Understanding Your Money Story with Forrest Friedow
Understanding clients' thoughts and feelings about money extends beyond financial services. It's a journey that merges psychology and economics, crafting a holistic approach that acknowledges the human behind the dollars. The bond between emotions and money runs deep, and those who recognize and explore this connection stand poised to unlock a world of financial empowerment.
In this episode, Lauren talks with Forrest Friedow, Partner and Co-Chief Experience Officer at Vestia, for another installment of the Meet Our Advisors series. Forrest has been a trusted partner for physician families for over 20 years. He fervently believes planning is not a one-size-fits-all solution but a bespoke experience. With the support of his highly skilled team, Forrest facilitates, develops, and refines comprehensive customized strategies for his clients, positioning individuals, families, and practices for financial success.
With a mission to help high-caliber physicians achieve wealth that matters, Forrest shares his journey with Lauren into the financial services industry and his passion for working with physicians. He emphasizes the importance of understanding clients' thoughts and feelings about money and how it shapes their financial decisions. Forrest also highlights the collaborative nature of Vestia, where advisors work together to provide the best possible service to their clients.
Key Takeaways
- [04:18] - How Forrest got into the financial services industry.
- [09:22] - What led Forrest to work with doctors?
- [14:49] - The psychology of money.
- [21:06] - The importance of understanding clients' thoughts and feelings about money.
- [24:36] - What it means to be a financial advisor and a coach.
- [27:08] - How Vestia's collaborative practices impact clients.
- [33:50] - How Forrest fulfills his roles as a father, husband, friend, and family member.
- [41:00] - Why trust between advisor and client is important.
- [44:49] - Forrest's definition of “wealth that matters.”
Quotes
[17:32] - "If you find an advisor who understands the idea that you have thoughts, feelings, and ideas about money and is willing to understand and challenge them that they are going to be much better able to help you achieve your goals, they're going to be able to pull out things that you didn't even know you thought or felt or believe." ~ Forrest Friedow
[19:25] - "The more self-aware you are, the more you'll realize how you feel about money and where it comes from. Then understanding that, it's a lot easier to shift." ~ Forrest Friedow
[38:54] - "It's important to use other people's giftings and skillsets to pass off things that you are not as good at so that you can redirect that time to the things that matter most to you. And that's wealth that matters." ~ Forrest Friedow
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Financial Advisors for Physicians
Does your financial advisor understand our views? How to negotiate a job contract with a hospital? Or how to evaluate and finance a surgery center buy-in? With nearly 150 years of collective experience working with specialized physicians nationwide, Vestia Personal Wealth Advisors understands your challenges and your opportunities as a physician. Innovative tax strategies, proactive asset protection planning, physician mortgages, healthcare venture capital, and more. You have many competing priorities for your time, and planning for your financial health may not make the top of your list. With a shortened time window to save for retirement, the opportunity cost of financial mistakes can be high. Vestia can help you navigate the complex world of finance and make your life easier every day, starting now. Learn more vestiaadvisors.com.
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