Back in 2011 and 2012, as we were picking up the pieces after the market crash, some of my colleagues at Commonwealth and I were busy writing articles and e-mails and talking with our advisors about how to keep behavioral biases from getting in the way of their clients' financial decision making.

Debt can be one element of a healthy financial plan. Carrying too much, however, can severely restrict one's ability to take advantage of certain financial opportunities. And the interest that accrues on any loan is money that's not available to be invested for other purposes.

When analyzing your clients' debt levels, you may find that some carry so much that it impedes reaching their goals. If this is the case, consider these strategies to help clients manage and eliminate debt.

Most of your clients carry debt—whether it's from buying a home or financing another large purchase. As long as there is enough income to cover regular debt repayments, debt can be a responsible part of a financial plan. But too much debt can hinder one's ability to amass wealth and meet financial goals. How can you tell how much is too much?

In goal-setting conversations, advisors often jump too quickly to the methods and strategies for achieving financial milestones rather than diving deeper into their clients' unique hopes, values, and drivers. By helping to uncover clients’ personal goals and motivators, you not only help them visualize and articulate actionable, achievable objectives, but you also help them buy into the goal-setting process and empower them to take control of their decisions.

Retirement conversations with clients can be challenging. It's an overwhelming topic that stirs up emotions and, often, fears. Before you can understand your clients' specific circumstances and dreams—and make decisions about their retirement planning—they must feel comfortable to speak honestly and openly.