A Client-Centered approach to Financial Planning Practice built by Research for Practitioners The second in the CFP Board Center for Financial Planning Series, Client Psychology explores the biases, behaviors, and perceptions that impact client decision-making and overall financial well-being. This 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. Defines an entirely new area of focus within financial planning practice and research: Client Psychology Serves as the essential reference for financial planners on client psychology Builds upon and expands the body of knowledge for financial planning Provides insight regarding the factors that impact client financial decision-making from a multidisciplinary approach If you’re a CFP® 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.
Acknowledgments xi Preface xiiiCharles R. Chaffin, EdD, CFP Board Center for Financial Planning About the Contributors xix CHAPTER 1 Client Psychology 1Charles R. Chaffin, EdD, CFP Board Center for Financial Planning Jonathan J. Fox, PhD, Iowa State University References 9 CHAPTER 2 Behavioral Finance 11Swarn Chatterjee, PhD, and Joseph Goetz, PhD, University of Georgia What Is Behavioral Finance? 12 Applications of Behavioral Finance in Understanding and Changing Clients’ Behavior 14 Summary 16 References 17 CHAPTER 3 Understanding Client Behavior: Rational or Irrational? 19Swarn Chatterjee, PhD, and Joseph Goetz, PhD, University of Georgia Bounded Rationality 19 Sunk Cost Fallacy 22 Flat Rate Bias 23 Summary 23 References 24 CHAPTER 4 Heuristics and Biases 25Jodi Letkiewicz, PhD, York University System 1 and System 2 26 Heuristics 27 Bias Reduction 34 References 39 CHAPTER 5 Decision-Making under Risk 43HanNa Lim, PhD, Kansas State University Expected Utility Theory 43 Violations of Expected Utility Theory 44 Prospect Theory 46 Effects in Prospect Theory 51 Implications for Research and Practice 55 References 62 CHAPTER 6 The Role of Mental Accounting in Household Spending and Investing Decisions 65C. Yiwei Zhang, PhD, and Abigail B. Sussman, PhD, The University of Chicago Booth School of Business Mental Accounting as Categorization 66 Methods for Categorizing Funds 67 Budgeting 73 Implications for Investing 82 Concluding Remarks and Future Research 86 References 89 CHAPTER 7 Intentional Choice Architecture 97Michael J. Liersch, PhD Are You an Intentional Choice Architect? 98 Principle 1: Humans Have Limitations 101 Principle 2: Humans Use Reference Points to Make Decisions 103 The Choice Architect’s Opportunity 106 The Case for Intentional Choice Architecture: Retirement Savings 107 Plan Participation, Deferral Rates, and Default Investment Options 110 From Awareness to Action 114 References 116 CHAPTER 8 Cognition, Distraction, and the Financial Planning Client 119Nils Olsen, Vanessa G. Perry, and Zhuo Jin, George Washington University Influences on the Frame of Mind 120 Emotion, Stress, and Touch 122 Choice and Cognitive Overload 125 Visual Portrayal of Data 126 Losses and Gains 127 Cognitive Resource Depletion 127 Implications for Financial Planning Professionals 130 References 133 CHAPTER 9 Personality and Financial Behavior 137Sarah D. Asebedo, PhD, CFP®, Texas Tech University Models of Personality 138 The Relationship between Personality and Financial Behavior 139 Openness to Experience 140 Conscientiousness 141 Extroversion 142 Agreeableness 144 Neuroticism 145 Connecting Personality to Financial Behavior through Theory 147 Personality Measurement 148 Implications for Research and Practice 149 Future Direction 150 References 151 CHAPTER 10 Risk Literacy 155Meghaan R. Lurtz, MS, and Stuart J. Heckman, PhD, CFP®, Kansas State University Berlin Numeracy Test 156 Risk Literacy and Financial Planning 160 Conclusion 161 References 162 Appendix 164 Berlin Numeracy Test for General Population 164 Berlin Numeracy Test for Educated Population 165 CHAPTER 11 Automated Decision Aids: Understanding Disuse and Designing for Trust, with Implications for Financial Planning 167Jason S. McCarley, PhD, Oregon State University Mechanical versus Holistic Judgment 168 Algorithm Aversion and Automation Disuse 170 Trust in Automated Systems 172 Conclusion 176 References 177 CHAPTER 12 Self-Determination Theory and Self-Effi cacy in Financial Planning 181Charles R. Chaffin, EdD, CFP Board Center for Financial Planning Self-Determination Theory 182 Self-Efficacy 184 References 186 CHAPTER 13 Marriage and Family Therapy, Financial Therapy, and Client Psychology 189Kristy Archuleta, PhD, and Sonya Britt-Lutter, PhD Kansas State University Marriage and Family Therapy 190 Family Systems Theory 191 Financial Therapy 195 Building Alliances with Families and Couples 196 Referrals and Collaborations 198 Conclusion 200 References 200 CHAPTER 14 Client Diversity: Understanding and Leveraging Difference to Enhance Financial Planning Practice 203Quinetta Roberson, PhD, Villanova University Understanding the Concept of Diversity 204 The Business Value of Diversity 209 Leveraging Client Diversity 211 Practice Perspectives 213 Conclusion 218 References 218 CHAPTER 15 Client Psychology: The Older Client 221Deanna L. Sharpe, PhD, CFP®, CRPS®, CRPC®, University of Missouri Introduction 221 Age-Related Changes in Brain Structure and Function 226 Aging and Economic Decision-Making 233 Concerning Signs 237 Supporting Older Clients 239 Research Challenges 242 Final Thoughts 245 References 246 CHAPTER 16 Financial Psychology 253Bradley T. Klontz, PsyD, CFP®, Creighton University Faith Zabek, MEd, Georgia State University Edward Horwitz, PhD, CFP®, Creighton University Financial Psychology 254 Financial Psychology for Financial Planners 259 Motivational Interviewing Techniques 261 Conclusion 265 References 266 CHAPTER 17 Money Disorders and Other Problematic Financial Behaviors 271Edward Horwitz, PhD, CFP®, Creighton University Bradley T. Klontz, PsyD, CFP®, Creighton University Meghaan Lurtz, MS, Kansas State University Literature on Money Disorders and Related Financial Behaviors 273 Addressing Money Disorders and Related Financial Behaviors 278 Case Studies 280 Overspending and Compulsive Buying Disorder 280 Financial Denial or Avoidance 282 Financial Enabling and Dependency 283 References 285 CHAPTER 18 Situation Awareness in Financial Planning: Research and Application 289Charles R. Chaffin, EdD, CFP Board Center for Financial Planning John Grable, PhD, CFP®, University of Georgia Perception 292 Comprehension 293 Prediction 294 Future Directions 298 References 299 CHAPTER 19 Final Remarks 301Charles R. Chaffin, EdD, CFP Board Center for Financial Planning References 304 Index 305
CHARLES R. CHAFFIN, ED.D., is Director of Academic Initiatives at the CFP Board Center for Financial Planning. He is Executive Editor of Financial Planning Review, 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.
CFP BOARD CENTER FOR FINANCIAL PLANNING The 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® 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. CFP BOARD Certified 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® 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® certification marks. CFP® 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.
FINANCIAL PLANNING IS FIRST AND FOREMOST, A HUMAN ENDEAVOR The second in the CFP Board Center for Financial Planning Series, Client Psychology, 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. This 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. Client Psychology 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. Client Psychology 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. Client Psychology: Defines an entirely new area of focus within financial planning practice and research in Client Psychology Serves as the essential reference for financial planners on biases, behaviors, and perceptions that impact client decision-making and financial well-being Builds upon and expands the body of knowledge for financial planning; and Provides insight regarding the factors that impact client financial decision- making from a multidisciplinary approach If you're a CFP® 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.
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