As the full impact of COVID-19 continues to unveil itself in the financial services industry, many advisors we are hearing from have begun to plan for a long-term remote practice. If you are contemplating a similar shift for the future, it is important to understand the limitations of the methods you used in the past to get to know prospects. Two of these methods, (a) judgment based on direct interaction and (b) forms with …
Few would argue that the relationship between our financial psychology and the decisions we make about money-related matters is weak. Many of us know what the “right” answer is when it comes to our saving, spending, and investing behaviors, but the translation from what we know we should do and what we do can be quite different. In some cases, our unique behaviors or patterns of behaviors are causing stress and strains in other …
One of the main missions of DataPoints is to help individuals improve the way in which they manage their financial lives using behavioral science. This mission has two important components: first, we have to understand our own patterns of money-related behaviors, personality, attitudes, and other characteristics as a starting point (our financial psychology). Then, if we have the desire to change our financial trajectory, we have to modify the way in which we save, …
We recently met with Bill Winterberg from FPPad to demonstrate the DataPoints platform for advisors and chat about financial planning, what keeps all of us from succeeding in meeting our goals, and how behavioral science can help us improve our financial decisions. In this video, you’ll see how behavioral assessments can identify key wealth factors and how a framework for talking about financial decisions allows for better conversations and guidance. Watch the demo here, …
What does it take to be a great investor today? If you consider yourself the manager of your household’s finances, or if you’re a financial advisor that believes behavioral coaching and guidance can help clients be financially successful, then you will want to take a look at our latest white paper, Understanding Great Investors: The Competencies of Investing Success. The white paper, which shares the findings from one of our latest studies on investors in the …