{"product_id":"client-psychology-isbn-9781119436263","title":"Client Psychology","description":"\u003cp\u003e\u003cb\u003eA Client-Centered approach to Financial Planning Practice built by Research for Practitioners\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe second in the CFP Board Center for Financial Planning Series, \u003ci\u003eClient Psychology\u003c\/i\u003e explores the biases, behaviors, and perceptions that impact client decision-making and overall financial well-being.\u003c\/p\u003e \u003cp\u003eThis book, written for practitioners, researchers, and educators, outlines the theory behind many of these areas while also explicitly stating how these related areas directly impact financial planning practice. Additionally, some chapters build an argument based solely upon theory while others will have exclusively practical applications.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDefines an entirely new area of focus within financial planning practice and research: Client Psychology\u003c\/li\u003e \u003cli\u003eServes as the essential reference for financial planners on client psychology  \u003c\/li\u003e \u003cli\u003eBuilds upon and expands the body of knowledge for financial planning\u003c\/li\u003e \u003cli\u003eProvides insight regarding the factors that impact client financial decision-making from a multidisciplinary approach    \u003c\/li\u003e \u003c\/ul\u003e If you’re a CFP\u003csup\u003e®\u003c\/sup\u003e professional, researcher, financial advisor, or student pursuing a career in financial planning or financial services, this book deserves a prominent spot on your professional bookshelf. \u003cp\u003eAcknowledgments xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003cbr\u003e\u003ci\u003eCharles R. Chaffin, EdD, CFP Board Center for Financial Planning\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAbout the Contributors xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClient Psychology 1\u003cbr\u003e \u003ci\u003eCharles R. Chaffin, EdD, CFP Board Center for Financial Planning Jonathan J. Fox, PhD, Iowa State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReferences 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBehavioral Finance 11\u003cbr\u003e \u003ci\u003eSwarn Chatterjee, PhD, and Joseph Goetz, PhD, University of Georgia\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Behavioral Finance? 12\u003c\/p\u003e \u003cp\u003eApplications of Behavioral Finance in Understanding and Changing Clients’ Behavior 14\u003c\/p\u003e \u003cp\u003eSummary 16\u003c\/p\u003e \u003cp\u003eReferences 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Client Behavior: Rational or Irrational? 19\u003cbr\u003e \u003ci\u003eSwarn Chatterjee, PhD, and Joseph Goetz, PhD, University of Georgia\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBounded Rationality 19\u003c\/p\u003e \u003cp\u003eSunk Cost Fallacy 22\u003c\/p\u003e \u003cp\u003eFlat Rate Bias 23\u003c\/p\u003e \u003cp\u003eSummary 23\u003c\/p\u003e \u003cp\u003eReferences 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHeuristics and Biases 25\u003cbr\u003e \u003ci\u003eJodi Letkiewicz, PhD, York University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSystem 1 and System 2 26\u003c\/p\u003e \u003cp\u003eHeuristics 27\u003c\/p\u003e \u003cp\u003eBias Reduction 34\u003c\/p\u003e \u003cp\u003eReferences 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDecision-Making under Risk 43\u003cbr\u003e \u003ci\u003eHanNa Lim, PhD, Kansas State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eExpected Utility Theory 43\u003c\/p\u003e \u003cp\u003eViolations of Expected Utility Theory 44\u003c\/p\u003e \u003cp\u003eProspect Theory 46\u003c\/p\u003e \u003cp\u003eEffects in Prospect Theory 51\u003c\/p\u003e \u003cp\u003eImplications for Research and Practice 55\u003c\/p\u003e \u003cp\u003eReferences 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Mental Accounting in Household Spending and Investing Decisions 65\u003cbr\u003e \u003ci\u003eC. Yiwei Zhang, PhD, and Abigail B. Sussman, PhD, The University of Chicago Booth School of Business\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMental Accounting as Categorization 66\u003c\/p\u003e \u003cp\u003eMethods for Categorizing Funds 67\u003c\/p\u003e \u003cp\u003eBudgeting 73\u003c\/p\u003e \u003cp\u003eImplications for Investing 82\u003c\/p\u003e \u003cp\u003eConcluding Remarks and Future Research 86\u003c\/p\u003e \u003cp\u003eReferences 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntentional Choice Architecture 97\u003cbr\u003e \u003ci\u003eMichael J. Liersch, PhD\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAre You an Intentional Choice Architect? 98\u003c\/p\u003e \u003cp\u003ePrinciple 1: Humans Have Limitations 101\u003c\/p\u003e \u003cp\u003ePrinciple 2: Humans Use Reference Points to Make Decisions 103\u003c\/p\u003e \u003cp\u003eThe Choice Architect’s Opportunity 106\u003c\/p\u003e \u003cp\u003eThe Case for Intentional Choice Architecture: Retirement Savings 107\u003c\/p\u003e \u003cp\u003ePlan Participation, Deferral Rates, and Default Investment Options 110\u003c\/p\u003e \u003cp\u003eFrom Awareness to Action 114\u003c\/p\u003e \u003cp\u003eReferences 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCognition, Distraction, and the Financial Planning Client 119\u003cbr\u003e \u003ci\u003eNils Olsen, Vanessa G. Perry, and Zhuo Jin, George Washington University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eInfluences on the Frame of Mind 120\u003c\/p\u003e \u003cp\u003eEmotion, Stress, and Touch 122\u003c\/p\u003e \u003cp\u003eChoice and Cognitive Overload 125\u003c\/p\u003e \u003cp\u003eVisual Portrayal of Data 126\u003c\/p\u003e \u003cp\u003eLosses and Gains 127\u003c\/p\u003e \u003cp\u003eCognitive Resource Depletion 127\u003c\/p\u003e \u003cp\u003eImplications for Financial Planning Professionals 130\u003c\/p\u003e \u003cp\u003eReferences 133\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePersonality and Financial Behavior 137\u003cbr\u003e \u003ci\u003eSarah D. Asebedo, PhD, CFP ® , Texas Tech University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eModels of Personality 138\u003c\/p\u003e \u003cp\u003eThe Relationship between Personality and Financial Behavior 139\u003c\/p\u003e \u003cp\u003eOpenness to Experience 140\u003c\/p\u003e \u003cp\u003eConscientiousness 141\u003c\/p\u003e \u003cp\u003eExtroversion 142\u003c\/p\u003e \u003cp\u003eAgreeableness 144\u003c\/p\u003e \u003cp\u003eNeuroticism 145\u003c\/p\u003e \u003cp\u003eConnecting Personality to Financial Behavior through Theory 147\u003c\/p\u003e \u003cp\u003ePersonality Measurement 148\u003c\/p\u003e \u003cp\u003eImplications for Research and Practice 149\u003c\/p\u003e \u003cp\u003eFuture Direction 150\u003c\/p\u003e \u003cp\u003eReferences 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk Literacy 155\u003cbr\u003e \u003ci\u003eMeghaan R. Lurtz, MS, and Stuart J. Heckman, PhD, CFP ® , Kansas State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBerlin Numeracy Test 156\u003c\/p\u003e \u003cp\u003eRisk Literacy and Financial Planning 160\u003c\/p\u003e \u003cp\u003eConclusion 161\u003c\/p\u003e \u003cp\u003eReferences 162\u003c\/p\u003e \u003cp\u003eAppendix 164\u003c\/p\u003e \u003cp\u003eBerlin Numeracy Test for General Population 164\u003c\/p\u003e \u003cp\u003eBerlin Numeracy Test for Educated Population 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAutomated Decision Aids: Understanding Disuse and Designing for Trust, with Implications for Financial Planning 167\u003cbr\u003e \u003ci\u003eJason S. McCarley, PhD, Oregon State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMechanical versus Holistic Judgment 168\u003c\/p\u003e \u003cp\u003eAlgorithm Aversion and Automation Disuse 170\u003c\/p\u003e \u003cp\u003eTrust in Automated Systems 172\u003c\/p\u003e \u003cp\u003eConclusion 176\u003c\/p\u003e \u003cp\u003eReferences 177\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSelf-Determination Theory and Self-Effi cacy in Financial Planning 181\u003cbr\u003e \u003ci\u003eCharles R. Chaffin, EdD, CFP Board Center for Financial Planning\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSelf-Determination Theory 182\u003c\/p\u003e \u003cp\u003eSelf-Efficacy 184\u003c\/p\u003e \u003cp\u003eReferences 186\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarriage and Family Therapy, Financial Therapy, and Client Psychology 189\u003cbr\u003e \u003ci\u003eKristy Archuleta, PhD, and Sonya Britt-Lutter, PhD Kansas State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eMarriage and Family Therapy 190\u003c\/p\u003e \u003cp\u003eFamily Systems Theory 191\u003c\/p\u003e \u003cp\u003eFinancial Therapy 195\u003c\/p\u003e \u003cp\u003eBuilding Alliances with Families and Couples 196\u003c\/p\u003e \u003cp\u003eReferrals and Collaborations 198\u003c\/p\u003e \u003cp\u003eConclusion 200\u003c\/p\u003e \u003cp\u003eReferences 200\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClient Diversity: Understanding and Leveraging Difference to Enhance Financial Planning Practice 203\u003cbr\u003e \u003ci\u003eQuinetta Roberson, PhD, Villanova University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding the Concept of Diversity 204\u003c\/p\u003e \u003cp\u003eThe Business Value of Diversity 209\u003c\/p\u003e \u003cp\u003eLeveraging Client Diversity 211\u003c\/p\u003e \u003cp\u003ePractice Perspectives 213\u003c\/p\u003e \u003cp\u003eConclusion 218\u003c\/p\u003e \u003cp\u003eReferences 218\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClient Psychology: The Older Client 221\u003cbr\u003e \u003ci\u003eDeanna L. Sharpe, PhD, CFP ® , CRPS ® , CRPCC ® , University of Missouri\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 221\u003c\/p\u003e \u003cp\u003eAge-Related Changes in Brain Structure and Function 226\u003c\/p\u003e \u003cp\u003eAging and Economic Decision-Making 233\u003c\/p\u003e \u003cp\u003eConcerning Signs 237\u003c\/p\u003e \u003cp\u003eSupporting Older Clients 239\u003c\/p\u003e \u003cp\u003eResearch Challenges 242\u003c\/p\u003e \u003cp\u003eFinal Thoughts 245\u003c\/p\u003e \u003cp\u003eReferences 246\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Psychology 253\u003cbr\u003e \u003ci\u003eBradley T. Klontz, PsyD, CFP ® , Creighton University Faith Zabek, MEd, Georgia State University Edward Horwitz, PhD, CFP ® , Creighton University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eFinancial Psychology 254\u003c\/p\u003e \u003cp\u003eFinancial Psychology for Financial Planners 259\u003c\/p\u003e \u003cp\u003eMotivational Interviewing Techniques 261\u003c\/p\u003e \u003cp\u003eConclusion 265\u003c\/p\u003e \u003cp\u003eReferences 266\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMoney Disorders and Other Problematic Financial Behaviors 271\u003cbr\u003e \u003ci\u003eEdward Horwitz, PhD, CFP ® , Creighton University Bradley T. Klontz, PsyD, CFP ® , Creighton University Meghaan Lurtz, MS, Kansas State University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eLiterature on Money Disorders and Related Financial Behaviors 273\u003c\/p\u003e \u003cp\u003eAddressing Money Disorders and Related Financial Behaviors 278\u003c\/p\u003e \u003cp\u003eCase Studies 280\u003c\/p\u003e \u003cp\u003eOverspending and Compulsive Buying Disorder 280\u003c\/p\u003e \u003cp\u003eFinancial Denial or Avoidance 282\u003c\/p\u003e \u003cp\u003eFinancial Enabling and Dependency 283\u003c\/p\u003e \u003cp\u003eReferences 285\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSituation Awareness in Financial Planning: Research and Application 289\u003cbr\u003e \u003ci\u003eCharles R. Chaffin, EdD, CFP Board Center for Financial Planning John Grable, PhD, CFP ® , University of Georgia\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePerception 292\u003c\/p\u003e \u003cp\u003eComprehension 293\u003c\/p\u003e \u003cp\u003ePrediction 294\u003c\/p\u003e \u003cp\u003eFuture Directions 298\u003c\/p\u003e \u003cp\u003eReferences 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinal Remarks 301\u003cbr\u003e \u003ci\u003eCharles R. Chaffin, EdD, CFP Board Center for Financial Planning\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eReferences 304\u003c\/p\u003e \u003cp\u003eIndex 305\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eCHARLES R. CHAFFIN, ED.D.,\u003c\/b\u003e is Director of Academic Initiatives at the CFP Board Center for Financial Planning. He is Executive Editor of \u003ci\u003eFinancial Planning Review\u003c\/i\u003e, the academic journal from the CFP Board Center for Financial Planning. In addition, he leads the Academic Research Colloquium and the Columbia University–CFP Board Teaching Seminar and serves as editor of the CFP Board Center for Financial Planning Series. He is a published researcher with a multitude of papers that focus on the cognitive workload of learners in different task settings, reflective practice, and best practices in higher education curriculum and instruction, both within education as well as within financial planning. He has taught all levels of learners, from elementary school, baccalaureate, graduate, and doctoral studies through a variety of instructional platforms. He holds a graduate degree from the University of Michigan and a doctorate from the University of Illinois at Urbana-Champaign.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eCFP BOARD CENTER FOR FINANCIAL PLANNING\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eThe CFP Board Center for Financial Planning seeks to create a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. The Center brings together CFP\u003csup\u003e®\u003c\/sup\u003e professionals, firms, educators, researchers, and experts to address profession- wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. More about the Center and its initiatives can be found at www.CenterforFinancialPlanning.org. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eCFP BOARD\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eCertified Financial Planner Board of Standards, Inc., is a nonprofit organization acting in the public interest by fostering professional standards in financial planning. CFP Board sets and enforces the standards for CFP\u003csup\u003e®\u003c\/sup\u003e certification, the recognized standard of excellence for personal financial planning. Individuals who successfully complete CFP Board's initial and ongoing certification requirements—including requirements related to education, examination, experience, and ethics—are awarded the right to use the CFP\u003csup\u003e®\u003c\/sup\u003e certification marks. CFP\u003csup\u003e®\u003c\/sup\u003e certification identifies financial planners who are true professionals in one of the fastest-growing and exciting careers today, allowing the public to find professionals qualified to provide competent and ethical financial planning services delivered with a fiduciary standard of care, putting the client's best interests first. They are located in Washington, D.C.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eFINANCIAL PLANNING IS FIRST AND FOREMOST, A HUMAN ENDEAVOR\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eThe second in the CFP Board Center for Financial Planning Series, \u003ci\u003eClient Psychology\u003c\/i\u003e, explores the biases, behaviors, and perceptions that impact the decision-making and overall financial well-being of the individual who lies at the center of the entire profession: The Client. \u003c\/p\u003e\u003cp\u003eThis book, written for practitioners, researchers, and educators, outlines the theory behind the motivations, relationships, and decisions that impact the financial planning client, while drawing a direct link to how these factors impact financial planning practice. Some chapters build an argument based solely upon theory, while others will confirm and even challenge practice through research. \u003ci\u003eClient Psychology\u003c\/i\u003e builds an entirely new body of knowledge through relevant theory in academic disciplines such as behavioral finance, cognitive and clinical psychology, sociology, financial therapy, and a multitude of other areas that impact both theory and practice. \u003ci\u003eClient Psychology\u003c\/i\u003e is for the entire profession, as theory and practice are not treated as binary, but rather, interconnected in an accessible way so that relevant research is directly connected to financial planning practice. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eClient Psychology:\u003c\/i\u003e \u003c\/p\u003e\u003cul\u003e \u003cli\u003eDefines an entirely new area of focus within financial planning practice and research in Client Psychology\u003c\/li\u003e \u003cli\u003eServes as the essential reference for financial planners on biases, behaviors, and perceptions that impact client decision-making and financial well-being\u003c\/li\u003e \u003cli\u003eBuilds upon and expands the body of knowledge for financial planning; and\u003c\/li\u003e \u003cli\u003eProvides insight regarding the factors that impact client financial decision- making from a multidisciplinary approach\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIf you're a CFP\u003csup\u003e®\u003c\/sup\u003e professional, researcher, financial advisor, or student pursuing a career in financial planning or financial services, this book deserves a prominent spot on your professional bookshelf.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988928217317,"sku":"NP9781119436263","price":50.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119436263.jpg?v=1761782087","url":"https:\/\/k12savings.com\/products\/client-psychology-isbn-9781119436263","provider":"K12savings","version":"1.0","type":"link"}