Psychology of Financial Planning Podcast  cover image

Psychology of Financial Planning Podcast

Investor FOMO...and what advisors can do about it

Feb 24, 2023
26:53
Snipd AI
The podcast explores how FOMO impacts clients' risk profile and communication with advisors. It discusses the role of social comparison in attitudes towards money and ways advisors can address client concerns. Strategies for managing client behavior and risk in financial planning are shared. The impact of FOMO in investing is explored, along with updates and announcements for the podcast.
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Podcast summary created with Snipd AI

Quick takeaways

  • Social media amplifies FOMO by presenting idealized versions of others' lives, leading to feelings of lacking and deprivation.
  • Financial advisors can address FOMO by setting realistic expectations, educating clients about risks, and providing holistic financial planning guidance.

Deep dives

FOMO and Social Media

The podcast episode explores the concept of FOMO (fear of missing out) and its connection to social media. The hosts discuss how social media has amplified FOMO by showing curated and idealized versions of others' lives, leading to feelings of lacking and deprivation. They highlight the importance of recognizing that social media often presents only the positive highlights and not the struggles, creating a distorted comparison that can diminish one's contentment.

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