Renowned expert in the field of financial therapy Megan McCoy, Ph.D., LMFT, AFC® , CFT-I™ , joins Matt on this episode of Bridging The Gap to share her unique insights on the importance of finding individual strategies when working with clients.
Megan shares how her background in family therapy combined with her expertise in emotional well-being with financial planning offers a holistic approach. She discusses the power of incorporating silence and patience into conversations with clients.
Megan dives into a fascinating study she conducted on trust, communication skills, and return on investment in financial planning, and the key findings she discovered that will help to revolutionize the way advisors interact with their clients.
Megan also talks through the concept of vulnerability within the financial industry, how shared values play a pivotal role in building strong client relationships, and valuable resources for professionals in the financial planning and mental health fields.
Megan McCoy Bio:
Dr. Megan McCoy, Ph.D., LMFT, AFC® , CFT-I™ is an Assistant Professor at Kansas State University’s personal financial planning program. She holds a B.A. in Psychology from The University of North Carolina and an M.A. in Marriage and Family Therapy from Drexel University. Dr. McCoy also attended the University of Georgia, where she earned a Ph.D. in Human Development and Family Science with an emphasis in Marriage and Family Therapy. She is a licensed Marriage and Family Therapist, an Accredited Financial Counselor® , and a Certified Financial Therapist-I™ .
She volunteers on the Financial Therapy Association’s Board of Directors and is the Associate editor of Financial Planning Review She was also a guest editor on a special issue on financial therapy for Contemporary Family Therapy. Her research interests focus on financial therapy, financial well-being, and financial communication, as well as diversity, equity, and inclusion issues. She has published over forty articles in top-tier mental health, family science, financial counseling, and financial planning journals.
This year her research has won her research awards through the National Council of Family Relations and Financial Therapy Association. Dr. McCoy has been awarded grants from the Financial Planning Association, the National Endowment for Financial Education, FP Canada, and the CFP Board. Dr. McCoy has been featured as a financial well-being expert on the Today Show, NPR, BBC, the Wall Street Journal, and many other media outlets.
Timestamps From This Episode
[00:01:28] Megan McCoy and Matt Reiner discuss the differences between assistant and associate professors, and Megan shares the progression of her career.
[00:03:52] Megan McCoy shares how she went from therapist to financial planner.
[00:07:40] Megan McCoy shares how financial therapy combines mental health and planning.
[00:12:03] Megan McCoy shares that, as a therapist, she values silence and self-awareness with clients.
[00:16:10] Megan McCoy discusses how financial planners overestimate client trust, and that shared values and good fit matter more.
[00:19:43] Matt talks about vulnerability in the industry, and asks if age matters when having those conversations.
[00:22:18] Megan McCoy shares what financial well-being is to her: peace of mind, giving, anticipation, small pleasures, delayed purchases = happiness.
[00:25:00] Matt talks about how we have to live fully now and don’t wait for retirement.
[00:30:22] Megan McCoy talks through understanding cues, empathy, and emotional intelligence.
[00:31:53] Matt shares how presentations reveal vulnerability and help to improve emotional intelligence.
[00:35:57] Megan McCoy shares two reasons for lack of financial motivation and how to overcome those.
[00:38:51] Megan McCoy talks through the financial planning Master’s program at Kansas State
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About the Show
Bridging the Gap is a financial podcast hosted by CEO Matt Reiner focused on bringing together leaders from the finance and the technology industries to focus on innovating the financial services industry.
Host
Matt Reiner, CFA, CFP®
