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

ISBN-13: 9781119983729 / Angielski / Twarda / 2022 / 288 str.

Klontz

Spis treści

About the Authors xvIntroduction xixPart I The Psychology of Money 1Chapter 1 Financial Instincts: Why We Are Bad With Money 3The Survival Instincts of Our Ancestors 3Sharing Is Caring ... and Surviving? 5The Anti- Saving Instinct 6I Want It Now! 7Herd Instinct 8What's Your Financial Comfort Zone? 9Fear of Missing Out (FOMO) 12Social Status and Relative Deprivation 13Two Systems 14Understanding Financial Instincts 15Key Concepts 16CFP Board Learning Objectives Covered in This Chapter 16Chapter 2 Behavioral Finance: Understanding Cognitive Biases and Heuristics and What to Do About Them 17What Are Cognitive Biases and Heuristics? 18The Role of the Financial Planner 34Eliminate the Friction 35Techniques for Overcoming Biases 36Key Points 37CFP Board Learning Objectives Covered in This Chapter 37Chapter 3 The Environment 39Environment: Culture, Generation, Class, and Community 40What's Next 44Key Concepts 44CFP Board Learning Objectives Covered in This Chapter 44Part II Understanding a Client's Financial Psychology 47Chapter 4 Financial Flashpoints: Exploring a Client's Financial Background 49Financial Flashpoints 51Key Points 60CFP Board Learning Objectives Covered in This Chapter 60Chapter 5 Money Beliefs 61Money Scripts 62The Role of the Financial Planner 67Key Points 69CFP Board Learning Objectives Covered in This Chapter 69Chapter 6 Financial Behaviors and Outcomes 71Overspending and Undersaving 72Financial Denial 72Financial Paralysis 73Financial Infidelity 73Financial Enmeshment 74Financial Enabling 74Financial Dependence 77Money Disorders 78The Role of the Financial Planner 80Key Points 81CFP Board Learning Objectives Covered in This Chapter 81Part III Principles of Counseling, Psychology, and Communication 83Chapter 7 Sources of Money Conflict 85Conflict with Oneself 86Conflict with Spouse or Partner 88Conflict with Family 92Conflict with Others 95Key Points 97CFP Board Learning Objectives Covered in This Chapter 97Chapter 8 The Principles of Effective Communication 99Being Present 99Communication Skills to Establish Rapport 100Effective Communication Techniques in Practice 108Key Points 112CFP Board Learning Objectives Covered in This Chapter 112Chapter 9 Solution-Focused Techniques in Financial Planning 113The Client Has the Power 114Financial Self- Efficacy 114A Focus on Solutions, Not Problems 115Solution-Focused Techniques for the Financial Planner 116Lead with Curiosity 119Key Points 120CFP Board Learning Objectives Covered in This Chapter 120Chapter 10 Cognitive Behavioral Approaches in Financial Planning 121The Cognitive Model in Practice 123Cognitive Behavioral Techniques for Financial Planners 124Key Points 129CFP Board Learning Objectives Covered in This Chapter 130Chapter 11 Positive Psychology in Financial Planning 131An Infusion of Optimism 131The Three Levels of Positive Psychology 133The Role of the Financial Planner 135Key Points 137CFP Board Learning Objectives Covered in This Chapter 137Chapter 12 Working with Couples and Families: A Systems Perspective 139The Self- Aware Financial Planner 139Maintaining Neutrality 140Transference versus Countertransference 141Couple Conflict 142Financial Infidelity 142Financial Abuse 143Strategies for Helping Couples Resolve Financial Conflicts 144Tools for Resolving Conflict in Couples and Families 145Separate or Combined Finances 147Scenario Planning 148Monitoring 148Key Points 148CFP Board Learning Objectives Covered in This Chapter 149Part IV Client and Planner Attitudes, Values, and Biases 151Chapter 13 Multicultural Competence in Financial Planning: Understanding Your Client's Cultural Identity 153The Multiculturally Competent Financial Planner 154Self- Awareness Around Majority and Minority Status 155Recognizing Majority Group Privilege and Minority Group Disadvantage 156Cultural Humility 157Ten Areas of Culture and Majority/Minority Status That Impact Financial Planning 158Key Points 164CFP Board Learning Objectives Covered in This Chapter 165Chapter 14 Financial Risk Tolerance 167Risk Tolerance 167Emotions, FOMO, and Risk Tolerance 170Development, History, and Family 171Loss Aversion 171Assessing a Client's Risk Tolerance 172Key Points 174CFP Board Learning Objectives Covered in This Chapter 175Chapter 15 Client-Preferred Learning Styles: Getting and Keeping Your Client's Attention 177What Is a Preferred Learning Style? 178A Multifaceted Approach 182Talk Less; Listen More 183Key Points 183CFP Board Learning Objectives Covered in This Chapter 183Chapter 16 Client Values and Goals 185Maslow's Hierarchy of Needs 185Three Universal Human Needs: Self-Determination Theory 186Making Sense of Client Needs in Financial Planning 187Human Needs and Self-Destructive Financial Behaviors 188Responding Without Judgment 189Does Your Client Believe That They Have the Ability to Reach Their Goals? 189Financial Self-Efficacy 191The Advisor and Client Financial Self-Efficacy 192Nine Things Every Financial Planner Should Know About Goals 192Key Points 194CFP Board Learning Objectives Covered in This Chapter 194Part V Integrating Financial Psychology into Financial Planning 195Chapter 17 Getting the Client to Take Action: Motivational Interviewing in Financial Planning 197The Change Process 198Encountering Resistance to Change 204Conversational Pitfalls to Avoid with Clients Who Are Not Ready to Change 205Nine Evidence-Based Techniques for Overcoming Client Resistance to Financial Advice 207Taking "No" for an Answer 212Key Points 212CFP Board Learning Objectives Covered in This Chapter 213Chapter 18 Helping a Client in Crisis 215Crisis Events with Severe Consequences 215The Importance of the Client-Planner Relationship 217The Financial Planner's Role in Helping a Client Navigate Crisis 217Six Steps for a Financial Planning Crisis Event 218Before a Crisis 221After a Crisis 222Key Points 224CFP Board Learning Objectives Covered in This Chapter 224Chapter 19 Assessment in Financial Planning 225Observations 226Interviews 227Key Points 230CFP Board Learning Objectives Covered in This Chapter 230Chapter 20 The Role of the Financial Planner: Ethical Considerations in the Psychology of Financial Planning 231A Financial Planner Is Not a Mental Health Provider 232Contents xiiiWhen and How to Refer 233Ethical Considerations 234The New Financial Planner 235Key Points 237References 239Index 255

O autorze

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(r) 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(r), 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.