A Practical, Low-Cost Approach To Helping Couples Resolve Conflicts Over Money And For Working With Clients Whose Behavior Does Not Match Their Goals 

Monday, May 07, 2012 18:19
edit
A Practical, Low-Cost Approach To Helping Couples Resolve Conflicts Over Money And For Working With Clients Whose Behavior Does Not Match Their Goals 

Tags: client communications | financial planning | hehavioral finance | investor behavior | life planning

With many life-planning programs providing training to advisors to help them advise clients on the “soft side” of money, here’s a a simple but effective low-cost methdology for helping couples resolve conflicts over money and for coping with clients whose behavior is inconsistent with achieving their goals.

 
There is no extended training program associated with this technique and there is no certification process connected to it. It is not a proprietary program and it’s open to anyone who feels comfortable using it.

This Website Is For Financial Professionals Only


It’s a physical card sort, a different process than a long interview or questionnaire. The approach was developed in connection with the Money and Family Life Project at the Ackerman Institute For The Family.
 
The cards come with a book entitled, Money and Meaning, by Judith Peck. The book comes with two sets of “Values Card” and the instructions for their use. You can find the cards online for free, but you’ll want to read Peck’s book to learn how to use them in your work with clients.
 
One deck of cards represents content values and the other deck represents process values. Clients sort both sets of cards into an order reflective of their value priorities, facilitating what can otherwise be a difficult conversation.
 
This methodology was developed by a consortium of financial planners and therapists, not by any one individual or group. I know many wealth managers who have found this methology of great value, but whether you use it would really depend on how comfortable you are tackling these issues with clients.
 
Please let me know how if you have questions about using the cards or helping clients with these issues.

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy