Book description
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®, 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.
Table of contents
- Cover
- Title Page
- Copyright
- Dedication
- About the Authors
- Introduction
-
PART I: THE PSYCHOLOGY OF MONEY
-
CHAPTER 1: Financial Instincts: Why We Are Bad With Money
- THE SURVIVAL INSTINCTS OF OUR ANCESTORS
- SHARING IS CARING … AND SURVIVING?
- THE ANTI‐SAVING INSTINCT
- I WANT IT NOW!
- HERD INSTINCT
- WHAT'S YOUR FINANCIAL COMFORT ZONE?
- FEAR OF MISSING OUT (FOMO)
- SOCIAL STATUS AND RELATIVE DEPRIVATION
- TWO SYSTEMS
- UNDERSTANDING FINANCIAL INSTINCTS
- KEY CONCEPTS
- CFP BOARD LEARNING OBJECTIVES COVERED IN THIS CHAPTER
- CHAPTER 2: Behavioral Finance: Understanding Cognitive Biases and Heuristics and What to Do About Them
- CHAPTER 3: The Environment
-
CHAPTER 1: Financial Instincts: Why We Are Bad With Money
- PART II: UNDERSTANDING A CLIENT'S FINANCIAL PSYCHOLOGY
-
PART III: PRINCIPLES OF COUNSELING, PSYCHOLOGY, AND COMMUNICATION
- CHAPTER 7: Sources of Money Conflict
- CHAPTER 8: The Principles of Effective Communication
- CHAPTER 9: Solution‐Focused Techniques in Financial Planning
- CHAPTER 10: Cognitive Behavioral Approaches in Financial Planning
- CHAPTER 11: Positive Psychology in Financial Planning
-
CHAPTER 12: Working with Couples and Families: A Systems Perspective
- THE SELF‐AWARE FINANCIAL PLANNER
- MAINTAINING NEUTRALITY
- TRANSFERENCE VERSUS COUNTERTRANSFERENCE
- COUPLE CONFLICT
- FINANCIAL INFIDELITY
- FINANCIAL ABUSE
- STRATEGIES FOR HELPING COUPLES RESOLVE FINANCIAL CONFLICTS
- TOOLS FOR RESOLVING CONFLICT IN COUPLES AND FAMILIES
- SEPARATE OR COMBINED FINANCES
- SCENARIO PLANNING
- MONITORING
- KEY POINTS
- CFP BOARD LEARNING OBJECTIVES COVERED IN THIS CHAPTER
-
PART IV: CLIENT AND PLANNER ATTITUDES, VALUES, AND BIASES
-
CHAPTER 13: Multicultural Competence in Financial Planning: Understanding Your Client's Cultural Identity
- THE MULTICULTURALLY COMPETENT FINANCIAL PLANNER
- SELF‐AWARENESS AROUND MAJORITY AND MINORITY STATUS
- RECOGNIZING MAJORITY GROUP PRIVILEGE AND MINORITY GROUP DISADVANTAGE
- CULTURAL HUMILITY
- TEN AREAS OF CULTURE AND MAJORITY/MINORITY STATUS THAT IMPACT FINANCIAL PLANNING
- KEY POINTS
- CFP BOARD LEARNING OBJECTIVES COVERED IN THIS CHAPTER
- CHAPTER 14: Financial Risk Tolerance
- CHAPTER 15: Client‐Preferred Learning Styles: Getting and Keeping Your Client's Attention
-
CHAPTER 16: Client Values and Goals
- MASLOW'S HIERARCHY OF NEEDS
- THREE UNIVERSAL HUMAN NEEDS: SELF‐DETERMINATION THEORY
- MAKING SENSE OF CLIENT NEEDS IN FINANCIAL PLANNING
- HUMAN NEEDS AND SELF‐DESTRUCTIVE FINANCIAL BEHAVIORS
- RESPONDING WITHOUT JUDGMENT
- DOES YOUR CLIENT BELIEVE THAT THEY HAVE THE ABILITY TO REACH THEIR GOALS?
- FINANCIAL SELF‐EFFICACY
- THE ADVISOR AND CLIENT FINANCIAL SELF‐EFFICACY
- NINE THINGS EVERY FINANCIAL PLANNER SHOULD KNOW ABOUT GOALS
- KEY POINTS
- CFP BOARD LEARNING OBJECTIVES COVERED IN THIS CHAPTER
-
CHAPTER 13: Multicultural Competence in Financial Planning: Understanding Your Client's Cultural Identity
-
PART V: INTEGRATING FINANCIAL PSYCHOLOGY INTO FINANCIAL PLANNING
-
CHAPTER 17: Getting the Client to Take Action: Motivational Interviewing in Financial Planning
- THE CHANGE PROCESS
- ENCOUNTERING RESISTANCE TO CHANGE
- CONVERSATIONAL PITFALLS TO AVOID WITH CLIENTS WHO ARE NOT READY TO CHANGE
- NINE EVIDENCE‐BASED TECHNIQUES FOR OVERCOMING CLIENT RESISTANCE TO FINANCIAL ADVICE
- TAKING “NO” FOR AN ANSWER
- KEY POINTS
- CFP BOARD LEARNING OBJECTIVES COVERED IN THIS CHAPTER
- CHAPTER 18: Helping a Client in Crisis
- CHAPTER 19: Assessment in Financial Planning
- CHAPTER 20: The Role of the Financial Planner: Ethical Considerations in the Psychology of Financial Planning
-
CHAPTER 17: Getting the Client to Take Action: Motivational Interviewing in Financial Planning
- References
- Index
- End User License Agreement
Product information
- Title: Psychology of Financial Planning
- Author(s):
- Release date: September 2022
- Publisher(s): Wiley
- ISBN: 9781119983729
You might also like
book
Psychology of Financial Planning
Tools to help financial planners become more effective Psychology of Financial Planning: Practitioner's Toolkit is a …
audiobook
Psychology of Financial Planning
In Psychology of Financial Planning: The Practitioner's Guide to Money and Behavior, distinguished authors Drs. Brad …
book
Investor Behavior: The Psychology of Financial Planning and Investing
Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of …
book
Entrepreneurial Finance, Fourth Edition: Finance and Business Strategies for the Serious Entrepreneur, 4th Edition
Publisher's Note: Products purchased from Third Party sellers are not guaranteed by the publisher for quality, …