The Library of Behavioral Assessments for Financial Services

Library of Behavioral Assessments - DataPoints

There are multiple ways to understand a client’s money-related personality. Financial professionals use our library of behavioral assessments to uncover client financial psychology and provide financial advice, guidance, and coaching. Learn more about each of our financial personality tests, and discover which one (or ones) might be right for your practice.

Advise Assessments

Building Wealth

Identify and guide client financial behaviors with the Building Wealth assessment. This assessment, and the corresponding Wealth Potential model, was designed based on the research from The Millionaire Next Door and the related competencies of those who successfully transform income into wealth. Use this assessment to measure client Wealth Potential or the propensity to build and sustain wealth over time. A higher Wealth Potential score indicates that the client has a high likelihood of having and maintaining a high net worth.

Building Wealth is best used in the later stages of onboarding to identify the specific areas or Wealth Factors that you can help the client improve upon to achieve financial success over the long term. The Building Wealth advisor guide provides in-depth information on your client’s financial strengths and challenge areas. Building Wealth can be used to a) identify a benchmark of behavioral patterns of clients related to financial management, b) create personalized recommendations for improving those behaviors, and c) coach clients to adopt new financial behaviors that will help them achieve goals.

Time to complete: 8-10 minutes
Ideal audience: Clients who are accumulating wealth; coaching clients; employees in wellness programs.
When to use? Late-stage onboarding; coaching clients.

Financial Perspectives

How does your client feel about financial management? Where are there potential money-related disagreements between couples? Financial attitudes can impact decision-making. By uncovering client attitudes with the Financial Perspectives assessment, you’ll have the insight needed to improve communication and facilitate discussion with your clients.

Add the Financial Perspectives assessment to your onboarding process to gain a quick yet in-depth understanding of client financial attitudes and outlook in seven different areas, such as investing, budgeting, and spending. Use the report to help you prepare for conversations with a client by adapting your presentation and communication to support a positive client experience. With the comparison report, you’ll be able to communicate with each household member in a way that respects their unique perspective, thereby engaging both members of the household in the process.

Time to complete: 8-10 minutes
Ideal audience: All client types; couples.
When to use? Late-stage onboarding.

Investor Profile

The Investor Profile measures psychological risk tolerance and provides you with a comprehensive picture of client reactions, behaviors, and personality in investment-related decisions and market volatility. Most risk tolerance assessments measure a combination of different types of risk-related questions, including risk preference and risk composure. Research suggests that each component is unique, and the Investor Profile assessment differs from other risk tolerance assessments in that each factor is measured and reported separately.

Use the Investor Profile reporting to give you a starting point in allocations discussions. Your client’s score is mapped to a database of other investors and how they have been allocated by their advisors to give you ranges of allocations based on their overall Investor Profile score. Use the detailed information to guide your clients towards better investing behaviors and create behavioral coaching plans to keep them on the right track.

Time to complete: 8-12 minutes
Ideal audience: All client types.
When to use? Late-stage onboarding; coaching.

Klontz Money Scripts Inventory – Revised (KMSI-R)

The Klontz Money Script Inventory-Revised (KMSI-R) was designed to assess money beliefs. The KMSI-R has been researched extensively and has been found to be associated with income, net worth, credit card debt, financial behaviors, and other important aspects of financial health. For many people, discovering and exploring their Money Scripts® is an essential step toward increasing their income and net worth, and improving their financial health.
Examining the narratives or “scripts” that a client operates under when it comes to finances can be extremely valuable in coaching and guiding clients to move away from those beliefs that could be impeding their ability to achieve goals. Use the results to facilitate discussion around areas that may be preventing the client from achieving their financial goals.
Time to complete: 6-8 minutes
Ideal audience: All client types.
When to use? Late-stage onboarding; coaching.

Financial Health Scale (FHS)

The Financial Health Scale (FHS) is a 20-item questionnaire designed to offer a quick assessment of a client’s overall financial health. It measures a variety of feelings and behaviors related to money and personal finances. It has been used in studies to measure improvements in financial health over time, such as before and after financial education, coaching, or therapy interventions.

The FHS is designed to be used as a starting point for conversations with clients rather than as a diagnostic tool. It offers insight client’s financial health as can be used to measure the effectiveness of financial education, coaching, or therapy efforts.

Time to complete: 6-8 minutes
Ideal audience: All client types.
When to use? Prospective clients; onboarding; coaching.

Beta Assessments

WealthTrek (Beta)

WealthTrek (Beta) is designed to help you understand your client’s openness to financial discussions, readiness for financial change, general financial wellness, and the client’s ability to stick with long-term goals. This assessment was created with input from advisors who wanted to pinpoint which clients are open to making financial changes. In other words, WealthTrek can help you identify which clients have a positive attitude towards new ways of approaching their financial lives and may be open to having discussions surrounding the way they live today.

Note that beta assessments provide detailed reports for your clients. Advisor reports will be added with the assessment is in its final form.

Time to complete: 8-12 minutes
Ideal audience: Coaching clients.
When to use? After initial contact or meeting is set up; in a coaching engagement.

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