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Latest News & Thinking
Financial behaviors, wealth attitudes, and the science of predicting wealth.
Family/marital issues, health issues, grief, religion: just a few of the non-financial topics that advisors work through with their clients. A few years ago, a large-scale study of advisors yielded a wealth of information on the evolving role of financial advisors as coaches (Dubofsky & Sussman, 2009). The research, which included approximately 1,400 advisors associated with either the FPA or CFP board, highlighted the topics, challenges, and critical incidents faced by advisors related to non-financial issues.[…]
We recently acquired a so-called Lazy Susan. You know, one of those devices that you set on a dining table to spin around and send the salt and pepper to anyone at the table. At the risk of encouraging laziness, with so many people around our table at dinnertime, it seemed to be a net gain. And to my knowledge, there are few substitutes for this simple device. There isn’t an app on my phone that[…]
If part of your work involves educating others on how consumption can affect their ability to build and maintain wealth, looking for outside patterns of data and trends might be a way to bring an “ah-ha” moment to clients, children, friends, or family members. A string of articles in yesterday’s Wall Street Journal wove an interesting pattern for me, and the interpretation might prove educational for consumers and clients. First, this: Holiday Shoppers Were in[…]
Between 2007 and 2061, it is estimated that $59 trillion will be transferred from one generation to another. This week in the Wall Street Journal, Alex Davidson addressed how this transfer is impacting financial advisors in an adverse manner. Some cures to the problem offered in the article include ensuring that a relationship is established early with the heir, using technology as part of the financial planning/investment management process, creating videos or having clients write[…]
There is so much we are thankful for this year…and here’s just a very short list: Our DataPoints team – for the time and dedication in working through the ups and downs of getting a business off the ground Our clients who have embraced behavioral science as a means to effectively work with their clients to ensure financial success Our advisors, partners, and beta users who have given us feedback, challenged our assumptions, and pushed us[…]
How does Netflix market to you? In an article in Fortune magazine, the vice-president of product for Netflix highlighted a growing perspective on the limitations of demographics and focused instead on taste and interests: “Geography, age, and gender? We put that in the garbage heap,” VP of product Todd Yellin said. Instead, viewers are grouped into “clusters” almost exclusively by common taste, and their Netflix homepages highlight the relatively small slice of content that matches their[…]
Race through your work, and loudly proclaim you are finished. Such is the pattern of some elementary school students (and adults, by the way). You’ll undoubtedly see this tonight: kids racing up to a door, quickly getting their reward (and hopefully saying thank you…or at the least, “trick or treat”), and then they are off to the next task, the next house. A wise teacher in one of my children’s classes is teaching that in writing,[…]
Earlier this week the DataPoints team had the privilege of attending the XY Planning 2016 conference in San Diego, and presented its technology solution to the advisors there in the conference’s inaugural fintech competition. The XY Planning network is a group of fee-only financial advisors that are committed to serving as fiduciaries to their clients and have a special focus on serving those clients that may not fit with more traditional financial services. The culture[…]
Reinventing yourself this Labor Day? Search trends from Google provide some interesting insights if you’re considering a change in title. What do you call yourself? What do your prospective clients call you?
The focus on behaviors and their impact on financial success continues to grow in the media! We’re thrilled about the coverage of DataPoints’ research on wealth behaviors and financial success in Money magazine’s online and print editions this month. We also partnered with Money to create a quick quiz to help you learn about your wealth behaviors. Our clients are using behavioral science in their practice to help clients’ improve their financial behaviors. Try it for yourself and see how you can[…]
Be more than an investment manager. Engage clients in their financial success.
Your firm's value is in building real relationships with your clients. You work with your clients to create unique wealth-building strategies based on their habits and goals. Predicting Wealth™ gives your firm the analytics it needs to purposefully help your clients build and maintain their net worth by improving critical wealth behaviors.
Engage clients in their financial success
Advise clients using behavioral science
Focus on critical wealth behaviors