Financial Planning Clients’ Investing Confidence & Knowledge

Financial psychology is at the heart of our product development and ongoing research here at DataPoints. Part of our research program includes examining investor-related characteristics. Our analyses include areas like confidence and composure. Our latest Client FinPsych Report explored the preferences, knowledge, and confidence of over 2,600 financial planning clients between February 2018 and May 2021. The results of this research help to identify areas where advisors can help clients’ improve investing-related decision-making. In other …
I know elementary school teachers, coaches, and your parents told you that all that matters is that you do your best. Unfortunately, they all lied to you. The professor who wrote this was responding to a fictional (albeit realistic) scenario: how would you respond to a student who asked for a grade change on a project because she “worked so hard on it?” The idea that you could work hard on something and not …
Beginning in 1995 and then more broadly in 2000, the Social Security Administration (SSA) began mailing hard copy statements of estimated benefits to workers (the “Statements”; see the the SSA website). Included in the Statements were available disability insurance (DI) benefits and estimated monthly benefits at certain retirement ages, along with other information. The SSA stopped sending the Statements in 2011 for budget reasons but restarted the program in 2014. How did the Statements affect …
If you have ever worked for a leader who lacks confidence, you know how painful your daily slog can be. A leader’s dearth of confidence can suppress opportunities of superstar employees or lead to an inability to secure resources, including pay, promotions, and bonuses, for team members. Great leaders balance confidence with realism and perspective, and have enough self-esteem and self-efficacy to delegate to and develop team members and work for the good of …

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