What Your Financial Adviser Needs to Know About Your Brain

Behavioral economist Richard Thaler explains why financial professionals need to be familiar with psychology. Daniel Kahneman and Amos Tversky legitimized behavioral economics—the study of how people really behave around money, as opposed to how economists say a rational person ought to behave. Read the rest of the article on Time.

A Simple Tool for Getting Better Financial Advice

If a financial adviser doesn’t know what’s going on in a client’s life, the advice will suffer. Here’s one easy way to fix that. True story: Many years ago, I was meeting with a married couple for an initial data-gathering session. Halfway through the three-hour meeting — the first stage in developing a comprehensive financial…

Dealing With the ‘Personal’ in Personal Finance

To really help people, financial planners have to delve into the the feelings and emotions that drive their clients’ financial decisions. One planner explains why that’s so hard. While most of us financial advisers want to do the best for our clients, we often struggle at the task. The main problem, as I recently wrote:…

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