Money Scripts® Test For Financial Planning

Financial planners and coaches assess client money scripts® with the KMSI-R (Klontz Money Scripts Inventory-Revised) test. Why? There is a continued and increased focus on financial psychology in the financial services world. The CFP Board has recently updated its knowledge topics to include the psychology of financial planning, covering everything from client attitudes to critical life experiences that could shape a financial plan. Financial planners recognize that money personality is a key component impacting …
Last month a war (of sorts) was declared, pitting various risk tolerance companies against each other concerning their methodologies relating to portfolio risk assessment and analysis. The dispute appeared to be outside the realm of measuring a client’s appetite for risk. However, there is a very real and clear line of demarcation in the world of risk-tolerance assessment “advisortech” with respect to the method employed in assessing the investor’s so-called “risk tolerance,” particularly the …
On March 30th, the CFP Board announced changes to their Principal Knowledge Topics for educational programs for those seeking or with the Certified Financial Planner (CFP) designation. This change includes a new section representing 7% of the educational component, entitled “The Psychology of Financial Planning.” For those of us at DataPoints who have been writing about financial psychology and the psychology of building wealth for quite some time, we are delighted to hear that …
When you’re working to help clients achieve financial success, having insights related to their financial psychology is crucial. We’re delighted to share that you can now have behavioral insights from DataPoints integrated into Wealthbox CRM. The integration works by: Automatically importing contacts into DataPoints Sending leads and contacts to Wealthbox CRM Sending test scores from any test from the DataPoints library into a Wealthbox CRM note Access client money-related attitudes, personality, and psychological risk tolerance …
One of the hallmarks of a millionaire-next-door client is that they use their resources wisely. The “frugality chapter” of The Millionaire Next Door highlighted how frugality was part of the millionaire journey of small business owners, c-level millionaires, and others. If you’re familiar with the books, many continued those practices even after they passed the $1 million mark. The Science of Frugality In general, the more frugal you are, the more likely you will …

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