Psychology in Financial Planning
A recent study suggests that psychology is a core aspect of modern financial advising, with planners seeking more training in this area.
According to the study, financial planners are spending more time discussing non-financial topics with clients, such as crises, behavioral biases, and interpersonal conflicts.
- Addressing financial abuse, control, and power dynamics in client households
- Identifying appropriate mental health referrals
- Managing tension within clients' families
Crises, behavioral biases and interpersonal conflicts are not fringe topics but core aspects of modern advising
The study, published in the Journal of Financial Planning, analyzed a poll of 172 members of the Financial Planning Association and was conducted by five planners and professors.
Author's summary: Psychology training is essential for financial planners.
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