The Future of Financial Advice Must be More Diverse

James Rooney hadn’t planned on carving out a niche working with deaf clients. But nearly 30 years after his first encounter with a deaf client, he has become Morgan Stanley’s go-to adviser for this unique community of clients.

“If a deaf client were to walk into any Morgan Stanley office anywhere in the country, they will find me,” he said.

Mr. Rooney, who is based in West Hartford, Conn., and has been an adviser at Morgan Stanley for 20 years, was with Merrill Lynch in Long Island, N. Y., in the early 1990s when he noticed the receptionist struggling to communicate with a deaf client.

“I walked over and started talking to the person in sign language,” Mr. Rooney recalls. “Within six months, I probably got a dozen or more unsolicited walk-in deaf clients.”

Mr. Rooney, who now has 225 deaf clients, learned sign language as a child growing up in a household with two deaf parents.

Even though he and his team also work with about 1,000 other clients without hearing impairments, he considers his work with deaf clients as a “way to honor my parents.”

“I have grown my client base of deaf people every year and it’s mostly word-of-mouth referrals,” he said.

There are an estimated 2.2 million deaf people living in the United States, a number that is shrinking as a result of medical and technological advancements. But financial advisers who work with one or several deaf clients uniformly agree that it is an underserved market.

It was less than two years ago that wealth adviser Matthew Phillips had his first encounter with a deaf prospective client who emailed him at Trilogy Financial and closed with the explanation, “we are deaf.”

Mr. Phillips, who had studied sign language in college but didn’t consider himself fluent, wasn’t sure how to proceed.

“I reached out to our team to ask how we should handle this, and nobody had any idea,” he said. “I started to realize no one at Trilogy [which has 150 advisors in 10 offices] has dealt with this before.”

Mr. Phillips, who now works with 20 deaf clients, contacted his former sign language instructor at California Baptist University for some advice.

The instructor, W. Daniel Blair, organized a tutorial for a half dozen Trilogy advisors.

One of the challenges when it comes to providing financial advice to a deaf person is clear communication. With technology and creative determination, the communication can be managed even if the adviser isn’t fluent in sign language. But even being fluent in sign language doesn’t guarantee perfect communication.

“There’s so much in the financial world that doesn’t exist in sign language,” Mr. Blair said.

Not only does sign language differ by region, similar to regional accents, but he said some words just don’t exist in sign language.

“Take compound interest, for example, which I don’t think most hearing people even understand, but there’s just no way to interpret that in sign language,” Mr. Blair said.

In another example, he recalls watching a certified American Sign Language interpreter signing for the word investment in a way Mr. Blair said he would have signed for the word contribute.

“And what I was signing for investment, the interpreter was using for saving,” Mr. Blair said.

Mr. Rooney of Morgan Stanley has had similar experiences trying to employ words and phrases that did not yet exist in sign language.

“There’s a sign for interest and most everyone understands that, but I found there was not a sign for dividend, which is similar to interest,” he said. “So I decided to make a sign for dividend, and now I see other signers using it. That’s exactly the way it works. Sign language, like all language, evolves.”

Of course, many financial advisors don’t even have a foundation in sign language to start with. But that hasn’t prevented John Cooper, private client advisor at Greenwood Capital, from working with a deaf client for the past 10 years.

“We meet in person once a year, and I give him a notepad and I have a notepad, and that’s how we communicate,” Mr. Cooper said. “Let’s just say there’s not a lot of small talk.”

Technology, including the internet and smartphones, has made communication a lot easier than with the early teletype phone communication of decades ago when deaf people would have to type messages to a hearing operator, who would act as translator.

Mr. Rooney said he now has a video phone in his office that enables him to sign with his deaf clients in real-time.

For advisors who are interested in working with deaf clients, or who might be having trouble communicating with current clients who are deaf, Mr. Rooney said it’s important to make eye contact and remember always to face the deaf person.

“They may be able to read lips, so be sure to enunciate properly, maybe even over-enunciate,” he said. “And be patient. I find it much more frustrating for me not being able to get my ideas across than they were with me because they couldn’t understand what I was trying to say.”

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By: Tyler Gallagher |

As part of our series about what one should look for when hiring a financial planner or adviser, I had the pleasure of interviewing Jeff Motske, CFP®, president and CEO of Trilogy Financial, author of “The Couple’s Guide to Financial Compatibility” and host of “The Jeff Motske Show.” Jeff Motske, CFP®, is president and CEO of Trilogy Financial, a privately held financial planning firm headquartered in Huntington Beach, Calif. with 10 offices and more than 100 advisors nationwide. He is the author of “The Couple’s Guide to Financial Compatibility,” a book that equips couples with tools to keep their finances healthy and relationships strong, and host of “The Jeff Motske Show,” a podcast that also airs on LA’s AM 1150 where he guides listeners through proven steps toward financial freedom. Seeking a better version of the industry he had grown to love, Motske founded Trilogy in 1999 after observing that the “Wall Street-style” mentality of his peers conflicted with the “Main Street-style” needs of his clients. For the past 25 years, Motske has empowered everyday Americans to pursue the day that work becomes an option by providing easy-to-understand advice, educational tools and supportive guidance. He understands there is no one-size-fits-all approach to personal finance, and that people deserve advice that is tailored to their unique needs, lifestyle, personality and goals. Jeff Motske is a registered representative of and securities offered through LPL Financial, Member FINRA/SIPC.

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Thank you so much for doing this with us, Jeff! Our readers would love to ‘get to know you’ a bit more. Can you tell us a story about what brought you to this specific career path?

I was introduced to the financial industry by a college professor who noticed my aptitude for numbers. It was the people, the clients I met along the way who needed my help, that kept me in the industry. As a young man, I was empowered by the good I could do for my clients. There were retired widows who appreciated increases in their monthly incomes and young families just getting started on the road to financial independence. I truly value those relationships and am proud to see some of those young couples I worked with long ago reach their goal of financial independence and to work with their grown children who are just getting started on their own financial path.

Can you share a story about the most humorous mistake you made when you were first starting in the industry? Can you tell us what lesson or takeaway you learned from that?

Mistakes aren’t limited to when you start in the industry. I made one just a few short years ago that I often share. I had been working with a particular couple for twenty or so years when it was finally time for them to retire. Over the years we had discussed all sorts of aspects of their planned retirement, from the details of selling their business to the possibility of selling their home. When I met with them to finalize the details of officially turning off their wage-earner cards, I asked what they had planned to kick-off their retirement. The husband told me that he wanted to rent an RV and travel the country visiting all of the national parks. I laughed, believing this was a joke. He had never mentioned such plans in all the years I had been working with them, and based on the shocked look on his wife’s face, he hadn’t mentioned those plans to his wife either. A few days later, I received a call from the wife, telling me that I had to speak to her husband and talk him out of this idea. In the end, they chose to take one trip in an RV and headed out to Wyoming.

That trip seemed to satisfy both of them and became a great memory. For me, though, it was a reminder that you can never ask your clients enough questions. As the author of “The Couple’s Guide to Financial Compatibility,” I pride myself on asking in-depth questions to get couples on the same financial page. Clearly, though, it doesn’t hurt to dig a little deeper to ensure that you’re creating a detailed and thorough plan for your clients’ finances and life.

Are you working on any exciting new projects now? How do you think that will help people?

At Trilogy, we are constantly refining our teams of advisors. In an effort to ensure a complete and uninterrupted service model for our clients, our advisors work in groups. Multiple team members sit in on client meetings to ensure proper notes are recorded and to establish relationships with clients. This creates a smooth transition should a team member ever be unavailable due to illness, other commitments or even vacation. Our team members also have different areas of expertise to ensure that every client receives a comprehensive level of service.

Are you able to identify a “tipping point” in your career when you started to see success? Did you start doing anything different? Is there a takeaway or lesson that others can learn from that?

There definitely have been moments in my career that heralded momentary success. Over the years, though, I’ve realized that it’s best to look ahead. Our industry is constantly changing, and it doesn’t benefit anyone to sit back and rest on their laurels. Success comes to those who are constantly striving to be innovative and ahead of the curve.

What three pieces of advice would you give to your colleagues in the finance field to thrive and avoid burnout? Can you give a story or example?

First, I do believe that being part of a peer-to-peer study group is an invaluable resource, as is finding a quality mentor. Spending time with other successful people is a great way to stay motivated. These people also provide strong examples of how to improve in your field. Some of Trilogy’s great innovations have been derived from sharing and refining ideas with peers, both by chatting with them and by seeing how they operate.

Equally important is enjoying what you do, which is why we champion the team dynamic. I truly believe that being a financial advisor is a noble profession. However, that doesn’t mean you have to like every aspect of it. When the right teams are formed, you can focus on where your strengths lie while another team member can excel in an area in which you would gladly not spend much time. Not only does this play to everyone’s strengths, but it also facilitates a flexible schedule where advisors are able to pursue other activities with their family or in the community.

Lastly, I do believe that you need a healthy work-life balance. Yes, you do have to work hard to achieve success. At the same time, you also don’t want to miss the moments of watching your child’s soccer game or giving time to a charity that is important to you. My personal mission statement is, “Do something wonderful for someone every day,” and I don’t mean just at work. Success isn’t simply a reflection of what your title is or how much you have in the bank. Success is a reflection of the positive impact you made on the people you interact with in every aspect of your life.

Ok. Thank you for all of that. Let’s now move to the core focus of our interview. As a “finance insider”, you know much more about the finance industry than most consumers. If your loved one wanted to hire a financial advisor (not you :-)), which 5 things would you advise them to find out about before committing? Can you give an example or story for each?

1. Comfort: Make sure that you find someone you can talk intimately with about your finances. You want to feel comfortable sharing personal details with them and be able to ask questions about the advice they’re giving you. You need to feel that you’re in a true partnership with your trusted financial advisor.

2. Communication: You need to communicate a lot with your advisor. You should be sharing both your dreams, so they can plan appropriately, and your fears, so they can adequately address them.

3. Credentials: You want an advisor that is acting in a fiduciary capacity. This means the advisor is acting in the best interest of the client at all times.

4. Part of a team: It’s beneficial to avoid relying on a single financial planner. There may be moments that you need a timely response, and it’s valuable to know there is someone you can address when your primary advisor is busy meeting with other clients or out of the office. Also, while working with a solitary older advisor can provide experience, younger clients need to be aware that they run the risk of these advisors retiring before they reach their own destination of financial independence. The last thing a client wants is for their financial advisor to not be available when he or she is needed most.

5. Connections: An advisor with access to other experts in neighboring fields, such as taxes, estate planning and insurance risk, can seamlessly solidify your personal network. Not only are such referrals valuable when trying to select a particular professional, but they can also add a level of ease and security if your financial advisor has an ongoing professional relationship with them.

I think most people think that financial advisors are for very wealthy people. This is likely not actually true. Can you explain who would most benefit from hiring a financial advisor and why? Can you give an example?

Middle America definitely needs to work with a financial advisor more than wealthy people. A trusted financial advisor can help keep you on track and accountable to your goals. Without that help, many will fail to save or plan enough and ultimately have trouble securing what they’ve been working so hard to achieve. Additionally, the market can be an intimidating place for inexperienced investors. A trusted advisor can ensure that they make sound decisions when things get rocky, rather than allow their emotions to take the wheel. Having money can solve a lot of problems, but building wealth requires a lot of work, patience and tenacity.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I am part of a CEO study group, and I owe a lot to those group members. The open and honest feedback I have received over the years from my peers has been invaluable, and the relationships I have formed have been life-lasting.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.

My personal mission statement is, “Do something wonderful for someone every day,” which illustrates my belief that each person has the power to make a positive impact. This extends well beyond finances. At Trilogy, we believe our purpose is to provide opportunities for people to live their best lives. Obviously, this can be seen in the steps that we take to help our clients reach financial independence. This also applies to how we empower and encourage our advisors to become leaders, both at Trilogy and in their community. We also encourage our team members across departments to aid and lift up their fellow associates. We are all interdependent, and we recognize that when we lift someone else up, we lift ourselves up as well.

Thank you so much for joining us. This was very inspirational.

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