The greatest barrier for every client isn’t lack of information. It’s their own mindset and behavior.

Whether it’s someone who overspends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need, the key to changing their behavior starts with understanding their money mindset.

Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client’s money mindset.

We discuss:

The framework she and her team developed to assess a client’s money mindset
The important distinction between financial and emotional well-being
The #1 predictor of savings behavior and how to help clients with it
Using a “What-If Journey” to help clients overcome their fears
How role models can play a powerful role in changing behavior and overall well-being

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18: Sarah Newcomb | Understanding a Client’s Money Mindset In Order to Maximize Their Well-Being