external resources.
41
Mentor Training
Approximately 10% of the qualitative answers mentioned that participants received
EQ/client discovery training from their leaders or mentors at IFCO. One stated, “I have seen
emotional intelligence demonstrated by my direct leaders and senior leaders. Developing
Leadership Presence was a great class to attend as well. Finally, Custom Forum where IFCO
brought in speakers/coaches.” Another shared, “I have listened to peers and top practitioners on
questions and approaches, but it’s very different when clients don’t know their responses because
they have never thought through them nor thought they would be able to.” One responded that
while they have received “informal talks from firm leadership,” they found it necessary to
complete “training/research on my own by reading multiple books/articles on the subject.”
Another stated “my mentor has shared some emotional intelligence training with me.”
IFCO Videos and Tools
About 17% of respondents stated they received EQ training and/or client discovery
training through tools and videos provided by IFCO. One participant eloquently shared that the
tools they have received have helped them with their client discovery acumen: “I wouldn’t say I
have not received any emotional intelligence training. I think the EI training we have received
has been subtle and can be seen throughout the tools we are provided as we learn to delve deeper
with our clients. IFCO has provided an array of tools to help us understand what’s important to
our clients. It is up to us as advisors to ask the pertinent questions to understand the “why”
behind the importance.” Two participants mentioned that the “Top Goals” quiz and other tools
are the biggest pieces of training/resources that have been provided. Two others said, “reading
and watching videos,” and “a few training videos maybe,” and “I also utilize our tools, like Top
42
Goals which allows an easy conversation of whatever is most important and asking the whys
behind their answers.”
Peer-Led Training
Approximately 13% of the participants said that they have learned from their peers when
it comes to understanding EI and client discovery skills. For example, a participant said, “Our
level groups and our woman’s monthly meeting group talk a lot about digging deeper with
clients and questions that help guide that.” Another said they have “gone through the peer-led
goals-based advice training.” Some felt that the peer-led training and “teachings was wonderful
as well.” Another respondent said, “exercises for discovery at regional meetings.” The IFCO
regional meetings are typically led by advisors for advisors.
External Resources
Five percent of participants mentioned that they experienced EQ-type training outside
IFCO. One mentioned, “DISC and 16 personality tests throughout college and at other
companies.” Another noted the “Mitch Anthony series.” A third stated, “Jason Selk.” One
respondent stated,
I have taken the Kolbe analysis as well as gone through the Social Styles program. I
understand those last two are more “profiling/personality” courses, but I believe they are
based in EQ concepts and lead directly into conversations about effectively using
emotional intelligence in the workplace.
Another respondent mentioned, “The Coach Approach and I’ve also taken outside training on
EQ through Genos International and I’m a certified executive coach.” Lastly, one said, “I have
done a lot of it through my military service as I am a retired military officer and it was heavily
done as a part of our leadership training.”
43
When asked what kind of EI or client discovery training was received, almost 55% of
participants answered that they had very little to none at IFCO, or they were not sure if they had
received this kind of training. One said, “Very rudimentary. A lot of training was on how to talk
to prospects to earn their business, not to actually learn what makes them tick. Empathy and EI
are hard to teach. A lot can come from asking other FAs how they speak to clients and handle
certain situations.” Another advisor said,
There has been some client discovery training [at IFCO], but in my opinion it did not
reach the depths necessary for human-centered wealth management, it was just basic to
get the information for financial foundations. I was criticized for spending too much time
talking to prospect/clients trying to learn the very things that I am now being told are
essential to learn. A couple years ago, it was essential that I keep every conversation
short and only get the information needed to open the account.
Summary of Organizational Cultural Model Influence
Most IFCO advisors shared that while their firm encourages them to improve their client
discovery skills, a majority said they had not received EI training provided by their firm.
Emotional intelligence skills have been determined by IFCO to be fundamental to engaging in
effective client discovery. After the advisors had a chance to listen to the podcast episodes, a
majority of those who participated said they wished IFCO provided more professional
development opportunities like the Client Discovery podcast series. While the participants
responded that they had received some training from peers, videos, mentors and external
resources, there was not one particular method by which a majority of advisors said IFCO
provided consistent, firm-wide training in EI and client discovery practices.
44
Summary and Discussion of Findings
Survey results revealed that the respondents understand that EI skills are needed to
engage in client discovery practices. Their motivation to do so is hindered because they perceive
the client may not be ready to share personal details with them. For some advisors, their
expectancy outcome (Elliot et al., 2017) is low because they are not sure that trust has been built
deeply enough with their clients to do so. Advisors also expressed nervousness about finding out
things they should have already known in prior conversations with the clients. These types of
responses demonstrate that the podcast episodes provided needed information that resulted in
self-awareness, an understanding of expectations while engaging in client discovery and the self-
efficacy to ask deeper discovery questions.
While IFCO continues its transformational journey toward serving its clients more
completely through deep personal relationships and comprehensive planning advice, the need for
client discovery and EI training is increasing. The financial industry recognizes that focusing on
relationship management takes time and commitment (Kinniry et al., 2022). Developing the
awareness to change and being motivated to change processes in an already successful advisor’s
practice will take time and effort (Schunk & DiBenedetto, 2016; Schunk & DiBenedetto, 2020).
To provide clients with what they need, advisors must reallocate time spent discussing
transactions and performance and spend more appointment time discovering who and what is
important to their clients and why. The commoditization of investments and technological
capabilities have all but deleted the need for transactional financial advice. (Baghai, D’Amico, et
al., 2020). IFCO would do well to provide the resources and staff to continue the peer-to-peer
podcasts to effectively provide what advisors need in this ever-changing industry to serve clients
comprehensively.
45
Recommendations for Practice
Recommendation 1: Train Financial Advisors in Emotional Intelligence to Increase Their
Metacognitive and Procedural Knowledge
To build acumen and knowledge, learners want the steps clearly presented so they know
exactly what to do to accomplish the task (Krathwohl, 2002.) In this same way, FAs need
procedural knowledge to advise their clients and to deliver goals-based advice (Anthony &
Armson, 2021). This knowledge, when coupled with empathy, EI, and active listening, facilitates
a successful client discovery conversation (Anthony, 2015). This study revealed that while
advisors are familiar with the definition and competencies of EI, most have not received EQ
training at IFCO. Client discovery requires an advisor to focus on what the client is
communicating about what is important to them. The advisor then asks deeper discovery
questions to learn more. Some EI skills (Goleman, 2020) needed for this activity are self-
awareness, self-regulation and understanding when an advisor is talking more than they should
during client appointments. This also requires them to ask questions relevant to the client’s
situation, regardless of whether the advisor is comfortable asking. Because IFCO desires to be a
firm that provides comprehensive planning and advice to its clients, the optimal word in this
endeavor is “comprehensive.” An advisor can provide this type of advice if they learn about all
aspects of their clients’ lives, including their family situation, health concerns and habits,
finances, and what brings them purpose in life. Effective client discovery requires the advisor to
be an empathetic listener, to be others-focused and, like some participants quoted from the
podcast, to “make it about them, until they make it about you, … and then be brief.” A firm-
wide EQ training program could aid IFCO advisors with their metacognitive and procedural
knowledge of client discovery practices.
46
Recommendation 2: Use the Podcasts as a Learning Method for an EQ/Client Discovery
Training Program for a Much Larger FA Population to Increase Motivation and Self-
Efficacy in Client Discovery Practices
By continuing this training, the motivational influences of self-efficacy and expectancy
outcome (Bandura, 1997; Clark & Estes, 2008; Bong & Clark, 1999; Pintrich, 2003; Schunk &
DiBenedetto, 2020) could improve an FA’s perception of their effectiveness to apply discovery
practices. An effective training evaluation method has been identified by Kirkpatrick and
Kirkpatrick (2016) and can be implemented for this recommendation. Before a new training
program is implemented, it is important to follow the pattern in Kirkpatrick and Kirkpatrick’s
four levels of training evaluation. Appendix H presents a detailed explanation of the podcast
training program and evaluation method. By listening to peers on a podcast discuss their
successes with deep client discovery conversations, advisors may be more motivated to try new
discovery methods with their clients.
I purposefully did not ask IFCO to advertise the Client Discovery Podcast series. This
was to reduce the possibility of the participants knowing I was the podcast co-host, thereby
creating bias. Now that the study has been completed, IFCO can implement a larger-scale
training program utilizing the current podcast episodes. The organization can allocate resources
so that I (or another podcast host) can produce another season of podcast episodes to keep the
content current and fresh.
Recommendation 3: Expand the Organizational Culture Model to Include Emotional
Intelligence Assessments for FA Candidates
Shein (2017) explained that an organization’s beliefs, values, and desired behaviors are
elements that are learned early and formulate the fabric of the organization and can be thought of
47
as the organization’s sense of identity. At the time of this research, the financial industry did not
have a formalized way to screen FA candidates on their communication skills and EI. This type
of screening could communicate the fundamental shifts the financial industry is undertaking to
be more human-centric and relationship-oriented in its approach to client service. Because only
one in five businesses invest in EI training (Capgemini, 2019), the financial industry could be a
leader in this important arena. A third recommendation is for IFCO to add an EI assessment for
FA candidates to complete as part of their application and employment requirements. The data
gathered from the assessment would not be taken into consideration for employment. Rather, it
would be helpful information for the recruiter to pass along to the new employee’s leader so that
specific EQ training could be provided to the employee as part of onboarding. An intentional
focus on assessing and training in communication skills could have a significant impact on how a
financial firm can differentiate itself from the competition.
Limitations and Delimitations
This study poses various limitations and delimitations. The first limitation is that the
participants were employees of only one financial firm. The study design may be limited by the
uncontrollable external factors that may have influenced the perception of the podcast series and
their overall experience with listening and learning from their peers. For example, some
participants noted that they needed more time to listen between the pre-training survey and the
post-training survey so that they could listen to more podcast episodes. The study may also be
limited by the potential for participants to drop out of the study or not complete all aspects of the
data collection process, leading to missing data. This was evidenced by the number of
participants who completed the pre-training survey, those who completed the post-training
survey, and those who did not complete the qualitative questions in the post-training survey. The
48
Client Discovery Podcast was designed to train on the merits of FAs having a genuine curiosity
about their clients and how to become more aware of their listening skills and EI. However, the
podcast content may not fully capture the breadth of information and perspectives on client
discovery and EI.
The study was delimited to individuals who self-identified as interested in developing
their skills and knowledge in client discovery and EI. Because the study’s approach was mixed
methods, its qualitative portion may not have allowed for generalization to a larger population of
financial advisors (Creswell & Creswell, 2018). This study was also delimited to a specific
timeframe for data collection. This may have narrowed the ability to capture changes in
participants’ experiences and perceptions over a longer period. It takes time to learn these skills
and become confident in delivering personalized goals-based advice to clients. The data in this
study were self-reported, which may be subject to participant bias or errors in recall.
Recommendations for Future Research
As the financial industry answers the call to create an experience where clients receive
personalized and comprehensive goals-based advice, it will need to pursue ways to incorporate
EI and client discovery training for its financial advisors. With these skills, an advisor can ask
the right questions at the right time to learn about what is most important in their client’s lives
regarding their family, purpose, health, and finances. Stephen Covey identified one of the most
important communication skills needed to unlock a client’s perspective as employing empathetic
listening during client interactions. In his book, The Seven Habits of Highly Effective People, he
described empathetic listening as when
you listen with your ears, but also, and more importantly, listen with your eyes and with
your heart. You listen for feeling, for meaning. You listen for behavior. You use your
49
right brain as well as your left. You sense, you intuit, you feel. … You’re listening to
understand. (Anderson & Sharpe, 2021, p. 55; Covey, 1990).
Future research could include qualitative interviews of clients who have an empathetic-listening
advisor on the difference their skill made in the client’s overall sense of financial well-being.
Further research is also needed to understand why an advisor might hesitate to ask deep
client discovery questions. Is it because of the extra time it takes to do so? Is it because of the
production metrics they must meet? Is it a lack of understanding about the importance of asking
their clients about the meaning and emotion behind their financial goals? These questions and
more could be answered if, during research, the financial industry, its advisors, and clients reveal
the power and purpose of client discovery. It is recommended that the Client Discovery Podcast
production continue for Season 2 and beyond, providing more opportunities for advisors to hear
from peers about their discovery success stories, vulnerable admissions of how veteran advisors
overcame challenges, and ways to increase EI for a deeper connection with clients.
Conclusion
Those seeking professional financial advice have communicated that they want an
advisor who will provide strategies based on their personal values and goals (Baghai, D’ Amico,
et al., 2020; Jones, 2007). Because of this, a different set of skills are required of advisors that go
beyond financial acumen and investment knowledge. In this study, a wide demographic of FAs
at a top North American financial firm declared that while they have knowledge about EI and
client discovery, they desire to learn more about improving their skills, especially from their
peers. They are motivated to benefit from training like the Client Discovery Podcast and build
their discovery skills. While the participants of this study had not previously experienced peer-
to-peer learning via podcast at IFCO, many stated they would like to have this continue to be a
50
resource for them. This financial firm and others can prioritize and fulfill this need so that all
clients have access to the personalized goals-based advice they desire at this pivotal time of
wealth transfer among generations.
51
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Appendix A: Survey Instrument: Mixed-Methods Pre-Training Survey
Appendix A: Survey Instrument: Mixed-Methods Pre-Training Survey
Question
number
Research question/
data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses, mean and
standard deviation (where
applicable)
1 Demographics, sample
description
NA How long have you
been a financial
advisor? (0–4 yr, 5–9
yr, 10–14 yr, 15–19
yr, over 20 yrs)
Interval n = 121
Most common range:10-14 yrs
2 Demographics, sample
description
NA Gender identification:
Male, female,
other/prefer not to
answer
Nominal n = 119
Male: 78 (<65%)
Female: 40 (34%)
Other: 1 (>1%)
3 Demographics, sample
description
NA In what year (by range)
were you born?
Before 1950, 1951–
1960, 1961–1970,
1971–1980, 1981–
1990, 1991–2000,
2000+
Nominal n = 118
Most common range: 1971-1980
4 Demographics, sample
description
NA What percentage of
your client
households have
multiple goals
documented?
Nominal n = 115
Average: 54.84%
5 Demographics, sample
description
NA What is your current
practice management
level? (1–10+)
Nominal n = 114
Average: Level 6
6 Financial advisors
need to understand
how EI skills
K Demonstrating high
emotional
intelligence (EQ) is a
necessary skill for a
Ordinal (n = 114; M = 1.36, SD = .81)
64
Question
number
Research question/
data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses, mean and
standard deviation (where
applicable)
enhance discovery
practices.
financial advisor.
(Strongly agree,
agree, neutral,
disagree, strongly
disagree)
7 Financial advisors
need to engage in
self-reflection for
metacognitive
knowledge.
K-M
M-SE
I am motivated to find
out what is most
important to my
clients so I can
provide personalized
goals-based advice.
(Very often true of
me; Often true of me;
Sometimes true of
me; Seldom true of
me; very seldom true
of me)
Ordinal (n = 114; M = 1.21, SD = .47)
8 Financial advisors
need to have the
knowledge to
perform their jobs.
K Understanding the
meaning and emotion
behind my client’s
goals is important to
me. (Strongly agree,
agree, neutral,
disagree, strongly
disagree)
Ordinal (n = 114; M = 1.26, SD = .44)
9 Financial advisors
need effective
training provided by
their firm.
K
O-C
My firm encourages me
to improve my client
discovery skills and
provides ways to do
so.
Ordinal (n =114; M = 1.61, SD = .68)
65
Question
number
Research question/
data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses, mean and
standard deviation (where
applicable)
(Strongly agree, agree,
neutral, disagree,
strongly disagree)
10 Financial advisors
need effective
training provided by
their firm.
K
O-C
I like to ask new
questions that reveal
what is most
important to my
clients. (Very often
true of me, often true
of me, sometimes
true of me, seldom
true of me, very
seldom true of me)
Ordinal (n = 114; M = 1.71, SD = .71)
11 Financial advisors
need to expect they
make a difference in
their clients’ lives.
K
M-EV
My clients tell me they
trust me.
(Very often true of me,
often true of me,
sometimes true of
me, seldom true of
me, very seldom true
of me)
Ordinal (n = 114; M = 1.48, SD = .61)
12 Financial advisors
need to have self-
efficacy to learn
new discovery
practices.
M-SE Podcasts are an
effective way to
learn. (Strongly
agree, agree, neither
agree nor disagree,
disagree, strongly
disagree)
Ordinal (n = 114; M = 2.36, SD = 1.44)
13 Financial advisors
need self-efficacy to
K
M-SE
I have received
emotional
Nominal N/A
66
Question
number
Research question/
data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses, mean and
standard deviation (where
applicable)
practice discovery
methods.
intelligence training
at my firm. (Yes, no,
not sure)
14 Financial advisors
need to engage in
self-reflection for
self-efficacy.
K
M-SE
I talk more than I
should with my
clients (Very often
true of me, often true
of me, sometimes
true of me, seldom
true of me, very
seldom true of me)
Ordinal (n = 113; M = 2.75, SD = .93)
15 Financial advisors
need self-efficacy to
practice discovery
methods.
K
M-SE
I uncover the personal
importance of my
client’s goals. (Very
often true of me,
often true of me,
sometimes true of
me, seldom true of
me, very seldom true
of me)
Ordinal (n = 113; M = 2.06, SD = .78)
16 Financial advisors
need emotional
intelligence to
understand their
clients.
K
M-SE
I effectively manage
my own emotions
and the emotions of
others. (Very often
true of me, often true
of me, sometimes
true of me, seldom
true of me, very
seldom true of me)
Ordinal (n = 113; M = 2.0, SD = .69)
67
Question
number
Research question/
data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses, mean and
standard deviation (where
applicable)
17 The organization
creates a culture of
continual learning.
K
M
To successfully do my
job, it is important
that I have a genuine
curiosity about my
clients. (Strongly
agree, agree, neither
agree nor disagree,
disagree, strongly
disagree)
Ordinal (n = 112; M = 1.16, SD = .45)
18 Financial advisors
need motivation to
be continual
learners.
K
M
What are you hoping to
learn by listening to
the podcasts?
Qualitative N/A
19 Financial advisors
need to engage in
self-reflection to
practice discovery
methods.
M-SE How do you typically
react when a client
shares their feelings
and displays
emotion?
Qualitative N/A
20 The organization
creates a culture of
continual learning.
O What emotional
intelligence or client
discovery training
have you received at
IFCO?
Qualitative N/A
68
Appendix B: Survey Instrument: Mixed-Methods Post-Training Survey
Appendix B: Survey Instrument: Mixed-Methods Post-Training Survey
Question
number
Research
question/data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses,
mean and standard
deviation and averages
(where applicable)
1 Demographics,
sample
description
NA How long have you been a
Financial Advisor? (0–4 yr; 5–9
yr; 10–14 yr; 15–19 yr; Over 20
yrs)
Interval n = 79
Most common range:10-14
yrs
2 Demographics,
sample
description
NA Gender identification:
(Female, male, other/prefer not to
answer)
Nominal n = 78
Male: 57 (73%)
Female: 19 (24%)
Other: 2 (3%)
3 Demographics,
sample
description
NA In what year (by range) were you
born?
Before 1950, 1951–1960, 1961–
1970, 1971–1980, 1981–1990,
1991–2000, 2000+
Nominal n = 76
Most common range:
1971-1980
4 Demographics,
sample
description
NA What percentage of your client
households have multiple goals
documented?
Nominal n = 67
Average: 75.24 %
5 Demographics,
sample
description
K How many client discovery podcast
episodes did you listen to in the
past few weeks? (Possible
answers: 0–9)
Qualitative n = 63
Average: 2.38 episodes
6 Demographics,
sample
description
K What is your current practice
management level? (1–10+)
Nominal n = 69
Average: Level 6
7 Financial advisors
need to
understand how
K Demonstrating high emotional
intelligence (EQ) is a necessary
skill for a financial advisor.
Ordinal (n = 65; M = 1.25, SD =
.63)
69
Question
number
Research
question/data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses,
mean and standard
deviation and averages
(where applicable)
EI skills
enhance
discovery
practices.
(Strongly agree, agree, neutral,
disagree, strongly disagree)
8 Financial advisors
need
motivation to
be continual
learners.
M-SE
M-EO
I am motivated to improve my
discovery skills so I can provide
more personalized goals-based
advice. (Strongly agree, agree,
neutral, disagree, strongly
disagree)
Ordinal (n = 65; M = 1.42, SD =
.70)
9 Financial advisors
need to have
the knowledge
to perform their
jobs.
K-MC
I wish my firm provided more
professional development
opportunities like the client
discovery podcast series.
(Strongly agree, agree, neutral,
disagree, strongly disagree)
Ordinal (n = 64; M = 2.20, SD =
.83)
10 Financial advisors
need
knowledge and
self-efficacy to
practice
discovery
methods.
K-P
M-SE
The podcast provided me with
knowledge of new discovery
methods and questions I am
excited to try. (Strongly agree,
agree, neutral, disagree, strongly
disagree)
Ordinal (n = 62; M = 2.26, SD =
.80)
11 Financial advisors
need
knowledge and
self-efficacy to
practice
K-M
M-SE
To improve my discovery skills, I
need to get better at asking
clients about the meaning and
emotion behind their goals.
(Strongly agree, agree, neutral,
disagree, strongly disagree)
Ordinal (n = 63; M = 1.83, SD =
.81)
70
Question
number
Research
question/data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses,
mean and standard
deviation and averages
(where applicable)
discovery
methods.
12 Financial advisors
need
knowledge and
self-efficacy to
practice
discovery
methods.
K
M-SE
M-EO
I feel more confident about asking
my clients discovery questions
after listening to colleagues tell
their stories in the podcast
episodes. (Strongly agree, agree,
neutral, disagree, strongly
disagree)
Ordinal (n = 60; M = 2.22, SD =
.82)
13 Financial advisors
need to engage
in self-
reflection to
practice
discovery
methods.
K
M-SE
M-EO
After listening to the podcasts, I am
more aware of the amount I talk
during client meetings. (Strongly
agree, agree, neutral, disagree,
strongly disagree)
Ordinal (n = 58; M = 2.28, SD =
.68)
14 Financial advisors
need to have
the knowledge
to perform their
jobs.
K
M-SE
M-EO
I feel confident in helping my
clients verbally communicate the
importance of their goals and
priorities. (Very often true of me,
often true of me, sometimes true
of me, seldom true of me, very
seldom true of me)
Ordinal (n = 58; M = 1.97, SD =
.69)
15 Financial advisors
need self-
efficacy to
practice
K-P The podcasts helped me become
more aware of my listening skills
and how to improve them.
(Strongly agree, agree, neutral,
disagree, strongly disagree)
Ordinal (n = 56; M = 2.23, SD =
.68)
71
Question
number
Research
question/data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses,
mean and standard
deviation and averages
(where applicable)
discovery
methods.
16 Financial advisors
need to feel
their training
had value and
they learned
how to engage
in discovery
methods.
K
M-EO
O
What did you learn from the
podcasts that will help you
provide more personalized goals-
based advice?
Qualitative N/A
17 Financial advisors
need to feel
their training
had value and
they learned
how to engage
in discovery
methods.
K-M How has your awareness of your
emotional intelligence changed
since listening to the podcasts?
Qualitative N/A
18 Financial advisors
need to feel
their training
had value and
they learned
how to engage
in discovery
methods.
M-SE What concerns do you have about
asking your clients deep
discovery questions?
Qualitative N/A
19 Financial advisors
need to feel
their training
K
M
For future podcast episodes to be
helpful and engaging, what other
topics should be included?
Qualitative N/A
72
Question
number
Research
question/data type
KMO
construct
Survey item
(question and response)
Scale of
measurement
Number of responses,
mean and standard
deviation and averages
(where applicable)
had value and
they learned
how to engage
in discovery
methods.
20 Financial advisors
would have
multiple ways
of learning
provided to
them to gain
knowledge and
motivation to
perform their
jobs effectively.
K
M -EV
When you think about all the ways
you like to learn, would listening
to podcasts be one of your top
three? If so, why? If not, please
share what learning methods you
prefer.
Qualitative N/A
73
75
Appendix C: Email Invitation to Pre-Training Survey
Ready to find out about your discovery skills? Today is a great day because you get to be
a part of an anonymous doctoral study and listen to a podcast series created by financial advisors
for financial advisors. Is this study different from others you have received at IFCO? It sure is!
• Your answers are completely anonymous. Your answers will be collected in an
anonymous manner in Qualtrics.
• This study will help your firm understand how client discovery and emotional
intelligence are part of your role as a financial advisor.
• The research will be published in a doctoral dissertation. (Your participation remains
anonymous from start to finish.)
Intrigued? Ready to get started? Wonderful!
STEP 1: Click on this survey link and complete it.
STEP 2: Over the next 2 weeks, listen to at least one podcast episode found here: Link
redacted for anonymity.
STEP 3: Keep an eye out for Survey 2 in 2 weeks to complete the study. Here’s what will
be studied:
What knowledge did you gain listening to the podcasts?
• Did what you learn motivate you to enhance your discovery mindset, which is a
genuine curiosity to learn something new about a client?
• Is listening to podcasts a preferred way to learn about emotional intelligence, which is
the ability to manage one’s emotions effectively and help others manage theirs, too?
The survey consists of 20 questions:
• Five questions are demographic (PML level, age range, gender, etc.).
76
• Twelve are Likert-scale type questions.
• Three are open-ended to write until your heart is content.
Other important info:
• Survey #1 will close on Friday.
• Each podcast episode is about 30 minutes. Think of it as drive-time entertainment. You
can even click on the link and listen on your phone while doing laundry!
• Others have said starting with the first episode was helpful.
• In 2 weeks, you will receive Survey 2, which also has 20 questions.
THANK YOU for your participation and helping a fellow colleague with their study.
77
Appendix D: Email Invitation for Post-training Survey
Hopefully, you have had a chance to listen to at least one of the nine Client Discovery
Podcasts during the past two weeks.
The study is coming to a close, and we need your final input. If you haven’t listened to at
least one episode, please try to do so in the next few days and then complete this survey by this
Friday.
Survey 2
What’s in Survey 2?
20 Questions:
• Five are open-ended. Please take your time and descriptively write your answers.
• Six questions are demographic (PML level, age range, gender, etc.).
• Nine are Likert-scale type questions.
Reminders
• Your answers are completely anonymous. Your answers will be collected in an
anonymous manner in Qualtrics.
• This study will help your firm understand how client discovery and emotional
intelligence are part of your role as a financial advisor.
• The research will be published in a doctoral dissertation. (Your participation remains
anonymous from start to finish.)
• Survey 2 will close this Friday.
THANK YOU for your participation in this study.
78
Appendix E: Pre-Training Survey Demographic Information
Figure E1
Tenure of Financial Advisor Pre-Training Survey of 121 Participants
Table E1
Practice Management Levels Pre-training Survey of 114 Participants
Practice management level Number of participants in level
Level New 2
Level 1 5
Level 2 4
Level 3 12
Level 4 10
Level 5 10
Level 6 18
Level 7 14
Level 8 13
Level 9 11
Level 10 6
Level 10+ 9
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Table E2
Birth Year Range of Pre-Training Survey of 118 Respondents
Range of year Number of participants
Before 1950 0
1951–1960 15
1961–1970 27
1971–1980 38
1981–1990 24
1991–2000 14
2000 + 0
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Appendix F: Post-Training Survey Demographic Information
Figure F1
Tenure of 79 Financial Advisor Post-Training Participants
Table F1
Birth Year Range of 76 Post-Training Survey Respondents
Range of year Number of Participants
Before 1950 1
1951–1960 5
1961–1970 15
1971–1980 27
1981–1990 18
1991–2000 10
2000 + 0
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Table F2
Practice Management Levels of the 69 FAs Who Answered This Post-Training Survey Question
Practice management level Number of participants in level
Level New 0
Level 1 3
Level 2 3
Level 3 3
Level 4 8
Level 5 6
Level 6 6
Level 7 11
Level 8 11
Level 9 8
Level 10 6
Level 10+ 4
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Appendix G: Transcript of Podcast Intro and Outro
Intro: Welcome to another episode of client discovery podcast. I am [name], the
researcher, and I am [name], the coach, and we’re having conversations about discovery so we
can be better and do better in connecting with others. We’re so glad you joined us. So, grab your
earphones, turn up the volume, and let’s have a conversation!
Outro: Thank you for joining us for this episode of client discovery podcast. Be sure to
check out the Discovery Resource Center, where you will find a library of questions and phrases,
short videos with discovery tools that you can use today, and workshops about emotional
learning that will help you connect better with your clients. Until next time remember that a
discovery mindset begins with this: Make it about them until they make it about you … and then
be brief. Take care, everybody!
83
Appendix H: Procedural Knowledge Action to Take and Procedural Mindset Responses:
“What Did You Learn From the Podcasts That Will Help You Provide More Personalized
Goals-Based Advice?”
Post -survey qualitative item Response (action to take)
Q 16: What did you learn from the
podcasts that will help you provide
more personalized goals-based
advice?
Make it about them until they make it about me …
then make it brief. :-)
Make it ALL about them before it becomes about me
& then be brief!
My biggest Ah-Ha moment was learning to “make it
about them... until they make it about me... then be
brief.
The difference between discovery and inquiry is the
human across from you. Make it about them.
Understanding discovery and how to expand the
relationship with the clients.
To define what money means to them and how it
makes them feel.
My favorite so far has been how they feel about
money.
Leading with emotion to get the “why.” Asking them.
To ask deeper than the goal. To find the meaning and
emotion that is creating the goal.
Interested in looking at the emotions of money tools
New questions to ask. Also helpful to hear how others
are doing this as I seek to fill in gaps in my own
process.
Response (procedural mindset change)
Never assume you know what the client is thinking or
feeling.
84
Post -survey qualitative item Response (action to take)
Being mindful of how I frame questions to gather
more information behind the motives/meaning
behind each goal
I always need to be learning new techniques
Always going deeper is never a bad choice. Until you
know the full extent of why a client feels something
is important, you haven’t gone far enough.
It has made me more aware of my listening skills and
that I may talk more than I listen. My goal is to be
more aware of that and listen to hear rather than
respond.
Being aware of how much I talk
Asking the right question. It is not the answer, it’s the
question that is key.
The different angles to help clients, though there is
still a major disconnect between how to apply that
info to their financial goals and certainly how to
show that in the system. Podcasts like this are
empowering and helpful!
Listening, the value of the discovery process. The
depth that a client relationship can reach.
Directly asking clients the personal meaning money
has to them.
Learning more about the “how you feel about money”
and asking the deeper questions from that.
Clients are more interested in a wholistic approach
than simply trades and performance.
Taking Top Goals quiz and really drilling down into
the layers behind the top three items and trying to
understand what they really mean.
Money and investments are a utility.
I do so many of the exact same things the people on
the podcast discussed. Made me feel good about my
process.
85
Post -survey qualitative item Response (action to take)
The more we learn about someone else, the better we
can partner to help them reach a goal
Many strategies behind body language, to listening,
though my most impactful one was regarding
building trust. I believe it was the 1st of 2nd episode
where the discussion focused on subconsciously
building trust with clients without even knowing it
and so by identifying it you can replicate it with
others.
86
Appendix I: Implementation and Evaluation Framework
IFCO can ensure that this new endeavor will have the results it desires by adopting an
effective training evaluation method. According to Kirkpatrick and Kirkpatrick (2016),
evaluation is training and development’s bottom line. Before a new training program is
implemented, it is important to follow the pattern in Kirkpatrick and Kirkpatrick’s four levels of
training evaluation (2016). The four levels are reaction, learning, behavior, and results. The
authors contended that reversing the order from Level 4 to Level 1 keeps “the focus on what is
most important” (Kirkpatrick & Kirkpatrick, 2016, p. 11). Level 4 focuses on the results: the
degree to which outcomes occur because of the training. This level has “leading indicators which
are short-term observations and measurements that suggest that critical behaviors are on track to
create a positive impact” (Kirkpatrick & Kirkpatrick, 2016, p. 13). Level 3 is about behavior and
the degree to which the trainees apply what they have learned. Level 2 focuses on the degree to
which the trainees acquire the intended knowledge, efficacy and commitment based on their
participation in the training. The first level entails evaluating the trainees’ reactions and whether
they find the training engaging and relevant to their jobs.
Level 4: Results and Leading Indicators
Table I1 shows the proposed Level 4 results and leading indicators in the form of
outcomes, metrics, and methods for both external and internal outcomes for IFCO. The external
outcome will be realized when the firm implements the discovery training podcast series.
87
Table I1
Outcomes, Metrics, and Methods for External and Internal Outcomes
Outcome Metrics Data collection methods
External outcomes
Increased number of listeners
to the podcast over a 2-
month period
Evaluate data collected from
clicks on the podcast links.
Data collected by home office
analytics
FAs document more goals per
client after listening to at
least one podcast episode.
Evaluate the self-reporting
documented goals before
and after listening to at
least one podcast.
Pre-survey and post-survey
Positive reporting in the press
about IFCO’s shift in
business focus to goals-
based advice
If announcement is state-
wide, country-wide, or
industry-wide (Barrons,
WSJ, AP)
Collection of news outlets
reporting the initiative
Internal outcomes
Podcast continues as a form
of training.
Number of podcasts produced Data collected by home office
analytics
Discovery self-efficacy and
motivation increases in FAs
Evaluate the self-reporting
documented goals before
and after listening to at
least five podcasts.
Pre-survey and post-survey
FAs report higher number of
goals documented per
client.
Evaluate the self-reporting
documented goals before
and after listening to at
least five podcasts.
Home office analytics and/or
FA self-reporting
Level 3: Critical Behaviors
The stakeholders of focus are the financial advisors at IFCO. The first critical behavior is
that they listen to at least five episodes of the client discovery podcast. Second, through listening
to the podcasts, they understand the mindset of discovery, which is to have authentic curiosity to
learn something new and display effective emotional intelligence. Third, they try various
88
discovery methods, like the top goals quiz, in their client meetings. Finally, because the FAs
discover what is most important to their clients, they discuss and document more than one goal
per client. The specific metrics, methods, and timing for each outcome behavior appear in Table
I2. Table I3 presents the required drivers to support the critical behaviors.
Table I2
Critical Behaviors, Metrics, Methods, and Timing for Financial Advisors
Critical behavior Metrics Data collection methods Timing
Financial advisors
listen to at least five
episodes of Client
Discovery Podcast.
Self-reporting number
of podcasts listened
to
Post-qualitative survey First quarter of the
year
FAs report they have
deeper understanding
of the why of
discovery practice.
Self-reporting in
survey Likert scale
Pre-quant and post-
qualitative survey
First quarter of the
year
FAs report that they
are using discovery
methods like Top
Goals Quiz.
Self-reporting in
survey Likert scale
Pre-quant and post-
qualitative survey
First quarter of the
year
FAs document at
least one more goal
per client they meet
within the first
quarter of the year
Self-reporting in
survey Likert scale
Reports gathered by
home office
showing increase in
documented goals
Pre-quant and post-
qualitative survey
Data collected from HR
stats
Mid-year
89
Table I3
Required Drivers to Support the Financial Advisors’ Critical Behaviors
Methods Timing Critical behaviors supported
1, 2, 3, 4
Reinforcing
Job Aid with discovery scripts
and questions to ask/updated
Discovery Resource Center
materials
Ongoing 1,2,3,4
Training/job aid with empathetic-
listening behaviors
Ongoing 1,2,3,4
Virtual and in-person workshops
presented by field trainers and
leaders
Ongoing 1,2,3,4
Encouraging
Coaching dept is aware of new
initiative and ready to help
current advisors with discovery
practices.
Ongoing 1,2,3,4
Rewarding
Client solutions coordinator
reports number of goals
documented per FA region-
wide due to podcast training.
Monthly 1,2,3,4
Monitoring
Home office conducts test and
learns to understand ongoing
effectiveness of podcast
training.
Once per year 1,2,3,4
Home office monitors number of
clicks into podcasts to
determine interest.
Monthly 1,2,3,4
90
Supplemental Support from Leaders and Department Heads Within the Organization
For IFCO to transform into serving their clients more completely through deep personal
relationships and comprehensive planning and advice, it will require support from firm leaders,
the learning department, and those who train financial advisors. This podcast training is just one
of many avenues IFCO can utilize to train advisors about the need for deep client discovery and
effective emotional intelligence attributes. To help the podcast’s effectiveness, IFCO’s learning
department would need to adopt the podcast as a learning instrument that is advertised to the
field. Second, the trainers would need to use the podcast in training sessions, alerting new
advisors to their existence, and inviting them to listen to the episodes. Third, regional leadership
would need to encourage the financial advisors in their region to listen to the podcast for ideas on
how to increase their skills with discovery practices. The effect of discovery and emotional
intelligence training on client satisfaction and trust building is unknown. However, with this
initiative, client satisfaction from documented personal financial goals is bound to increase if
they have advisors who have made the mindset shift from simple risk-based portfolio
construction to outcome-based planning (Baghai, D’Amico et al., 2020). Connecting what is
most important to the client to goals-based advice could help provide human-centered wealth
management.
Assessment of Level 2 and Level 1 Training
As displayed in the previous two tables, Kirkpatrick’s training evaluation Levels 4 and 3
highlight the outcomes of podcast training and the degree to which financial advisors apply what
they learned when they meet with their clients (Kirkpatrick & Kirkpatrick, 2016). It is important
to establish the purpose and value of the training before Levels 2 and 1 can be developed.
91
Level 2: Learning: Learning Goals
The taxonomy of educational objectives was developed in 1956 by Benjamin Bloom to
classify statements of what is expected students will learn because of instruction (Krathwohl,
2002). The classification consisted of six domains: knowledge, comprehension, application,
analysis, synthesis, and evaluation. This original taxonomy was later revised in 2001 to
categorize six cognitive processes that range from lower-order thinking to higher-order thinking
skills: remember, understand, apply, analyze, evaluate, and create (Krathwohl, 2002). In addition
to the revised taxonomy, trainers must also understand the part motivation plays in the learning
process. Motivation feeds commitment and confidence when learning something new. One
motivational theory is the expectancy-value theory which began in 1938 with the work by Lewin
on value and Tolman’s work in 1932 on expectancies (Elliot et al., 2018). Expectancy-value
theory is made up of three types of values: expectancy value, or the expectation for success of a
particular task or learned behavior; attainment and intrinsic value describes what is in it for the
person, how they view themselves after the attainment or if they are motivated purely for the
enjoyment of behavior or task; and utility value, which describes the usefulness of a task and if
the why of the task has a utilitarian reason (Elliot et al., 2018).
According to Ambrose (2010), value alone is not sufficient to motivate behavior. People
are motivated to pursue goals they feel they can achieve. When a person believes that they can
identify, organize, initiate, and execute a course of action that will bring about a desired
outcome, they have high efficacy expectations (Ambrose, 2010). The revised taxonomy and
expectancy-value theory create the framework for Level 2 of the Discovery/EI training
implementation plan. The following eight learning objectives describe the specific knowledge
and cognitive process for each goal:
92
1. Reflect on one’s knowledge/bias of discovery practices before and after
(Metacognitive knowledge/evaluate).
2. Define emotional intelligence and how it helps with client discovery (Factual
knowledge/remember).
3. Have confidence using discovery tools like Top Goals quiz (Conceptual
knowledge/understand).
4. Carry out the discovery training in client meetings using tools or newly learned
discovery questions (Procedural knowledge/apply).
5. Integrate discovery practices and tools into client-meeting protocol (Procedural
knowledge/analyze).
6. Check advisors for self-efficacy and expectancy value (Factual knowledge/evaluate).
7. Summarize discovery and emotional intelligence concepts and ask for synthesis of the
material (Factual knowledge/understand).
Evaluation of the Components of Learning
According to Kirkpatrick and Kirkpatrick (2016), Level 2 determines the learning that
has taken place in the training by examining five areas: the participants’ knowledge, skills,
attitude, confidence, and commitment. “Learning is simply a means to an end; we learn so that
we can learn our jobs better and ultimately contribute more to our organizations” (Kirkpatrick &
Kirkpatrick, 2016, p.43). Table H4 highlights this “means to an end” by showing that this
training program will be effective because it evaluates: declarative knowledge, procedural skills,
attitude, confidence, and commitment. These five components also include the timing for the
assessments.
93
Table I4
Evaluation of the Components of Learning for the Program
Methods/activities Timing
Declarative knowledge: “I know it.”
Question in survey about knowledge of
discovery pre- and post-podcast training
Pre-survey to go out first quarter of year
Procedural skills: “I can do it right now.”
Self-reported in post-survey Fifteen days to complete post-training survey
Attitude: “I believe this is worthwhile.”
Encouraged to write IFCO discovery team
with success stories from discovery
implementation
Fourth quarter of year and first quarter of
following year
Confidence: “I think I can do it on the job.”
Post-survey compared with pre-survey First quarter of year
Commitment: “I will do it on the job.”
Self-reported in post-survey Fifteen days to complete post-survey after
listening to podcast episodes
Level 1: Reaction
Kirkpatrick’s (2016) Level 1 of evaluation is reaction, which consists of three
components: engagement, relevance, and stakeholder satisfaction. It is at Level 1 that both
formative and summative evaluation methods are used; however, focusing on formative
evaluation will provide an opportunity to pivot if needed. It is important to keep this evaluation
level simple and measured immediately after the training event or, in this case, during a certain
number of weeks after stakeholders have listened to episodes and incorporated discovery
methods into their client process. Table H5 highlights the methods and tools used to measure
94
engagement, how relevant the content is to the participants, and how satisfied they are with the
training.
Table I5
Components to Measure Reactions to the Program
Methods/tools Timing
Engagement
Number of podcast listeners is gathered. Weekly in second quarter of year
Relevance
Reflection question on the podcast method of
learning is on survey
Fifteen days to complete post-survey after
listening to podcast episodes
Stakeholder satisfaction
Emails voluntarily written to IFCO discovery
Team to provide feedback
First quarter of year
Question about this type of discovery training
is in the post-qualitative survey
Thirty days after pre-survey is returned to
researcher
95
Evaluation Tools
Two evaluation tools will be utilized to determine the effectiveness of this training: A
mixed-methods pre-training survey and a mixed-methods post-training survey.
Prior to the Podcast Being Broadcast Firm-wide
A mixed-methods pre-training survey will be provided to all participants before the
podcast episodes are published on a new learning platform at IFCO. This learning platform can
be accessed firm-wide with the possibility of reaching over 18,000 financial advisors. It will
assess how the financial advisor defines discovery and their knowledge and opinion of its
importance in client interactions. The pre-survey consists of 17 Likert-scale questions and three
qualitative questions. This survey is designed to assess the blend of Level 1 and Level 2
evaluation. (Appendix A).
A Mixed-Methods Survey Post Listening to Podcast Episodes
A post-training mixed-methods survey instrument will be distributed to all participants
two weeks after they complete the pre-training survey. They will have 5 days to complete the
survey. This time will allow financial advisors to listen to as many podcast episodes as possible
in the first quarter of the year and implement the mindset and methods of discovery. The surveys
(Appendix B) consist of questions from all four evaluation levels, as outlined by Kirkpatrick and
Kirkpatrick (2016).
Summary
At the time of this study, IFCO was transforming to become a wealth-management firm
that serves its clients more completely through deep personal relationships and comprehensive
planning and advice. A method to achieve this would be to train its advisors to use effective
emotional intelligence to support client discovery practices. These discovery practices allow the
96
financial advisor to deliver goals-based advice. Using the new world Kirkpatrick model
(Kirkpatrick & Kirkpatrick, 2016) enabled the creation of an effective implementation of a
podcast series and evaluation of the effectiveness of the podcast training to forge a path for this
opportunity. This evaluation began with Level 4 to see the big picture and pinpoint the targeted
outcomes and accountability package. Level 3 evaluates how the participants apply what they
have learned and how their behavior has changed. The next level displays the participants’
knowledge, commitment, and confidence in what they have learned. Finally, Level 1 determines
the initial reaction and if participants found the training engaging and favorable. This framework
takes the question of “how do I know they get it?” off a trainer’s plate. If each step is examined
and followed, effective training can and will take place to create favorable outcomes toward
consistently delivering personalized goals-based advice.
Abstract (if available)
Abstract
The purpose of this study was to explore the effectiveness of client discovery podcast training in enhancing knowledge and motivation among financial advisors while examining the role of organizational culture in this training’s success. The study employed a mixed-methods approach, including both qualitative and quantitative data. The qualitative data were drawn from open-ended questions as part of a pre-training and post-training survey. The quantitative data were gathered via pre- and post-training assessments of financial advisors’ knowledge and motivation regarding discovery methods and emotional intelligence. The findings suggest that client discovery podcast training is an effective strategy for improving a financial advisor’s knowledge and motivation, with organizational culture playing a significant role in the success of the training. The study concludes with a discussion of the practical implications of these findings for organizations seeking to implement client discovery podcast training programs, as well as potential areas for future research.
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Asset Metadata
Creator
Haan, Brenda Kathleen
(author)
Core Title
Delivering client discovery training to financial advisors through peer-led podcasts
School
Rossier School of Education
Degree
Doctor of Education
Degree Program
Organizational Change and Leadership (On Line)
Degree Conferral Date
2023-08
Publication Date
09/11/2023
Defense Date
07/25/2023
Publisher
Los Angeles, California
(original),
University of Southern California
(original),
University of Southern California. Libraries
(digital)
Tag
advice,body language,client advice,client discovery,client knowledge,client motivation,complete wealth management,discovery mindset,discovery skillset,discovery training,EI,emotional intelligence,emotional regulation,EQ,expectancy outcome,financial advisor,financial clients,ginancial advice,human centered,metacognitive knowledge,mixed method surveys,OAI-PMH Harvest,organizational culture,podcast learning,podcasts,procedural knowledge,relationship client and financial advisor,self-efficacy,serving completely,soft skills
Format
theses
(aat)
Language
English
Contributor
Electronically uploaded by the author
(provenance)
Advisor
Combs, Wayne (
committee chair
), Aguilar, Stephen (
committee member
), Picus, Lawrence (
committee member
)
Creator Email
haan@usc.edu,haanbren@gmail.com
Permanent Link (DOI)
https://doi.org/10.25549/usctheses-oUC113305039
Unique identifier
UC113305039
Identifier
etd-HaanBrenda-12360.pdf (filename)
Legacy Identifier
etd-HaanBrenda-12360
Document Type
Dissertation
Format
theses (aat)
Rights
Haan, Brenda Kathleen
Internet Media Type
application/pdf
Type
texts
Source
20230911-usctheses-batch-1095
(batch),
University of Southern California
(contributing entity),
University of Southern California Dissertations and Theses
(collection)
Access Conditions
The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the author, as the original true and official version of the work, but does not grant the reader permission to use the work if the desired use is covered by copyright. It is the author, as rights holder, who must provide use permission if such use is covered by copyright.
Repository Name
University of Southern California Digital Library
Repository Location
USC Digital Library, University of Southern California, University Park Campus MC 2810, 3434 South Grand Avenue, 2nd Floor, Los Angeles, California 90089-2810, USA
Repository Email
cisadmin@lib.usc.edu
Tags
client advice
client discovery
client knowledge
client motivation
complete wealth management
discovery mindset
discovery skillset
discovery training
EI
emotional intelligence
emotional regulation
EQ
expectancy outcome
financial advisor
financial clients
ginancial advice
human centered
metacognitive knowledge
mixed method surveys
organizational culture
podcast learning
podcasts
procedural knowledge
relationship client and financial advisor
self-efficacy
serving completely
soft skills