When Behavioral Biases Get in the Way of Clients' Financial Decision Making

Posted by Kol Birke, CFP

November 18, 2014 at 10:00 AM

Back in 2011 and 2012, as we were picking up the pieces after the market crash, some of my colleagues at Commonwealth and I were busy writing articles and e-mails and talking with our advisors about how to keep behavioral biases from getting in the way of their clients' financial decision making.

Read More

Topics: Behavioral Finance

How to Help Clients Manage and Eliminate Debt

Posted by Kol Birke, CFP

September 10, 2014 at 1:30 PM

Debt can be one element of a healthy financial plan. Carrying too much, however, can severely restrict one's ability to take advantage of certain financial opportunities. And the interest that accrues on any loan is money that's not available to be invested for other purposes.

When analyzing your clients' debt levels, you may find that some carry so much that it impedes reaching their goals. If this is the case, consider these strategies to help clients manage and eliminate debt.

Read More

Topics: Behavioral Finance

Assess a Client's Debt in 4 Steps

Posted by Kol Birke, CFP

September 9, 2014 at 10:00 AM

Most of your clients carry debt—whether it's from buying a home or financing another large purchase. As long as there is enough income to cover regular debt repayments, debt can be a responsible part of a financial plan. But too much debt can hinder one's ability to amass wealth and meet financial goals. How can you tell how much is too much?

Read More

Topics: Behavioral Finance

6 Bankruptcy Basics Financial Advisors Should Know

Posted by Justin C. Duft, JD, CFP, MSFS, CLU, ChFC, CLTC

September 3, 2014 at 1:30 PM

At one time or another in your career as an advisor, you're likely to encounter clients who are thinking about filing for bankruptcy. Although clients must seek an attorney's advice to file, they may well consult you first. For this reason, I've compiled this list of bankruptcy basics financial advisors should consider before advising clients to consult a qualified bankruptcy attorney. 

Read More

Topics: Behavioral Finance

Tips to Uncover Clients' Personal Goals and Motivators

Posted by Kol Birke, CFP

September 2, 2014 at 10:00 AM

In goal-setting conversations, advisors often jump too quickly to the methods and strategies for achieving financial milestones rather than diving deeper into their clients' unique hopes, values, and drivers. By helping to uncover clients’ personal goals and motivators, you not only help them visualize and articulate actionable, achievable objectives, but you also help them buy into the goal-setting process and empower them to take control of their decisions.

Read More

Topics: Behavioral Finance

Commonwealth Business Review
5 Ways to Affiliate
The Independent Market Observer, Brad McMillan

Follow Us