Have you been searching for useful information and tactics to help you address and overcome common client financial misconceptions and decision-making? In other words, do your clients seem to be making “irrational” money decisions, decisions that are affecting their lives and your business?
JMLesko.com is a place to help you better serve your clients and help grow your business. It’s about financial decision-making. Filled with excellent knowledge, we’re always adding new articles and other content to provide you with the most up-to-date advice. We’ve worked hard to develop helpful content and provide you with the answers you’ve been struggling to find.
Why a Site on Financial Decision Making?
As a Certified Financial Educator, Licensed Consultant, and former Registered Investment Advisor, I find that decision-making is a significant issue in people’s lives, especially when dealing with money. Yet, whether you’re a coach, consultant, or advisor, we’ve all scratched our heads when it comes to our client’s “rational” money choices.
To help with making money decisions, many believe that financial literacy – a knowledge of the relevant financial instruments, markets, and institutions – is the answer. Although this is important, as almost anyone in the financial industry will tell you, it is not the whole story. It’s only part of the answer and not even a factor in many financial situations.
My experience and research show that many root causes of poor money choices lie in the behavioral, not necessarily technical, aspects of financial decision-making. These are major psychological money roadblocks to the needs and goals of your clients. You need to identify these roadblocks and, if possible, remove them.
A combination of Behavioral Finance, Financial Therapy, and Experience will help you see these roadblocks more clearly. However, it’s not easy for your clients to recognize that they have these roadblocks, and changing their beliefs can be challenging.
However, it’s worth the time and effort to arm yourself with this knowledge and ability. Give your clients the gift of enhanced financial decision-making, true financial wellness.
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