Section 1: Client and Planner Attitudes, Values and Biases Section 1 includes Chapters 1, 2 and 3, and provides an overview of client and planner attitudes, values, and biases. This section discusses the importance of understanding how a client's psychology, background, learning style and values can all impact the financial planning process. It also discusses the importance of the financial planner framing advice in a way that accounts for all those psychological characteristics, leading to a more effective client-planner ...
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Section 1: Client and Planner Attitudes, Values and Biases Section 1 includes Chapters 1, 2 and 3, and provides an overview of client and planner attitudes, values, and biases. This section discusses the importance of understanding how a client's psychology, background, learning style and values can all impact the financial planning process. It also discusses the importance of the financial planner framing advice in a way that accounts for all those psychological characteristics, leading to a more effective client-planner relationship and a higher probability of success. Research has shown that when clients can see that financial planning recommendations are demonstrably connected to their personal values and goals, they are much more likely to act on those recommendations and achieve success. Chapter 1: Framing Advice in Light of Client's Risk Tolerance (Swarn Chatterjee and Dave Yeske) Chapter 2: Developing a Productive Client-planner Relationship That Addresses the Psychological Elements of Financial Planning (Megan McCoy and Neal Van Zutphen) Chapter 3: Identifying and Responding to Client Values and Goals (Megan McCoy and Meghaan Lurtz) Section 2: Behavioral Finance Section 2 includes Chapters 4 and 5, and introduces key concepts from the area of behavioral finance. This section provides an understanding of the impact of cognitive biases and heuristics on people's financial decision-making and well-being, and discusses strategies for overcoming some of the common client psychology barriers in the financial planning process. Chapter 4: Impact of Cognitive Biases and Heuristics on Financial Decision-making and Well-being (Ron Sages and Swarn Chatterjee) Chapter 5: Client Psychology Barriers in the Financial Planning Process and Strategies for Overcoming Them (Ron Sages and Swarn Chatterjee) Section 3: Sources of Money Conflict Section 3 includes Chapters 6 through 10, and provides an overview of the major sources of money conflict. This section focuses on the harnessing of client's motivation for achieving their financial goals, examining couple and family financial transparency, and discusses strategies for mediating potential financial conflicts and facilitating goal congruence. This section also discusses counseling strategies that can be used for identifying when money is being used for purposes of manipulation. Chapter 6: Building the Client's Motivation for Achieving Their Financial Goals (Rick Kahler) Chapter 7: Examining Couple and Family Financial Transparency (Emily Koochel and Meghaan Lurtz) Chapter 8: Mediating Financial Conflict (Sonya Lutter and Emily Koochel) Chapter 9: Facilitating Goal Congruence (Rick Kahler) Chapter 10: Identifying When Money Is Being Used as Manipulation (Saundra D. Davis, Meghaan Lurtz and Megan McCoy) Section 4: Principles of Counseling Section 4 includes Chapters 11 and 12, and introduces the principles of counseling. This section includes the application of counseling theory in the financial planning process, and discusses strategies for forging trusting client-planner relationships. Chapter 11: Applying Financial Counseling Skills to the Financial Planning Process (Emily Koochel, Megan McCoy and Saundra D. Davis) Chapter 12: Forging Trusting Relationships (Megan McCoy and Sonya Lutter) Section 5: General principles of effective communication Section 5 includes Chapter 13, and provides an overview of the general principles of effective communication. This topic is of great importance as effective communication has been shown to be the single largest predictor of client trust and relationship commitment, which in turn can lead to a greater propensity by clients to reveal personal and financial information, engage in effective conflict resolution, and act on financial planning recommendations. Chapter 13: Multifaceted
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