Best books for financial advisors in 2021

December 27, 2021 8:05 PM

Books asian man reading by Bloomberg News

Financial planning and advising requires a wide range of skills, from technical and investment knowledge to business management and people skills. We asked advisors what books, read in 2021, made the most impact for them professionally. Answers included books on money management, to those on psychology, goal-setting and philosophy.

Scroll through to see what inspired your colleagues this year.

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness

Jan. G. Valecka, principal of Valecka Wealth Management in Dallas, Texas
“Doing well with money isn't necessarily about what you know. It's about how you behave. Short stories about how to think about your wealth and investing. Hits all the topics I've discussed with clients over the years.”

Jordan Benold, partner at Benold Financial Planning in Frisco, Texas
"Morgan does a great job writing the book so anyone can understand it. It is an updated version of 'The Millionaire Next Door.' However, it gives better examples that are more up to date. I would recommend everyone who cares about all things finance to read it."

Thomas Kopelman, co-founder of AllStreet Wealth in Indianapolis
“I love the way it broke down happiness and how much of happiness comes from having control, something very few people think they have.”

Phil Rutterer, owner of Rutterer Planning in Nashville, Tennessee
“It put concise, everyday language around a lot of money principles and topics that can sometimes be confusing to explain. The book gave me a clear source to quote from and point clients to for many behavioral aspects of personal finance that isn't overwhelming or bogged down in jargon.”

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The Psychology of Money: Timeless lessons on wealth, greed, and happiness

Traction: Get a Grip on Your Business

Bradley Lineberger, president of Seaside Wealth Management in Carlsbad, California
I read two books by Gino Wickman that made a major impact on me this year. One is called Traction and the other Rocket Fuel. Both of these books teach about the principles of the entrepreneurial operating system, which is a way to run your business. We have implemented EOS in our business as a result and it's made a huge improvement in the way our firm runs. Many of us are trained as advisors and have our CFP's. We know how to work with clients. However, many advisors do not know how to run a business and manage employees. It's really hard to do that well! These books have helped me to be a better leader, manager and business owner.

Michael James Kelly, founder of Switchback Financial in Madison, Connecticut
What I loved about the book was the way it builds foundational methods for creating an efficient business. It provides a detailed outline on how to approach establishing visions, goals and processes. It does not overcomplicate things but, if applied, sets an ongoing cadence to step back and view the business as a whole to ensure you are being active on the tasks/items that are actually moving you toward your established goals. As someone who finds a huge benefit to having structure, I have already begun implementing it into my firm.

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Traction: Get a Grip on Your Business

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones

Trent D. Porter, wealth manager at Priority Financial Partners in Durango, Colorado
The strategies in Atomic Habits not only allowed me to help clients improve their habits around money, but also made me a more effective business owner.

Jessica Goedtel, owner of Pavilion Financial Planning in Allentown, Pennsylvania
Like most humans on this planet, I struggle with staying on track with my goals. After reading this, I gained a better understanding on how to create goals I’m able to stick to by tying them to my core values as well as how to break them into manageable pieces. I found I was better able to discuss goals with my clients as well. I plan to reread this every year so I don’t lose track of what I learned.

Robert Bolden, owner of The Money QB in Royal Oak, Michigan
In Atomic Habits, we learn to set micro-goals (small, tangible changes we can make to build momentum and motivation), rather than macro-goals (bigger, intimidating action items that usually stop us from doing anything). The idea is "tiny changes, remarkable results." Focusing on the small things inherently results in big things! This has helped me to break down information and content that I produce for clients in a way that better benefits them and their understanding of their financial lives.

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Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones

Die with Zero: Getting All You Can from Your Money and Your Life

Mike Hunsberger, founder of Next Mission Financial Planning in St. Charles, Missouri
The book and author flip the typical financial accumulation mantra of “more is better” on its head. He argues that the point of money is to use it while you are alive to enjoy it and see the good it can do versus leaving a large inheritance to your kids that might be 55 or older when you die. I plan to use it to help clients be more intentional with their money and their legacies throughout their lives versus just at the end.

Read more:

Die with Zero: Getting All You Can from Your Money and Your Life

Advice that Sticks: How to Give Financial Advice that People will Follow

Leland Gross, founder of PeaceLink Financial Planning in Virginia Beach, Virginia
"So many advisors, myself included, provide great financial advice, but the way we deliver it and interact with the clients creates a ‘failure to launch’ where the client does not implement the plan. This book speaks to that in ways that are practical. It changed the way I do client meetings and created a whole new interest in client psychology and money scripts."

Read more: Advice that Sticks: How to Give Financial Advice that People will Follow

First to a Million: A Teenager’s Guide to Achieving Early Financial Independence

Scott Alan Turner, freedom specialist at Rock Star Financial Planning in Hudson Oaks, Texas
Money isn't taught in schools, and certainly not how to get financial independence at an early age. I found the book to be a great read for adults, too. It goes beyond the boring stuff of budgeting and digs into what makes you happy and how to think differently about money.

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First to a Million: A Teenager’s Guide to Achieving Early Financial Independence

The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make

Anika Hedstrom, co-founder and advisor at Uplevel Wealth in Portland, Oregon
My three key takeaways: Families need to talk — this will help students determine what they want from their college experience. The devil is in the details — the data isn’t standardized across schools, and the numbers are not easy to come by or interpret. The game has changed — colleges use algorithms to predict what kind of discount is needed to get a particular student to say “yes.”

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The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make

A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas

Arthur J.W. Ebersole, founder and CEO of Ebersole Financial in Wellesley Hills, Massachusetts
This book reinforces the notion that we can increase our creativity and break with the status quo by asking more questions. As kids we ask questions as a way of understanding the world, but we quickly are taught to stop asking questions by the time we get to school. We need more questions to get more thoughtful answers. This simple technique can improve all of our relationships by being open to new ideas and learning from all of our interactions.

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A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas

Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

James Vermillion, founder of Vermillion Private Wealth in Lexington, Kentucky
It's an incredible book that pulls from Mr. Green's hundreds of hours of interviews with many of the world's best investors, like Charlie Munger, Jack Bogle, Sir John Termpleton and others. The focus was not just on investing, but on lessons for success in life, which is how I view my role as a financial advisor — to help my clients navigate life. The book served an important reminder that the same habits that can help us be healthy and happy are also effective at building wealth over time. Topics like delayed gratification, being directionally right and the aggregation of marginal gains feature heavily throughout the book — topics I try to discuss with my clients.

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Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

The Myths of Happiness: What Should Make You Happy, but Doesn't, What Shouldn't Make You Happy, but Does

Recommended by: David Creekmore, president and principal at Lifetime Financial Benefit in Takoma Park, Maryland
I’m a financial life planner (Kinder RLP) and believe it’s my fiduciary duty to assist clients to use their money in ways that bring them more purpose, well-being and contentment. So often that’s around some kind of a milestone, good or bad, like a big trip, a more rewarding job, surviving a divorce. “The Myth of Happiness” is skeptical of that approach and shows research that positive milestones never deliver what we expect, and negative ones can actually leave us happier. The key is letting go of milestone expectations and focusing on more (clinically supported) activities like gratitude, mindfulness, social interactions and connecting with higher causes.

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The Myths of Happiness: What Should Make You Happy, but Doesn't, What Shouldn't Make You Happy, but Does

Facilitating Financial Health: Tools for Planners, Coaches and Therapists

Michelle Petrowski, certified financial planner with Being in Abundance in Phoenix, Arizona
I really appreciated the examples, tools and easy-to-read manner in which the material was presented — a must read for those that don’t want to only focus on asset management but the softer side of working with and engaging clients.

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Facilitating Financial Health: Tools for Financial Planners, Coaches, and Therapists

Essentialism: The Disciplined Pursuit of Less

Curtis Bailey, founder of Quiet Wealth Management in Cincinnati
This book put into words something that I recognized for my clients and myself. There are a lot of interesting and exciting ideas to pursue. By saying yes to another idea, however, dilutes your best ideas. By focusing on your vision, you'll be wealthier and happier.

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Essentialism: The Disciplined Pursuit of Less

Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork

Cody Garrett, owner of Measure Twice Financial in Pearland, Texas
As a solo business owner who wishes to remain independent, this book acknowledged that the solution to many of our problems and objectives can be achieved by asking “who can help me?” rather than “how can I do this?” Understanding the best use of your skills can help you determine which tasks are appropriate to delegate to someone who truly enjoys and excels at them. This does not mean you must hire full-time employees, but you may become open to hiring experts in comprehensive areas of your overall wellness — physical, mental, spiritual, relational and financial.

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Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork

Life Is What You Make It

Grant Maddox, a CFP in Charleston, South Carolina
Ultimately, through Peter’s eyes, the book gives an excellent insight into a world many don’t experience, but a world many of our client’s do experience. With this in mind, Peter does a wonderful job of focussing on the important emotions of life, which I like to carry forward to my clients. It’s not always about the money, but instead the peace of mind of knowing you made a comfortable decision for you. My favorite quote from the book is: “Your life is yours to create. Be grateful for the opportunity. Seize it with passion and boldness. Whatever you decide to do, commit to it with all your strength … and begin it now. What are you waiting for?”