Sarah Stanley Fallaw's Blog, page 3
June 15, 2021
Money Scripts® Now Available on the DataPoints Platform
There is a continued and increased focus on financial psychology in the financial services world. The CFP Board has recently updated its knowledge topics to include the psychology of financial planning, covering everything from client attitudes to critical life experiences that could shape a financial plan. Financial planners recognize that money personality is a key[...]
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June 2, 2021
Measuring Client Risk Tolerance: Psychometrics Versus Revealed Preferences
Last month a war (of sorts) was declared, pitting various risk tolerance companies against each other with respect to their methodologies relating to portfolio risk assessment and analysis. The dispute appeared to be outside the realm of measuring a client’s appetite for risk, so to speak. However, there is a very real and clear line[...]
The post Measuring Client Risk Tolerance: Psychometrics Versus Revealed Preferences appeared first on DataPoints.
April 7, 2021
What is The Psychology of Financial Planning?
On March 30th, the CFP Board announced changes to their Principal Knowledge Topics for educational programs for those seeking or with the Certified Financial Planner (CFP) designation. This change includes a new section representing 7% of the educational component, entitled “The Psychology of Financial Planning.” For those of us at DataPoints who have been writing[...]
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March 19, 2021
Integrate Behavioral Insights into Wealthbox
When you’re working to help clients achieve financial success, having insights related to their financial psychology is crucial. We’re delighted to share that you can now have behavioral insights from DataPoints integrated into Wealthbox. Now advisors who use DataPoints have client money-related attitudes, personality, and psychological risk tolerance assessment results as notes inside Wealthbox. Our[...]
The post Integrate Behavioral Insights into Wealthbox appeared first on DataPoints.
November 18, 2020
Can Clients Become More Frugal Over Time?
One of the hallmarks of a millionaire-next-door client is that they economically use their resources. The “frugality chapter” of The Millionaire Next Door highlighted how frugality was part of the millionaire journey of small business owners, c-level millionaires, and others. If you’re familiar with the books, many continued those practices even after they passed the[...]
The post Can Clients Become More Frugal Over Time? appeared first on DataPoints.
August 5, 2020
What is Financial Psychology?
Financial psychology is the study of the mind and behavior as it relates to spending, saving, and investing decisions. Financial psychologists apply psychological theories, methods, and practices to the areas of personal finance and financial services. The field takes into account both individual differences in money-related behaviors and decisions as well as client psychology, that[...]
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July 8, 2020
Getting to Know Prospects In a Remote World
As the full impact of COVID-19 continues to unveil itself in the financial services industry, many advisors we are hearing from have begun to plan for a long-term remote practice. If you are contemplating a similar shift for the future, it is important to understand the limitations of the methods you used in the past[...]
The post Getting to Know Prospects In a Remote World appeared first on DataPoints.
Getting to Know Prospects in a Remote World
As the full impact of COVID-19 continues to unveil itself in the financial services industry, many advisors we are hearing from have begun to plan for a long-term remote practice. If you are contemplating a similar shift for the future, it is important to understand the limitations of the methods you used in the past[...]
The post Getting to Know Prospects in a Remote World appeared first on DataPoints.
March 16, 2020
Communicating During Chaos: Talking To The Public
Like economics, financial planning, or psychology, there is a science to communication. Research-backed methods exist for sharing information with others, particularly in times of chaos or a crisis. As many of you probably have experienced during preceding days, there are excellent examples of letters, email messages, and social media posts that are both informative and comforting.[...]
The post Communicating During Chaos: Talking To The Public appeared first on DataPoints.
February 27, 2020
Partnering with the Financial Therapy Association
Few would argue that the relationship between our financial psychology and the decisions we make about money-related matters is weak. Many of us know what the “right” answer is when it comes to our saving, spending, and investing behaviors, but the translation from what we know we should do and what we do can be[...]
The post Partnering with the Financial Therapy Association appeared first on DataPoints.
