DataPoints Tops List for Value and Satisfaction in 2023 Kitces Tech Report

Earlier this month (September 2023) the team at Kitces.com released its 2023 financial advisor technology usage report titled Kitces Report: The Technology That Independent Financial Advisors Actually Use (And Like). (Download the Report here.) The Kitces Report provides a detailed analysis of data compiled from roughly 1,400 independent financial advisors’ responses regarding the technology applications they use (and don’t use) in their practice. Advisors rated their perceptions of value and satisfaction for the various …
Personality tests help individuals understand how their unique behavioral traits and tendencies relate to their saving, spending, and investing patterns. General personality factors, like those included in the so-called “Big Five” personality traits, impact money-related outcomes like income and net worth. So while we’re helping clients understand their unique traits with individual reports and insights, this same data can help firms predict what clients might do in the future. We can also predict which …
If you are a consumer of personal finance content like I am, you have by now undoubtedly heard one commentator or another derisively dismiss the idea of even mentioning the long-term cost of a daily Starbucks trip. They don’t want to hear about it—it’s a trope to be ignored. And this derision is coming from otherwise competent and professional personal finance sources. This phenomenon got me thinking: what’s going on here? Surely Commentator X …
I recently had a conversation with my teenage daughter where we had reason to consider the financial situation of an elderly couple that are family friends. My daughter became aware that this family had an (undisclosed) amount of money to live on for the rest of their lives, and that was it. She made an off-hand remark that “they have that amount of money to live on, and that’s it? That would stink.” This …
Let’s Agree to Disagree Agreeableness is a personality trait that is often overlooked or misunderstood when managing our financial lives. The field of personality psychology generally recognizes five primary personality traits that are understood to form the basic foundation of individual personality (often referred to as “the Big Five” or “OCEAN model”). These include openness to experience, extroversion, conscientiousness, neuroticism, and agreeableness. Here we take a closer look at the last trait, agreeableness. We …

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