Psychology of Financial Planning, Practitioner's Toolkit (eBook)

DR. BRAD KLONTZ is an expert in financial psychology, financial planning, and applied behavioral finance. He is a clinical psychologist and a Certified Financial Planner¯® practitioner. He is Associate Professor of Practice at Creighton University's Heider College of Business and a Managing Principal of Your Mental Wealth Advisors, a Registered Investment Advisor (RIA). 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 has worked with a variety of financial planning programs and led research initiatives that are 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. Dr. PAUL T (TED) KLONTZ is an 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¯®. 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.

Introduction v

Chapter 1 Client Values and Goals 1

Chapter 2 Multicultural Competence in Financial Planning 17

Chapter 3 Financial Flashpoints: Exploring a Client's Financial Background 27

Chapter 4 Money Scripts: Exploring a Client's Beliefs About Money 51

Chapter 5 Financial Behaviors and Outcomes 75

Chapter 6 Principles of Effective Communication 95

Chapter 7 Client and Planner Attitudes, Values, and Biases 109

Chapter 8 Sources of Money Conflict: Working with Couples and Families 119

Chapter 9 Helping Clients Navigate Crisis Events 145

Chapter 10 Principles of Counseling in Financial Planning Practice 151

Chapter 11 Behavioral Finance: Understanding Cognitive Biases and Heuristics . . . and What to Do About Them 161

Chapter 12 Getting the Client to Take Action 171

Going Forward 191

In Closing 193

Index 197