Abstract
Until a cure is found, Alzheimer’s disease and other forms of dementia must be recognised as some of the greatest risks facing clients today. It is important that advisers can recognise cognitive impairment in their clients. The signs of this, and what to look for in determining whether a client is exhibiting behaviour consistent with this disease, are described. Some practical tools to help prepare clients and their families before the disease possibly develops, are explained.
Note: Although this article is set in the US context and some statistical information may not apply in New Zealand, the concepts explained are relevant in NZ context.
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Abstract
The ability for couples to successfully manage conflict while navigating their financial situation is important to the ultimate success of their relationship. Disagreement over money matters is a frequently cited source of conflict for couples, and a contributor to relationship dissatisfaction and divorce. Research was undertaken to better understand the influence of spending personality on marital outcomes. The research findings are presented and the method and assumptions behind the research are explained. Some ways advisers can minimise the potential for financial conflict between couples are described.
Advisers who discuss perceptions of spending and saving behaviours during the initial client meeting and at subsequent interactions, plus help guide couples’ resource allocation decisions may have happier clients with better financial outcomes.
Although the research is set in an American context, the findings are likely to also apply in the NZ context.
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Abstract
Common heuristics and biases in the context of the financial planning engagement are reviewed. The concept of ‘choice-architecture’, which makes use of behavioural finance insights to develop decision rules for clients, is introduced. A 6-step process for developing financial planning policies, and the application of that process, is described.
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Abstract
Common concerns about how to practically integrate behavioural finance techniques into a financial planning practice are considered. Some simple strategies for integration are outlined. Note, this article assumes the reader is familiar with behavioural finance techniques.
Access fee
- Non-subscribers - $40 for three-month access
- Full Radar subscribers – free