Psychology of Financial Planning - The Practitioner''s Guide to Money and Behavior

Psychology of Financial Planning: The Practitioner's Guide to Money and Behavior
 
In PSYCHOLOGY OF FINANCIAL PLANNING: The Practitioner's Guide to Money and Behavior, distinguished authors Drs. Brad Klontz, CFP(r), Charles Chaffin, and Ted Klontz deliver a comprehensive overview of the psychological factors that impact the financial planning client.
 
Designed for both professional and academic audiences, PSYCHOLOGY OF FINANCIAL PLANNING is written for those with 30 years in practice as well as those just beginning their journey.
 
With a focus on how psychology can be applied to real-world financial planning scenarios, PSYCHOLOGY OF FINANCIAL PLANNING provides a much-needed toolbox for practicing financial planners who know that understanding their client's psychology is critical to their ability to be effective.
 
The PSYCHOLOGY OF FINANCIAL PLANNING is also a much-needed resource for academic institutions who now need to educate their students in the CFP Board's newest category of learning objectives: psychology of financial planning.
 
Topics include:
* Why we are bad with money
* Client and planner attitudes, values, & biases
* Financial flashpoints, money scripts, and financial behaviors
* Behavioral finance
* Sources of money conflict
* Principles of counseling
* Multicultural competence in financial planning
* General principles of effective communication
* Helping clients navigate crisis events
* Assessment in financial planning
* Ethical considerations in the psychology of financial planning
* Getting clients to take action
* Integrating financial psychology into the financial planning process
 
PSYCHOLOGY OF FINANCIAL PLANNING goes beyond just theory to show how practitioners can use psychology to better serve their clients. The accompanying workbook provides exercises, scripts, and workshop activities for firms and practitioners who are dedicated to engaging and implementing the content in meaningful ways.

Sommario

About the Authors xv
 
Introduction xix
 
Part I The Psychology of Money 1
 
Chapter 1 Financial Instincts: Why We Are Bad With Money 3
 
The Survival Instincts of Our Ancestors 3
 
Sharing Is Caring ... and Surviving? 5
 
The Anti- Saving Instinct 6
 
I Want It Now! 7
 
Herd Instinct 8
 
What's Your Financial Comfort Zone? 9
 
Fear of Missing Out (FOMO) 12
 
Social Status and Relative Deprivation 13
 
Two Systems 14
 
Understanding Financial Instincts 15
 
Key Concepts 16
 
CFP Board Learning Objectives Covered in This Chapter 16
 
Chapter 2 Behavioral Finance: Understanding Cognitive Biases and Heuristics and What to Do About Them 17
 
What Are Cognitive Biases and Heuristics? 18
 
The Role of the Financial Planner 34
 
Eliminate the Friction 35
 
Techniques for Overcoming Biases 36
 
Key Points 37
 
CFP Board Learning Objectives Covered in This Chapter 37
 
Chapter 3 The Environment 39
 
Environment: Culture, Generation, Class, and Community 40
 
What's Next 44
 
Key Concepts 44
 
CFP Board Learning Objectives Covered in This Chapter 44
 
Part II Understanding a Client's Financial Psychology 47
 
Chapter 4 Financial Flashpoints: Exploring a Client's Financial Background 49
 
Financial Flashpoints 51
 
Key Points 60
 
CFP Board Learning Objectives Covered in This Chapter 60
 
Chapter 5 Money Beliefs 61
 
Money Scripts 62
 
The Role of the Financial Planner 67
 
Key Points 69
 
CFP Board Learning Objectives Covered in This Chapter 69
 
Chapter 6 Financial Behaviors and Outcomes 71
 
Overspending and Undersaving 72
 
Financial Denial 72
 
Financial Paralysis 73
 
Financial Infidelity 73
 
Financial Enmeshment 74
 
Financial Enabling 74
 
Financial Dependence 77
 
Money Disorders 78
 
The Role of the Financial Planner 80
 
Key Points 81
 
CFP Board Learning Objectives Covered in This Chapter 81
 
Part III Principles of Counseling, Psychology, and Communication 83
 
Chapter 7 Sources of Money Conflict 85
 
Conflict with Oneself 86
 
Conflict with Spouse or Partner 88
 
Conflict with Family 92
 
Conflict with Others 95
 
Key Points 97
 
CFP Board Learning Objectives Covered in This Chapter 97
 
Chapter 8 The Principles of Effective Communication 99
 
Being Present 99
 
Communication Skills to Establish Rapport 100
 
Effective Communication Techniques in Practice 108
 
Key Points 112
 
CFP Board Learning Objectives Covered in This Chapter 112
 
Chapter 9 Solution-Focused Techniques in Financial Planning 113
 
The Client Has the Power 114
 
Financial Self- Efficacy 114
 
A Focus on Solutions, Not Problems 115
 
Solution-Focused Techniques for the Financial Planner 116
 
Lead with Curiosity 119
 
Key Points 120
 
CFP Board Learning Objectives Covered in This Chapter 120
 
Chapter 10 Cognitive Behavioral Approaches in Financial Planning 121
 
The Cognitive Model in Practice 123
 
Cognitive Behavioral Techniques for Financial Planners 124
 
Key Points 129
 
CFP Board Learning Objectives Covered in This Chapter 130
 
Chapter 11 Positive Psychology in Financial Planning 131
 
An Infusion of Optimism 131
 
The Three Levels of Positive Psychology 133
 
The Role of the Financi

Info autore

DR. BRAD KLONTZ is an expert in financial psychology, financial planning, and applied behavioral finance. He is a clinical psychologist, a Professor at Creighton University Heider College of Business, and a Certified Financial Planner^® practitioner. He is an award-winning academic and researcher but also a practicing financial planner and owner of Your Mental Wealth Advisors, a Registered Investment Advisor (RIA) firm, where he works directly with clients in a financial planning capacity. His unique background and perspective have helped make him a leading expert in financial psychology creating educational content that goes beyond just theory and can be directly applied into a real-world financial planning context.
DR. CHARLES CHAFFIN's work encompasses a broad range of fields, from educational and cognitive psychology to financial planning. He has served as the author or lead editor of 6 different books within financial planning and cognitive psychology, helping practitioners become more client-centered and helping individuals and companies address the pushes and pulls on attention in the workplace. He has taught at the undergraduate and graduate level, as well as in a variety of executive education programs. For over a decade, Dr. Chaffin served as Director of Academic Initiatives with CFP Board in Washington, DC, working with a variety of financial planning programs and led research initiatives that directly or indirectly related to financial planning practice. He consults with financial service firms and is a regular keynote speaker at a variety of conferences. PAUL T (TED) KLONTZ, Ph.D., Associate Professor of Practice of Financial Psychology and Behavioral Finance at Creighton University's Heider College of Business, Founder and CEO of Klontz Consulting Group and Co-Founder and Director of the Financial Psychology Institute^®, is based in Nashville, TN. He has a 40+ year career in counseling, consulting and advising that has included authoring, co-authoring and/or contributing to six financial psychology related books: Money Mammoth: Unlocking the Secrets of Financial Psychology to Break from the Herd and Avoid Extinction:,Mind over Money: Overcoming the Money Disorders that Threaten Our Financial Health, Wired for Wealth, Financial Wisdom of Ebenezer Scrooge, Facilitating Financial Health, Financial Therapy: Theory, Research and Practice.

Riassunto

Psychology of Financial Planning: The Practitioner's Guide to Money and Behavior

In PSYCHOLOGY OF FINANCIAL PLANNING: The Practitioner's Guide to Money and Behavior, distinguished authors Drs. Brad Klontz, CFP(r), Charles Chaffin, and Ted Klontz deliver a comprehensive overview of the psychological factors that impact the financial planning client.

Designed for both professional and academic audiences, PSYCHOLOGY OF FINANCIAL PLANNING is written for those with 30 years in practice as well as those just beginning their journey.

With a focus on how psychology can be applied to real-world financial planning scenarios, PSYCHOLOGY OF FINANCIAL PLANNING provides a much-needed toolbox for practicing financial planners who know that understanding their client's psychology is critical to their ability to be effective.

The PSYCHOLOGY OF FINANCIAL PLANNING is also a much-needed resource for academic institutions who now need to educate their students in the CFP Board's newest category of learning objectives: psychology of financial planning.

Topics include:
* Why we are bad with money
* Client and planner attitudes, values, & biases
* Financial flashpoints, money scripts, and financial behaviors
* Behavioral finance
* Sources of money conflict
* Principles of counseling
* Multicultural competence in financial planning
* General principles of effective communication
* Helping clients navigate crisis events
* Assessment in financial planning
* Ethical considerations in the psychology of financial planning
* Getting clients to take action
* Integrating financial psychology into the financial planning process

PSYCHOLOGY OF FINANCIAL PLANNING goes beyond just theory to show how practitioners can use psychology to better serve their clients. The accompanying workbook provides exercises, scripts, and workshop activities for firms and practitioners who are dedicated to engaging and implementing the content in meaningful ways.

Dettagli sul prodotto

• Autori: Charles R Chaffin, Charles R. Chaffin, Charles R. Klontz Chaffin, Klontz, B Klontz, Brad Klontz, Brad (Creighton University Heider College Klontz, Brad Chaffin Klontz, Ted Klontz, Klontz Brad, Klontz Ted
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 30.09.2022
• EAN: 9781119983729
• ISBN: 978-1-119-98372-9
• Pagine: 288
• Categorie: Guide e manuali > Diritto, professione, finanze; Scienze sociali, diritto, economia > Economia > Economia aziendale; Finanzplanung, Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Personal Finance / Financial Advising, Private Finanzen / Beratung