Wealth Management Psych Out

In “Wealth Management Psych Out”, Donna Mitchell explains how behavioral finance has moved from theory to practice, informing tools and techniques for connecting with wealthy clients.

Included in the article is an interview from Hugh Massie, President of DNA Behavior International and a former financial advisor for wealthy families and entrepreneurs. He discusses how he was driven to develop the Financial DNA program after a friend asked him what he was passionate about. “I decided I was passionate about the human side of wealth management,” Massie says.

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Understanding Your Financial DNA

Rick Helbing,? a Certified Financial Planner who provides strategic financial planning to Medical Professionals, Dental Professionals, and Family Business Owners, discusses the importance of understanding your Financial DNA in his Fresh Financial Ideas blog.

“There once was a time when you might meet with a financial advisor for an hour or two. He or she would look over your assets, liabilities, risk tolerance, and maybe your current insurance coverage.? The two of you might discuss the rate of return you would like to see on your investments and your risk comfort level. In a few days, your advisor would return with a financial package, full of recommendations on how you should invest your money.

But how well does that advisor really know you?? Did that one-hour conversation really tell the advisor about your deepest dreams? Did it really reveal your approach to money?? Does your advisor now have any understanding of the responsibilities you shoulder for your family or for your employees?? Does your advisor know anything about how you like to communicate and make decisions? ?Does your advisor know your story?how you got to where you are today? Does your advisor even care about any of that?or ?is the primary concern to offer you a?return?on your assets?

If money is a tool to help you reach your larger goals, then it behooves a good advisor to know you, your values, and your goals very well.”

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