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Psychology of Financial Planning Podcast
What Every Financial Planner should know about Goals
Jan 27, 2023
23:25
Snipd AI
The podcast explores the importance of motivation and setting goals in financial planning. It discusses the role of financial self-efficacy, internal locus control, queuing clients, and the power of setting goals. The hosts also sprinkle in some bad jokes throughout the episode.
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Quick takeaways
- Financial planners can enhance motivation by assessing where clients are on the factors of importance, confidence, and readiness.
- Financial planners can play a vital role in building clients' financial self-efficacy through regular feedback, setting shorter goals, and providing support and education.
Deep dives
Setting Goals and Motivation
Setting goals and motivation are closely linked. Motivation is the desire to change something in our environment or about ourselves. It is crucial to have high motivation to make significant changes. Psychologists have identified three conditions necessary for motivation to take action: importance, confidence, and readiness. Financial planners can enhance motivation by assessing where clients are on these three factors and working on increasing the areas where motivation is lacking.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode