{"product_id":"psychology-of-financial-planning-isbn-9781119983729","title":"Psychology of Financial Planning","description":"\u003cp\u003e\u003cb\u003ePsychology of Financial Planning: The Practitioner’s Guide to Money and Behavior\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eIn 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. \u003c\/p\u003e\u003cp\u003eDesigned 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. \u003c\/p\u003e\u003cp\u003eWith 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. \u003c\/p\u003e\u003cp\u003eThe 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.   \u003c\/p\u003e\u003cp\u003eTopics include: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eWhy we are bad with money\u003c\/li\u003e \u003cli\u003eClient and planner attitudes, values, \u0026amp; biases\u003c\/li\u003e \u003cli\u003eFinancial flashpoints, money scripts, and financial behaviors\u003c\/li\u003e \u003cli\u003eBehavioral finance\u003c\/li\u003e \u003cli\u003eSources of money conflict\u003c\/li\u003e \u003cli\u003ePrinciples of counseling\u003c\/li\u003e \u003cli\u003eMulticultural competence in financial planning\u003c\/li\u003e \u003cli\u003eGeneral principles of effective communication\u003c\/li\u003e \u003cli\u003eHelping clients navigate crisis events\u003c\/li\u003e \u003cli\u003eAssessment in financial planning\u003c\/li\u003e \u003cli\u003eEthical considerations in the psychology of financial planning\u003c\/li\u003e \u003cli\u003eGetting clients to take action\u003c\/li\u003e \u003cli\u003eIntegrating financial psychology into the financial planning process \u003c\/li\u003e\n\u003c\/ul\u003e\u003cp\u003ePSYCHOLOGY 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. \u003c\/p\u003e\u003cp\u003eAbout the Authors xv\u003c\/p\u003e \u003cp\u003eIntroduction xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I The Psychology of Money 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Financial Instincts: Why We Are Bad With Money 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Survival Instincts of Our Ancestors 3\u003c\/p\u003e \u003cp\u003eSharing Is Caring ... and Surviving? 5\u003c\/p\u003e \u003cp\u003eThe Anti- Saving Instinct 6\u003c\/p\u003e \u003cp\u003eI Want It Now! 7\u003c\/p\u003e \u003cp\u003eHerd Instinct 8\u003c\/p\u003e \u003cp\u003eWhat’s Your Financial Comfort Zone? 9\u003c\/p\u003e \u003cp\u003eFear of Missing Out (FOMO) 12\u003c\/p\u003e \u003cp\u003eSocial Status and Relative Deprivation 13\u003c\/p\u003e \u003cp\u003eTwo Systems 14\u003c\/p\u003e \u003cp\u003eUnderstanding Financial Instincts 15\u003c\/p\u003e \u003cp\u003eKey Concepts 16\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Behavioral Finance: Understanding Cognitive Biases and Heuristics and What to Do About Them 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Cognitive Biases and Heuristics? 18\u003c\/p\u003e \u003cp\u003eThe Role of the Financial Planner 34\u003c\/p\u003e \u003cp\u003eEliminate the Friction 35\u003c\/p\u003e \u003cp\u003eTechniques for Overcoming Biases 36\u003c\/p\u003e \u003cp\u003eKey Points 37\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Environment 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEnvironment: Culture, Generation, Class, and Community 40\u003c\/p\u003e \u003cp\u003eWhat’s Next 44\u003c\/p\u003e \u003cp\u003eKey Concepts 44\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 44\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Understanding a Client’s Financial Psychology 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 4 Financial Flashpoints: Exploring a Client’s Financial Background 49\u003c\/p\u003e \u003cp\u003eFinancial Flashpoints 51\u003c\/p\u003e \u003cp\u003eKey Points 60\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 60\u003c\/p\u003e \u003cp\u003eChapter 5 Money Beliefs 61\u003c\/p\u003e \u003cp\u003eMoney Scripts 62\u003c\/p\u003e \u003cp\u003eThe Role of the Financial Planner 67\u003c\/p\u003e \u003cp\u003eKey Points 69\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 69\u003c\/p\u003e \u003cp\u003eChapter 6 Financial Behaviors and Outcomes 71\u003c\/p\u003e \u003cp\u003eOverspending and Undersaving 72\u003c\/p\u003e \u003cp\u003eFinancial Denial 72\u003c\/p\u003e \u003cp\u003eFinancial Paralysis 73\u003c\/p\u003e \u003cp\u003eFinancial Infidelity 73\u003c\/p\u003e \u003cp\u003eFinancial Enmeshment 74\u003c\/p\u003e \u003cp\u003eFinancial Enabling 74\u003c\/p\u003e \u003cp\u003eFinancial Dependence 77\u003c\/p\u003e \u003cp\u003eMoney Disorders 78\u003c\/p\u003e \u003cp\u003eThe Role of the Financial Planner 80\u003c\/p\u003e \u003cp\u003eKey Points 81\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Principles of Counseling, Psychology, and Communication 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 7 Sources of Money Conflict 85\u003c\/p\u003e \u003cp\u003eConflict with Oneself 86\u003c\/p\u003e \u003cp\u003eConflict with Spouse or Partner 88\u003c\/p\u003e \u003cp\u003eConflict with Family 92\u003c\/p\u003e \u003cp\u003eConflict with Others 95\u003c\/p\u003e \u003cp\u003eKey Points 97\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 97\u003c\/p\u003e \u003cp\u003eChapter 8 The Principles of Effective Communication 99\u003c\/p\u003e \u003cp\u003eBeing Present 99\u003c\/p\u003e \u003cp\u003eCommunication Skills to Establish Rapport 100\u003c\/p\u003e \u003cp\u003eEffective Communication Techniques in Practice 108\u003c\/p\u003e \u003cp\u003eKey Points 112\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 112\u003c\/p\u003e \u003cp\u003eChapter 9 Solution-Focused Techniques in Financial Planning 113\u003c\/p\u003e \u003cp\u003eThe Client Has the Power 114\u003c\/p\u003e \u003cp\u003eFinancial Self- Efficacy 114\u003c\/p\u003e \u003cp\u003eA Focus on Solutions, Not Problems 115\u003c\/p\u003e \u003cp\u003eSolution-Focused Techniques for the Financial Planner 116\u003c\/p\u003e \u003cp\u003eLead with Curiosity 119\u003c\/p\u003e \u003cp\u003eKey Points 120\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 120\u003c\/p\u003e \u003cp\u003eChapter 10 Cognitive Behavioral Approaches in Financial Planning 121\u003c\/p\u003e \u003cp\u003eThe Cognitive Model in Practice 123\u003c\/p\u003e \u003cp\u003eCognitive Behavioral Techniques for Financial Planners 124\u003c\/p\u003e \u003cp\u003eKey Points 129\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Positive Psychology in Financial Planning 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Infusion of Optimism 131\u003c\/p\u003e \u003cp\u003eThe Three Levels of Positive Psychology 133\u003c\/p\u003e \u003cp\u003eThe Role of the Financial Planner 135\u003c\/p\u003e \u003cp\u003eKey Points 137\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 137\u003c\/p\u003e \u003cp\u003eChapter 12 Working with Couples and Families: A Systems Perspective 139\u003c\/p\u003e \u003cp\u003eThe Self- Aware Financial Planner 139\u003c\/p\u003e \u003cp\u003eMaintaining Neutrality 140\u003c\/p\u003e \u003cp\u003eTransference versus Countertransference 141\u003c\/p\u003e \u003cp\u003eCouple Conflict 142\u003c\/p\u003e \u003cp\u003eFinancial Infidelity 142\u003c\/p\u003e \u003cp\u003eFinancial Abuse 143\u003c\/p\u003e \u003cp\u003eStrategies for Helping Couples Resolve Financial Conflicts 144\u003c\/p\u003e \u003cp\u003eTools for Resolving Conflict in Couples and Families 145\u003c\/p\u003e \u003cp\u003eSeparate or Combined Finances 147\u003c\/p\u003e \u003cp\u003eScenario Planning 148\u003c\/p\u003e \u003cp\u003eMonitoring 148\u003c\/p\u003e \u003cp\u003eKey Points 148\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 149\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Client and Planner Attitudes, Values, and Biases 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 13 Multicultural Competence in Financial Planning: Understanding Your Client’s Cultural Identity 153\u003c\/p\u003e \u003cp\u003eThe Multiculturally Competent Financial Planner 154\u003c\/p\u003e \u003cp\u003eSelf- Awareness Around Majority and Minority Status 155\u003c\/p\u003e \u003cp\u003eRecognizing Majority Group Privilege and Minority Group Disadvantage 156\u003c\/p\u003e \u003cp\u003eCultural Humility 157\u003c\/p\u003e \u003cp\u003eTen Areas of Culture and Majority\/Minority Status That Impact Financial Planning 158\u003c\/p\u003e \u003cp\u003eKey Points 164\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 165\u003c\/p\u003e \u003cp\u003eChapter 14 Financial Risk Tolerance 167\u003c\/p\u003e \u003cp\u003eRisk Tolerance 167\u003c\/p\u003e \u003cp\u003eEmotions, FOMO, and Risk Tolerance 170\u003c\/p\u003e \u003cp\u003eDevelopment, History, and Family 171\u003c\/p\u003e \u003cp\u003eLoss Aversion 171\u003c\/p\u003e \u003cp\u003eAssessing a Client’s Risk Tolerance 172\u003c\/p\u003e \u003cp\u003eKey Points 174\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 175\u003c\/p\u003e \u003cp\u003eChapter 15 Client-Preferred Learning Styles: Getting and Keeping Your Client’s Attention 177\u003c\/p\u003e \u003cp\u003eWhat Is a Preferred Learning Style? 178\u003c\/p\u003e \u003cp\u003eA Multifaceted Approach 182\u003c\/p\u003e \u003cp\u003eTalk Less; Listen More 183\u003c\/p\u003e \u003cp\u003eKey Points 183\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 183\u003c\/p\u003e \u003cp\u003eChapter 16 Client Values and Goals 185\u003c\/p\u003e \u003cp\u003eMaslow’s Hierarchy of Needs 185\u003c\/p\u003e \u003cp\u003eThree Universal Human Needs: Self-Determination Theory 186\u003c\/p\u003e \u003cp\u003eMaking Sense of Client Needs in Financial Planning 187\u003c\/p\u003e \u003cp\u003eHuman Needs and Self-Destructive Financial Behaviors 188\u003c\/p\u003e \u003cp\u003eResponding Without Judgment 189\u003c\/p\u003e \u003cp\u003eDoes Your Client Believe That They Have the Ability to Reach Their Goals? 189\u003c\/p\u003e \u003cp\u003eFinancial Self-Efficacy 191\u003c\/p\u003e \u003cp\u003eThe Advisor and Client Financial Self-Efficacy 192\u003c\/p\u003e \u003cp\u003eNine Things Every Financial Planner Should Know About Goals 192\u003c\/p\u003e \u003cp\u003eKey Points 194\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Integrating Financial Psychology into Financial Planning 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 17 Getting the Client to Take Action: Motivational Interviewing in Financial Planning 197\u003c\/p\u003e \u003cp\u003eThe Change Process 198\u003c\/p\u003e \u003cp\u003eEncountering Resistance to Change 204\u003c\/p\u003e \u003cp\u003eConversational Pitfalls to Avoid with Clients Who Are Not Ready to Change 205\u003c\/p\u003e \u003cp\u003eNine Evidence-Based Techniques for Overcoming Client Resistance to Financial Advice 207\u003c\/p\u003e \u003cp\u003eTaking “No” for an Answer 212\u003c\/p\u003e \u003cp\u003eKey Points 212\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 213\u003c\/p\u003e \u003cp\u003eChapter 18 Helping a Client in Crisis 215\u003c\/p\u003e \u003cp\u003eCrisis Events with Severe Consequences 215\u003c\/p\u003e \u003cp\u003eThe Importance of the Client–Planner Relationship 217\u003c\/p\u003e \u003cp\u003eThe Financial Planner’s Role in Helping a Client Navigate Crisis 217\u003c\/p\u003e \u003cp\u003eSix Steps for a Financial Planning Crisis Event 218\u003c\/p\u003e \u003cp\u003eBefore a Crisis 221\u003c\/p\u003e \u003cp\u003eAfter a Crisis 222\u003c\/p\u003e \u003cp\u003eKey Points 224\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 224\u003c\/p\u003e \u003cp\u003eChapter 19 Assessment in Financial Planning 225\u003c\/p\u003e \u003cp\u003eObservations 226\u003c\/p\u003e \u003cp\u003eInterviews 227\u003c\/p\u003e \u003cp\u003eKey Points 230\u003c\/p\u003e \u003cp\u003eCFP Board Learning Objectives Covered in This Chapter 230\u003c\/p\u003e \u003cp\u003eChapter 20 The Role of the Financial Planner: Ethical Considerations in the Psychology of Financial Planning 231\u003c\/p\u003e \u003cp\u003eA Financial Planner Is Not a Mental Health Provider 232\u003c\/p\u003e \u003cp\u003eContents xiii\u003c\/p\u003e \u003cp\u003eWhen and How to Refer 233\u003c\/p\u003e \u003cp\u003eEthical Considerations 234\u003c\/p\u003e \u003cp\u003eThe New Financial Planner 235\u003c\/p\u003e \u003cp\u003eKey Points 237\u003c\/p\u003e \u003cp\u003eReferences 239\u003c\/p\u003e \u003cp\u003eIndex 255\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDR. BRAD KLONTZ\u003c\/b\u003e 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\u003csup\u003e®\u003c\/sup\u003e 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. \u003c\/p\u003e \u003cp\u003e\u003cb\u003eDR. CHARLES CHAFFIN’s\u003c\/b\u003e 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. \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePAUL T (TED) KLONTZ,\u003c\/b\u003e 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\u003csup\u003e®\u003c\/sup\u003e, 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: \u003ci\u003eMoney 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.\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003e The inclusion of the psychology of financial planning into the required body of knowledge for financial planners is a huge leap forward for the profession to become even more client centered. A thorough understanding of the financial psychology of clients helps advisors from all business models better address their goals and needs in real-time. \u003c\/p\u003e \u003cp\u003eIn \u003ci\u003ePsychology of Financial Planning: The Practitioner’s Guide to Money and Behavior\u003c\/i\u003e, the distinguished team of practitioners and scholars delivers a deep dive into five different areas of the financial psychology of clients. The book offers contexts, tools, and solutions for the most frequently encountered issues in each of these areas and shows financial practitioners how to address the financial behaviors, triggers, flashpoints, beliefs, and cognitive biases that commonly arise.  \u003c\/p\u003e\u003cp\u003eThis book is not about just defining terms and phrases. You’ll learn to facilitate behavioral change by asking the right questions and providing advice in the right way. The authors present the Klontz-Chaffin Model of Financial Psychology, which outlines the factors that impact money and behavior. They go beyond the cliché advice offered by countless media “experts” who tell people to “buy low and sell high” and not live beyond your means by showing you how to help clients actually change their behaviors.  \u003c\/p\u003e\u003cp\u003eThe book explains how to help clients by helping them use their worldview and experiences to inform and improve the financial decisions they make every day.  \u003c\/p\u003e\u003cp\u003eAn essential guide for financial planners and advisors seeking to increase the positive impact they have on the lives of their clients and their families, \u003ci\u003ePsychology of Financial Planning: The Practitioner’s Guide to Money and Behavior\u003c\/i\u003e will also earn a place in the libraries of anyone interested in the psychology of money, investing, and wealth building.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eUNCOVER WHAT MOTIVATES YOUR FINANCIAL PLANNING CLIENTS \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003ePsychology of Financial Planning: The Practitioner’s Guide to Money and Behavior\u003c\/i\u003e offers financial planners a holistic and insightful handbook to getting into the minds and hearts of their clients to help them achieve their financial goals. In the book, you’ll learn to facilitate both subtle and dramatic behavior changes by asking the right questions in the right way and taking your clients’ backgrounds and personal histories into account.  \u003c\/p\u003e\u003cp\u003eThe authors dive deep into five key areas of financial psychology with outsized influences on how we interact with money and deliver contexts, tools, and solutions that address counterproductive financial behaviors, flashpoints, beliefs, triggers, and cognitive biases. The book incorporates all of the required learning objectives for individuals pursuing a career in financial planning.  \u003c\/p\u003e\u003cp\u003eSome of the key topic areas include:  \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eUnderstanding your client’s financial psychology,\u003c\/li\u003e \u003cli\u003eGetting the client to take action,\u003c\/li\u003e \u003cli\u003eMulticultural competence in financial planning,\u003c\/li\u003e \u003cli\u003ePrinciples of effective communication,\u003c\/li\u003e \u003cli\u003eClient and planner attitudes, values, biases,\u003c\/li\u003e \u003cli\u003eBehavioral finance in financial planning practice,\u003c\/li\u003e \u003cli\u003eSources of money conflict, \u003c\/li\u003e \u003cli\u003ePrinciples of counseling in financial planning,\u003c\/li\u003e \u003cli\u003eHelping clients navigate crisis events.\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eA can’t-miss roadmap to improving your ability to successfully advise clients, \u003ci\u003ePsychology of Financial Planning: The Practitioner’s Guide to Money and Behavior\u003c\/i\u003e deserves a place on the bookshelves of financial planners everywhere.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989886451941,"sku":"NP9781119983729","price":49.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119983729.jpg?v=1761785795","url":"https:\/\/k12savings.com\/es\/products\/psychology-of-financial-planning-isbn-9781119983729","provider":"K12savings","version":"1.0","type":"link"}