The Library of Behavioral Assessments for Financial Services

Last updated on October 5th, 2022 at 02:09 pm

Financial Personality Tests - Library

Uncover Client Money Mindset with Financial Personality Tests

Client personality relates to saving, spending, and investing decisions. How is your firm measuring client personality? Financial professionals use our library of behavioral assessments to uncover client financial psychology and provide financial advice, guidance, and coaching. Learn more about our financial personality tests, and discover which ones are right for your practice.

Building Wealth

Identify and guide client financial behaviors with the Building Wealth test. The test and corresponding Wealth Potential model were designed based on the research from The Millionaire Next Door and the related competencies of those who successfully transform income into wealth. Use this assessment to measure client Wealth Potential or the propensity to build and sustain wealth over time. A higher Wealth Potential score indicates that the client is likely to have and maintain a high net worth.

Building Wealth is best used in the later stages of onboarding in a coaching setting or with clients who are in an accumulation phase of life. Use the test to identify the specific areas or Wealth Factors that you can help the client improve upon to achieve financial success over the long term. The advisor guide provides in-depth information on your client’s wealth-building competencies. Financial professionals use the test to a) identify a benchmark of behavioral patterns of clients related to financial management, b) create personalized recommendations for improving those behaviors, and c) coach clients to adopt new financial behaviors that will help them achieve goals.

Time to complete: 8-10 minutes
Ideal audience: Clients who are accumulating wealth; coaching clients; employees in wellness programs.
When to use? Late-stage onboarding; coaching clients.

Financial Perspectives

How does your client feel about financial management? Where are there potential money-related disagreements between couples? Financial attitudes can impact decision-making. By uncovering client attitudes with the Financial Perspectives assessment, you’ll have the insight needed to improve communication and facilitate discussion with your clients.

Add the Financial Perspectives test to your onboarding process. The test and report will provide a quick yet in-depth understanding of client financial attitudes and outlook in seven different areas, such as investing, budgeting, and spending. Use the report to help you prepare for conversations with a client by adapting your presentation and communication to support a positive client experience. With the comparison report, you’ll be able to communicate with each household member in a way that respects their unique perspective, thereby engaging both household members in the process.

Time to complete: 8-10 minutes
Ideal audience: All client types; couples.
When to use? Late-stage onboarding.

The Investor Profile measures psychological risk tolerance. This test provides a comprehensive picture of client reactions, behaviors, and personality in investment-related decisions and market volatility. Most risk tolerance assessments measure a combination of different types of risk-related questions, including risk preference and risk composure. The Investor Profile differs from other risk tolerance tests because each personality factor is measured and reported separately.

Use the Investor Profile reporting to give you a starting point in allocation discussions. Your client’s score is mapped to a database of other investors and how they have been allocated by their advisors to give you ranges of allocations based on their overall Investor Profile score. Use the detailed information to guide your clients towards better investing behaviors and create behavioral coaching plans to keep them on the right track.

Time to complete: 8-12 minutes
Ideal audience: All client types.
When to use? Late-stage onboarding; coaching.

Klontz Money Scripts Inventory-Revised (KMSI-R)

The Klontz Money Script Inventory-Revised (KMSI-R) is one of the original financial personality tests and measures client money beliefs. The KMSI-R has been researched extensively and has been found to be associated with income, net worth, credit card debt, financial behaviors, and other important aspects of financial health. In addition, discovering and exploring their Money Scripts® is an essential step toward increasing their income and net worth and improving their financial health.
Examining the narratives or “scripts” that a client operates under when it comes to finances can be extremely valuable in coaching and guiding clients to move away from those beliefs that could impede their ability to achieve goals. Use the results to facilitate discussion around areas that may be preventing the client from achieving their financial goals.
Time to complete: 6-8 minutes
Ideal audience: All client types.
When to use? Late-stage onboarding; coaching.

Financial Health Scale (FHS)

The Financial Health Scale (FHS) is a 20-item questionnaire. The test provides a quick assessment of a client’s overall financial health. It measures a variety of feelings and behaviors related to money and personal finances. The test has been used in studies to measure improvements in financial health over time, such as before and after financial education, coaching, or therapeutic interventions.

The FHS is designed to be a starting point for client conversations rather than a diagnostic tool. It offers insight into your client’s financial health and can be used to measure the effectiveness of financial education, coaching, or therapy efforts.

Time to complete: 6-8 minutes
Ideal audience: All client types.
When to use? Prospective clients; onboarding; coaching.

ReFocus Test (Beta)

The Refocus test and associated reports are designed to uncover a client’s perspective on retirement and retirement-related wellness or satisfaction. The test was designed to be used by financial professionals in the context of helping clients prepare for or adapt to retirement as a stage of life and is appropriate for all client types that are in pre-retirement or retirement.

Time to complete: 8-10 minutes

Ideal audience: Retirees or pre-retiree clients
When to use? Prospective clients; onboarding; coaching.

Money Personality (Beta)

Uncover money-related personality with a test designed to measure a client’s Openness to Experience, Conscientiousness, Extraversion, Agreeableness, and Emotion. This financial personality test provides your clients and leads with detailed insights and recommendations based on their scores. These insights cover how they can enhance their ability to save, spend, and invest in order to achieve long-term financial success.

Time to complete: 8-10 minutes

Ideal audience: All client types.
When to use? After initial contact or meeting is set up; in a coaching engagement.
Take the Money Personality test here.

WealthTrek (Beta)

WealthTrek (Beta) will help you understand your client’s openness to financial discussions, readiness for financial change, general financial wellness, and the client’s ability to stick with long-term goals. This test was created with input from advisors who wanted to identify which clients are open to making financial changes. In other words, WealthTrek can help you identify which clients have a positive attitude towards new ways of approaching their financial lives and may be open to discussions surrounding how they live today.

Time to complete: 8-12 minutes

Ideal audience: Coaching clients.
When to use? After initial contact or meeting is set up; in a coaching engagement.

Custom Financial Personality Tests

If you need a custom assessment for your firm, contact us for more information on our services. With our expertise in psychometrics, we can create a financial personality test that meets the needs of your unique client onboarding experience.

Implementing Financial Personality Tests

How can you add tests to your workflow and client experience? Learn how to implement tests in our guide here. Alternatively, work with DataPoints to design a plan for adding tests to your practice. Contact us for more information.

Share Via:

1 thought on “The Library of Behavioral Assessments for Financial Services”

  1. Pingback: Best practices for using personality tests in financial planning

Leave a Comment

Your email address will not be published. Required fields are marked *

Learn About...

 

Get Updates