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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 …
A well-designed financial plan can help clients achieve more than just financial goals. We talked with Michael Palazzolo, founder of Fintentional®, about how his firm helps clients achieve life goals in the context of financial planning. Michael is a former software engineer who started his transition to financial planning in 2007 and became a Certified Financial Planner™ certificant in 2010. Michael and his wife Amy also hosted Your Money or Your Life study groups …
How do advisors understand clients’ money-related attitudes before their first meeting? We chatted with Deborah Meyer, CFP®, CPA/PFS, CEPA, owner of WorthyNest® and Amazon bestselling author of Redefining Family Wealth about how her firm incorporates DataPoints assessments into the client experience. Tell us a little about WorthyNext and what makes your firm unique. WorthyNest® is a fee-only, fiduciary wealth management firm based in Punta Gorda, FL that helps Christian parents and Christian entrepreneurs across the U.S. unlock their …
Financial psychology is the study and application of psychological theories, methods, and practices in the areas of personal finance and financial services. The field takes into account two areas. First, financial psychology includes how we relate to and make decisions about money. In other words, financial psychology includes what psychologists refer to as “individual differences” in money-related behaviors and decisions. Second, financial psychology covers the client-advisor relationship, that is, the application of psychology in …
As the full impact of COVID-19 continues to unveil itself in the financial services industry, many advisors we are hearing from have begun to plan for a long-term remote practice. If you are contemplating a similar shift for the future, it is important to understand the limitations of the methods you used in the past to get to know prospects. Two of these methods, (a) judgment based on direct interaction and (b) forms with …