Looking for the Best Books for Financial Advisors? These 10 are Worth Checking Out

The financial advisory industry has shifted dramatically over the last 20 years. As clients demand a more comprehensive and personalized experience, today’s financial advisors are stepping into the role of not just portfolio managers but true officers of their clients’ total financial well-being. This transformation demands a fresh perspective, one that blends not just investment acumen but a deep understanding of clients’ life goals, aspirations, and evolving needs.

As the industry evolves, successful financial advisors must equip themselves with a diverse toolkit of knowledge and expertise.

In this article, we present an essential reading list tailored to this new paradigm of holistic wealth management. Some of these selections are tried and true. They stand the test of time, from both before and after our industry’s shift. Others focus on this new era of holistic financial advice and planning.

All of these books invite advisors to explore the art of nurturing financial health across all aspects of their clients’ lives.

Whether you’re a seasoned professional adapting to the changing landscape or a newer advisor eager to embrace this progressive approach, these books hold the keys to unlocking a new level of success and impact in your advisory practice.

Start With Why (Simon Sinek)

“Start with Why” delves into the core principle that separates successful individuals, organizations, and leaders from the rest: understanding and communicating the “why” behind their actions. Sinek introduces the concept of the Golden Circle—a model that consists of three layers: “why,” “how,” and “what.”

He argues that while most people and companies focus on the “what” (products or services) and some on the “how” (processes and strategies), the most influential and inspiring leaders and organizations start with the “why” (the purpose, cause, or belief driving their actions).

The Psychology of Money (Morgan Housel)

Scott Custis, Financial Advisor with Money Scientific, said, “It’s the best book about money because it’s relatable.  It avoids charts and graphs and discusses the author’s experiences.  Anyone can read this book, and I recommend it to everyone who wants to read about money”. 

“The Psychology of Money” examines the complex and often irrational ways that people think about money. Drawing on insights from psychology, history, and personal finance, the book explores the various psychological factors that influence our financial decisions. Housel highlights the importance of understanding our own biases, emotions, and behaviors when it comes to money management.

The book challenges conventional notions of investing and financial success, emphasizing the significance of patience, humility, and a long-term perspective. Housel shares numerous real-life anecdotes and examples to illustrate how people’s attitudes toward money can shape their financial outcomes. He also discusses the role of luck and randomness in financial success.

“The Psychology of Money” offers readers a different perspective on money and wealth, emphasizing the psychological and emotional aspects that play an important role in our financial lives. Housel’s insights provide valuable lessons for readers seeking to make more informed and rational decisions about money while also acknowledging the complex interplay between financial choices and human behavior.

Michael Acosta, Financial Planner with Genesis Wealth Planning, said about the book, “The most meaningful quote from “The Psychology of Money” that I absolutely love and share with all clients states, “People do not want the mathematically optimal strategy.  They want the strategy that maximizes for how well they sleep at night.”  There is always a “rationale” and “reasonable” outcome to every decision.  The most rational decision doesn’t always mean it’s the most reasonable for the client based on their own psyche.”

The Essential Advisor (Bill Crager and Jay Hummel)

One of the main issues in our industry today is the gap that exists between financial advisors’ understanding of what clients want and clients’ understanding of what financial advisors can offer. The Essential Advisor addresses this issue head-on. The book lays out a framework that every advisor can use to better communicate their value proposition to both clients and prospects. It underscores the importance of aligning advisors’ goals with those of their clients, focusing on trust, communication, and customized solutions to meet individual financial needs. Throughout the book, Crager and Hummel highlight the importance of combining technology and data with human connection and empathy as the core of any successful modern advisory practice. 

Behavioral Investment Counseling (Nick Murray)

This book explores the intersection of psychology and investment strategies. Focusing on the behavioral aspects of investing, Murray dives into the emotional and psychological factors that often drive investor decisions, sometimes leading to detrimental outcomes. Murray’s book offers a guide for financial advisors and investors alike, addressing the common behavioral biases and pitfalls that can hinder successful investment strategies. He emphasizes the importance of understanding one’s emotions, fears, and irrational tendencies when making financial decisions and provides insights on how to navigate these challenges.

By combining real-world anecdotes, practical advice, and psychological insights, “Behavioral Investment Counseling” seeks to empower readers to make more informed and rational investment choices. Murray’s approach underscores the significance of disciplined, long-term investing, while acknowledging the role that emotions play in shaping financial outcomes. Overall, the book offers valuable lessons for individuals seeking to overcome psychological barriers and achieve better results in their investment journeys.

Freeman Linde, Financial Planner with La Crosse Financial Planning said of the book, “Nick is the Godfather of this topic, and this is the seminal work on helping clients avoid the worst behavioral investment mistakes. Every advisor should read this book and then subscribe to his invaluable newsletter, “Nick Murray Interactive.” It changed my practice and my life. That’s not an understatement.”

Delivering Massive Value (Matthew Jarvis)

If you want more direct, hands-on tips and tricks, direct from a practicing financial advisor, this is the book for you. Matthew talks about the ups and downs of his rise to success, along with simple ways to offer your clients more value. In addition, he offers ways to organize your business, focus on your clients, and increase your revenue. You’ll learn actual client scripts that you can use immediately to help bring in more prospects.

Nycole Freer, founder at Eden Financial said of the book, “I learned what he says when he goes networking. So instead of saying, “I am a financial advisor”, he says I am an investment manager or will nonchalantly say, “I am better with money than directions…” when he leads his biking group or “I guess I will stick to my day job of managing money…” so people don’t get turned off by the typical financial advisor elevator pitch. I also learned his sales script. I loved that he sets the expectations that there is nothing to sign but to go home and sleep on it before making a decision. I love the questions that he asks his prospects as well, and he shares the entire script in his book. He also shares how to get the client’s tax returns that were filed for the prior year to deliver massive value.”

The Behavior Gap (Carl Richards)

If you are a visual learner, you need to know Carl Richards. The Behavior Gap addresses the gap between sound financial advice and actual investor behavior. The book uses simple sketches to illustrate the impact of behavioral biases on investment decisions. Richards highlights how emotions, such as fear and greed, can lead investors to make impulsive and irrational choices that undermine their long-term financial goals. He emphasizes the importance of understanding these emotional triggers and learning to manage them effectively.

The takeaway is that by addressing the behavior gap, investors can make more informed choices, ultimately helping them achieve better financial outcomes. 

Jorey Bernstein, founder and CEO of Bernstein Investment Consultants, told us, “Carl Richards’s’ ‘The Behavior Gap’ highlights the significance of mastering our emotions in finance. Learn to avoid common behavioral mistakes to stay on track toward your financial goals.”

G2: Building the Next Generation (Philip Palaveev)

In his book, Palaveev provides insights, strategies, and advice on how to navigate the challenges of advisor and management succession within financial advisory firms. The book addresses various aspects of the succession process, including selecting and developing potential leaders, creating effective mentoring and training programs, and establishing a culture that encourages growth and innovation. Palaveev emphasizes the importance of planning ahead and fostering a seamless transition to ensure the continuity and success of the advisory firm.

Daniel Yerger, President of MY Wealth Planners, said, “A book I’d recommend every advisor planning on working for another advisor or hiring another advisor should read is “G2” by Phillip Palaveev. It talks in real and applicable terms about the conflicts between firm owners growing, employees attempting to develop their careers, and the push-pull between them in finding a balance between the ambitions of the employee and the objectives of the firm owner.”

More than Money: Real Life Stories of Financial Planning (Castelli, Due, Schulte)

A collection of true stories highlighting the impact of financial planning on people’s lives beyond just the financial/monetary considerations. The book explores how financial planning can shape life choices, relationships, and personal fulfillment and highlights the importance of the financial advisor’s role in getting clients to adhere to the plan and achieve financial wellness.

“More Than Money” makes financial planning personal and real. It goes beyond the numbers and charts to address real-life client situations. 

Die With Zero (Bill Perkins)

Tim Melia, Principal & Financial Planner with Embolden Financial Planning, lays it out perfectly, “I recently read Die With Zero by Bill Perkins. I’ve worked with several clients lately, many of them Generation X and younger, who experienced what work-life balance might look like during the pandemic shutdown. They have a desire to bring as much of that into their present lives as possible instead of waiting for retirement. They want to experience life now and maybe live a simpler life in retirement, perhaps delaying retirement or even just partially retiring. The whole book is about finding balance, but I found this quote to be very meaningful: ‘Although we all have at least the potential to make more money in the future, we can never go back and recapture time that is now gone. So it makes no sense to let opportunities pass us by for fear of squandering our money. Squandering our lives should be a much greater worry.’ As a financial planner, I found it very valuable to read this book. It has changed my perspective on finding balance, and it has enhanced my ability to work with my clients who are seeking the same.”

Perhaps a different approach than some financial advisors have been taught, but one that will surely resonate with the younger generations. Die With Zero encourages readers to shift their mindset from simply accumulating wealth to using it wisely throughout their lifetime and integrating financial planning with a focus on experiences and personal growth. 

The Right Side of the Table (Scott Fithian and Todd Fithian)

This book will truly get you thinking about how your clients perceive you and the potential for them to see you as so much more. Written by veterans in the financial services industry, The Right Side of the Table shares practical advice on how advisors can provide exceptional value to their clients and grow their advisory business.

It reflects on effective communication strategies for advisors to help build trust with their clients and prospects. The concept of the Planning Horizon will help you separate the conversation of values, visions, and goals from strategies, tactics, and tools. If you want to become your client’s “Most Trusted Advisor,” this is a highly recommended read. 

What’s On Your Reading List?

At the end of the day, there are many different types of financial advisors who learn in different ways and have different types of clients and prospects. My hope is that, with this collection of books, there are a few that every advisor can read that will ultimately help them become better at what they do through telling a better value proposition story, understanding our industry better, and hearing from their most successful peers. 

What to Read Next:

• The Best Retirement Planning Books to Read This Year
• Looking for the Best Podcasts for Financial Advisors?