How to Help Your Clients Who Are Overspending in Retirement

Posted by Kol Birke, CFP

November 2, 2016 at 1:30 PM

Clients overspend in retirement for a number of reasons. Maybe they can’t say no to their kids (who are financially irresponsible themselves). Maybe they want to enjoy their money before their health fails. Or maybe it’s just habit. Whatever the reason, how can you help your clients who are overspending in retirement—in a way that has a good shot at changing their ways? Luckily, for every bad financial behavior, there are techniques that can lead to positive change.

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Topics: Behavioral Finance

How to Help Clients Avoid Self-Destructive Financial Behavior

Posted by Kol Birke, CFP

June 15, 2016 at 1:30 PM

I’ve heard advisors ask, “Why does my client want to go to cash when his portfolio has lost only nominal money?” or “Why is my client blaming me for something she pushed for months ago?” Rather than trying to explain why their instincts are wrong, it can be more effective to instead just affirm their feelings and then redirect their energy.

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Topics: Behavioral Finance

Nature Vs. Nurture: Can You Change Your Clients’ Financial Behavior?

Posted by Kol Birke, CFP

June 14, 2016 at 10:00 AM

Research suggests that our DNA affects our spending and savings patterns. Does this mean it’s futile to try to change your clients’ financial behavior? Maybe not. While DNA can affect your clients’ decision making, it isn't the sole factor.

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Topics: Behavioral Finance

Women and Wealth: Insight into Female Clients' Decision-Making Process

Posted by Meagan Rogers, CFA

August 4, 2015 at 10:00 AM

The topic of women and wealth is one that is increasingly gaining global attention among a variety of audiences, and rightly so. Over the past 50 years, the role of women in industry, the economy, and the global wealth landscape has evolved dramatically. And as with other historically underserved—and occasionally misunderstood—market segments, women represent a key growth opportunity for the financial services industry. To be sure, the industry's ability to adapt and evolve to better serve the unique needs of women will likely determine the trajectory of growth.

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Topics: Behavioral Finance

Is It Risk Tolerance or Risk Perception? And What Can You Do About It?

Posted by Kol Birke, CFP

November 19, 2014 at 1:30 PM

As the markets bounced around a bit this fall, you may have received an emotional call from an avowedly aggressive investor demanding to get out of the market or from a supposedly conservative investor demanding moves to compensate for losses after a rally.

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Topics: Behavioral Finance

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