Part of the benefit of using behavioral assessments in financial planning is the ability to help clients understand why they make particular spending, saving, and investing decisions. Uncovering the “why” behind financial choices can open up a world of conversations and growth, growth that can lead to positive change. Maggie Klokkenga, CPA, CFP®, founder of Make A Money Mindshift, shared how she uses the power of assessments to help clients achieve what matters most through financial coaching packages and comprehensive financial planning.
Tell us about the work you do with clients.
I typically work with individuals and couples overwhelmed by debt. Often, they aren’t aware of their “numbers.” One of the most important aspects of my work is sharing with clients WHY they’ve made past spending choices. This process empowers them to change current spending patterns and achieve financial goals they’ve only dreamt about. I offer two financial coaching packages. Upon completing a financial coaching package, I offer comprehensive financial planning. I help my clients walk before they run.
How do you use assessments in your practice?
I use the Klontz Money Script Inventory-R (KMSI-R) assessment with my coaching clients. We discuss the results of the assessment in our first session together. I consider it the foundation of my financial coaching. I use the Investor Profile assessment with my financial planning clients; I appreciate the robust output related to investor personality.
How do assessments benefit your practice and clients?
Having the KMSI-R assessment gives me further insight to provide to my clients. From the assessment report, I identify money scripts that my clients strongly agree with that could be impacting their ability to achieve financial success. If that script is keeping them from achieving goals (like Money Avoidance or Money Focus), I work with them to make small changes to that original money script. Once they’ve completed the coaching program with me, clients have money beliefs that can serve them well.
What advice do you have for financial professionals who want to add assessments to their financial coaching packages or planning?
Assessments can be pivotal to your practice. I highly encourage those interested in understanding their clients’ mindset to attend one of the DataPoints webinars or learn more about the different assessments and how other practitioners use them in their firms.
What insights can you share with those who want to work with a financial coach?
Understanding the whys can help get you off the hamster wheel once and for all. Both DataPoints assessments and The Millionaire Next Door can give you insight into those whys.
Make A Money Mindshift offers financial coaching and comprehensive financial planning. Learn more about Make A Money Mindshift here, on Facebook, or on Instagram. Learn more about Maggie Klokkenga on LinkedIn.