The Human Side of Money 53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield
It’s the most storied rivalry in finance.
The current self versus the future self. The very nature of financial planning work with clients is heavily focused on the future.
Yet, the current self often calls the shots when it comes to financial decisions.
In a profession so heavily focused on the future, the key to improving client’s behaviors, decisions, and outcomes starts by addressing the most storied rivalry in finance.
By striking a balance between their current self and future self.
Fortunately, Hal Hershfield is renowned for his work on research on the future self, and he joined the show to explain everything we need to know.
We discuss:
- The current versus future self in financial decision-making
- How to help clients better connect to their future self
- The undiscussed pitfalls of focusing too heavily on the future self
- The question to ask clients who don’t spend as much as they could
- The “Illusion of Wealth” and how it affects retirement and social security planning
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