Psychology of financial planning : practitioner's toolkit / Brad Klontz, Charles R. Chaffin, Ted Klontz.

Format:

Book

Author/Creator:

Klontz, Brad, author.

Chaffin, Charles R., author.

Klontz, Ted, author.

Language:

English

Subjects (All):

Finance, Personal--Psychological aspects.

Finance, Personal.

Financial security.

Physical Description:

1 online resource (211 pages)

Place of Publication:

Hoboken, New Jersey : John Wiley & Sons, Inc., [2023]

Summary:

"In the Fall of 2021, the CFP Board announced the creation of a new category of learning objectives: Psychology of Financial Planning. As such, aspiring financial planners are now all required to gain knowledge in several key areas of financial psychology. Along with this announcement came a sense of panic, as educational institutions across the country realized they are NOT equipped to teach their students about psychology. Written by the world's leading experts in financial psychology, Psychology of Financial Planning Practitioner's Toolkit will be the companion to THE comprehensive resource to provide programs and professors in financial planning the knowledge and tools they need to meet these new educational requirements"-- Provided by publisher.

Contents:

Cover

Title Page

Copyright Page

Contents

Introduction

About This Book

How to Use This Book

Chapter 1 Client Values and Goals

Exercise 1: What Drives You?

Exercise 2: Tape Measure Exercise

Materials Needed

Instructions

Exercise 3: Incomplete Sentences Intervention

Exercise 4: Self-Efficacy Reflection

Note

Chapter 2 Multicultural Competence in Financial Planning

Exercise 5: Your Multicultural Experience

Exercise 6: Your Current (or Future) Clientele

Majority and Minority Status That Impact Financial Planning

Exercise 7: ADDRESSING Exercise

Notes

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

Exercise 8: Your Ancestral Flashpoints

Exercise 9: Your Financial Flashpoints

Your Childhood Experiences

Socioeconomic Status

Financial Support

Gender

Stress and Trauma

Cultural Events

Exercise 10: The Money Egg

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

Exercise 11: The Klontz Money Script Inventory-Revised (KMSI-R)

Klontz Money Script® Inventory-Revised (KMSI-R)

Scoring Procedures

Your Results

Money Avoidance

Money Focus

Money Status

Money Vigilance

Exercise 12: Money Script Log

Exercise 13: New Money Mantra

Chapter 5 Financial Behaviors and Outcomes

Exercise 14: Financial Health Scale

Financial Health Scale

Scoring Instructions

Exercise 15: Klontz Money Behavior Inventory (KMBI)

Klontz Money Behavior Inventory (KMBI)

Scoring Key

Exercise 16: Mindfulness Meditation

Chapter 6 Principles of Effective Communication

Open-Ended Invitations Versus Closed-Ended Questions

Exercise 17: Open-Ended Invitation

Reflection

Exercise 18: Reflection Exercise.

Exercise 19: Question-Free Zone Exercise

Exercise 20: Dirty Dozen Exercise

Exercise 21: The FLOW Process

Exercise 22: Listening by Sketch

Chapter 7 Client and Planner Attitudes, Values, and Biases

The Six Main Learning Styles

1. Visual

2. Auditory

3. Reading/Writing

4. Logical

5. Kinesthetic

6. Social Versus Solitary Learners

A Multifaceted Approach

Exercise 23: Learning Style Exercise

Active Versus Passive

Exercise 24: The 75% Rule

Attention

Exercise 25: The Distraction Checklist

Exercise 26: The Client Distraction Checklist

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

Exercise 27: Conversation Intervention

Questions to Discuss

The Self-Aware Financial Planner

Chapter 9 Helping Clients Navigate Crisis Events

The Financial Planner's Role in Helping a Client Navigate Crisis

Step 1: Normalize the Client's Experience

Step 2: Encourage the Client to Talk About the Facts

Step 3: Ask About the Client's Thought Process

Step 4: Ask About the Client's Emotions and Reactions

Step 5: Watch for Signs That the Client May Need Additional Support

Step 6: Modify the Financial Plan to Address the Crisis Event

Chapter 10 Principles of Counseling in Financial Planning Practice

Exercise 29: The Miracle Question

Cognitive Behavioral Techniques in Financial Planning

Exercise 30: Stress Inoculation: The Worst-Case Scenario

Positive Psychology in Financial Planning

Exercise 31: The Gratitude Exercise

Exercise 32: Three Good Things

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

Exercise 33: Status Quo Bias

Exercise 34: Mental Accounting

Exercise 35: Endowment Effect

Exercise 36: Sunk-Cost Fallacy.

Exercise 37: Anchoring Heuristic

Exercise 38: Confirmation Bias

Chapter 12 Getting the Client to Take Action

Exercise 39: Motivational Interviewing Exercise

Values Versus Behaviors

Exercise 40: Well-Done Exercise

Exercise 41: Professional Relationship Forensic Audit

Nine Evidence-Based Techniques for Overcoming Client Resistance to Financial Advice

Exercise 42: Simple Reflection

Exercise 43: Complex Reflection

Exercise 44: Amplified Reflection

Exercise 45: Double-Sided Reflection

Exercise 46: Shifting the Focus from What's Not Working to What Is Working

Exercise 47: Reframing

Exercise 48: Agreement with a Twist

Exercise 49: Emphasizing Self-Determination

Exercise 50: Arguing Against Change

Going Forward

In Closing

Index

EULA.

Notes:

Description based on print version record.

Includes index.

Other Format:

Print version: Klontz, Brad Psychology of Financial Planning

ISBN:

9781394161232

1394161239

OCLC:

1346125213