Many of the day-to-day tasks performed by financial planners fall within the broader scope of counseling. Financial planners often face counseling like-incidents in their work. As a result, financial planners need a working knowledge of client and financial planner attitudes, values, and biases. Financial Planning Counseling Skills specifically describes how a financial planner can blend counseling, psychological, and behavioral finance theories, models, and approaches into their practice with clients. Discover:
- Chapter Applications that include testing materials, such as short answer questions, essay questions, matching charts and sample interview questions
- A running case study that covers topics for each of the ten chapters that apply principles learned in the chapters
- Charts that demonstrate how an office environment should be structured to positively influence a client's psychology
- Each chapter contains frequent discussion points set off in boxes for easy identification that provide practical guidance on points discussed in the text
- Key terms are highlighted and defined so students can easily find and understand the terms
Topics Covered:
- The application of counseling theory to the practice of financial planning
- Understanding the importance of using theory in practice and demonstrating how a financial planner can use counseling theories to build client trust and enhance client interactions
- How to establish, manage, and maintain client relationships, including how to build a trust-based client relationship
- How to communicate effectively with clients, especially how to obtain deeper insight into a client's values, goals and other valuable information and the importance of nonverbal communication
- Reflective listening skills, including how it allows planners to gain information and understand the entirety of the client's situation
- The importance of questioning skills, including open and closed-ended questions
- The issues with heuristics, or mental shortcuts that allow a decision-maker to process information or make decisions more quickly
- The role of a financial planner in identifying and monitoring client biases and how they impact client's decision making
- Sources of money conflict, including areas of potential conflict between spouses and family members, as well as money taboos and differing money personalities
- How financial planners can communicate the importance of agreeing on financial goals and objectives
- Discussion of the most common money disorders, including compulsive shopping, gambling, workaholism, hoarding, and financial denial, including the symptoms of these disorders and how a financial planner can support clients with these disorders
- Description of relational money disorders, such as parental manipulation and financial enabling
- Discussion of financial infidelity, including the impact of addiction
- How a financial planner can deal with clients' personal crises such as loss and grief
- How financial planners can mediate the impact of financial shocks by providing financial education
