Psychology of Financial Planning Podcast

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.

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.

Dr. Charles discusses the importance of understanding clients' learning styles and tailoring communication accordingly. They explore how different learning styles impact financial planning and the need for accurate information processing. The chapter emphasizes the advisor's role in pacing content and using visual aids to accommodate different learning styles. It also highlights the importance of attention span and concise communication in financial planning.

Explore strategies to get clients to take action in financial planning, including overcoming frustrations and understanding the stages of the change process. Learn about building financial self-efficacy and addressing resistance to change, with mentions of upcoming announcements and involvement with the psychology of financial planning website.

Dr. Charles and Dr. Brad talk about the usefulness (and lack thereof) of behavioral finance as it relates to financial planning practice. They then dive into several of the biases and heuristics that they see as most relevant to a practitioner and how each can be applied in practice. 

Hosts discuss 7 ways advisors can help clients during this difficult market, managing emotions and making rational decisions, managing client expectations and risk, managing information and using worst-case scenario exercise to alleviate anxiety, addressing clients' concerns, and updates on online course, academy, book, and toolkit.

The podcast discusses why clients often know what to do but don't do it, with interesting research on prostitutes and health education. It explores how advisors can help clients make better financial decisions. The discussion covers confirmation bias, elevated instincts, and the impact of social media on decision-making. It also touches on focusing on important tasks, meeting deadlines, and the creation of an intimate professional community.

Dr. Charles and Dr. Brad introduce the podcast and how it can be beneficial to practitioners in their everyday work with clients. They also talk about which of their attire is most appropriate when recording a podcast episode.