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53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield

53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield

FromThe Human Side of Money


53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield

FromThe Human Side of Money

ratings:
Length:
67 minutes
Released:
Jun 22, 2022
Format:
Podcast episode

Description

It's the most storied rivalry in finance. The current self versus the future self. The very nature of financial planning work with clients is heavily focused on the future. Yet, the current self often calls the shots when it comes to financial decisions. In a profession so heavily focused on the future, the key to improving client's behaviors, decisions, and outcomes starts by addressing the most storied rivalry in finance. By striking a balance between their current self and future self. Fortunately, Hal Hershfield is renowned for his work in research on the future self and joined the show to explain everything we need to know. We discuss: The current versus future self in financial decision making How to help clients better connect to their future self The undicussed pitfalls of focusing too heavily on the future self The quesiton to ask clients who don't spend as much as they could The "Illusion of Wealth" and how it effects retirement and social security planning *For more resources discussed in this episode, check out www.wiredplanning.com/episode53 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn
Released:
Jun 22, 2022
Format:
Podcast episode

Titles in the series (100)

The Human Side of Money delivers actionable ideas and strategies to equip financial advisors with the skill set they need to master the human side of money. Whether you've been providing financial advice for 40 days or 40 years, it's evident that technology is shifting your value away from simply picking investments and providing financial plans. The future of advice will hinge on your ability to guide clients through the process, unearth their values and emotions around money, and ultimately, change their behavior for the better. Join your host, Brendan Frazier, as he interviews fellow financial advisors, industry consultants, and experts in the fields of behavioral finance, psychology and communication as they share everything you need to know to master the human side of money!