Each of us has a unique set of experiences and memories about the impact of money in our lives. These shape our behaviors, beliefs, and actions – sometimes without us even realizing it. In this article, Meghaan Lurtz, Ph.D., FBS writes that “talking about and contemplating the impact of money memories can help people to […]
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Research Shows Disconnect Regarding Virtual Meeting Preferences
The latest research by MQ Research & Education indicates that a significantly higher percentage of client meetings are being scheduled virtually and on-line, as opposed to in-person. However, the research also indicates that the overwhelming majority of clients actually prefer at least occasionally in-person visits, counter to advisors’ assumptions. In addition, the research showed advisors […]
‘I’m Always Worrying’: The Emotional Toll of Financial Stress
In an article originally published by the New York Times, MQ colleagues Sara Asabedo, Rick Kahler, and Megan McCoy share insight into strategies for coping with concerns about inflation, uncertainty, and other money worries. They also discuss how to converse about these issues with family members. “ … [if] you know that you should be […]
Herman Brodie – The Power of Trust
In this hour-long podcast, Dr. Daniel Crosby speaks with author Herman Brodie (The Trust Mandate, 2018) regarding topics such as how advisors can strengthen their clients’ trust, and the low ratings that financial planners have experienced on the Edelmen Trust Barometer. “The issue is … the awareness of the kind of person I have in […]
Tactics for Asking Good Follow-Up Questions
Insight from initial interviews and conversations rarely provides truly useful information, as responses tend to be accepted without question while topics change quickly. However, there are valuable ways to dig deeper and learn more through proper follow-up questions. “Ask a follow-up that will help you really uncover what you are seeking to learn. Be curious, and […]
The Human Side of Money Ep. 55: Infusing Life Into The Financial Planning Process with Tim Maurer
In this episode of The Human Side of Money podcast, Tim Maurer discusses various methods and the obstacles advisors can run into when generating meaningful conversations with clients. He also notes his relationship with MQ’s Amy Mullen and Carol Anderson. “There’s something in our wiring as financial advisors that tends to prefer deferred gratification over […]
Why You Shouldn’t Be Afraid to Ask Sensitive Questions
Asking the right questions at the right time is a complex task, especially when they may concern personal responses. In this interview, professors Einav Hart, Maurice Schweitzer, and Eric VanEpps share results of their research and discuss their paper, “The (Better Than Expected) Consequences of Asking Sensitive Questions.” “We’re finding that people consistently err on […]
The Human Side of Money Ep. 54: Helping Clients Achieve Life Money Balance with Dr. Preston Cherry
In this hour-long podcast, Dr. Preston Cherry, CFT-I™ stresses that a client’s alignment with money is far more important than their accumulation of it, offering that it is more important to “let your life lead your money, not your money lead your life.” “You have to consider people’s preferences within their capacity. If they have […]
The Human Side of Money Ep. 53: The Psychology of Decision-Making in Financial Planning
In this podcast, psychologist and researcher Hal Hershfield addresses the psychology of long-term decision making, and discusses the relationship between who we are now and who we will become later. “Helping clients bridge the gap between their current and future selves by creating a vivid, exciting and hopeful future will result in … better outcomes […]
Separating “Needs” from “Wants” Could Be Harming Your Financial Planning
Behavioral economist Sarah Newcomb, Ph.D., argues “our wants and wishes are really needs as well,” and that accepting this can help to combat scarcity mindsets, lead to more meaningful uses of money, and result in more fulfilling, happier lives. “… You have to add up both the financial and the nonfinancial costs and benefits. What […]