The Tasks of Successful Wealth Accumulators

What does it take to build wealth over time? I was fortunate to work with Dr. John Grable and Michelle Kruger from the University of Georgia’s financial planning performance lab on a research paper examining that topic, and the research was featured in the January edition of the Journal of Financial Service Professionals. The study used DataPoints’ proprietary list of financial tasks, which is based in part on the behaviors and habits documented in the 40+ …

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Never Tell Me The Odds

While watching the new Star Wars trailer with my children this week, I was mesmerized by the entire production. I fondly remember the first time my parents took my brother and I to see any of the films (The Empire Strikes Back). After seeing it, my brother and I were hooked on the story, the images, and the action figures. Oh, and the Millennium Falcon, with the cool hidden panel on the floor. My brother had that …

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Money Stress & Stress Management

Americans are stressed about money. The latest report from the American Psychological Association (APA) on stress finds that money is the most frequently reported stress factor, followed by work, the economy, family responsibilities, and personal health. The report indicates that 72% of Americans feel stressed about money some of the time, and over a quarter (26%) of Americans feel stressed about money most or all of the time. According to the study, the most …

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Segmenting Affluent Groups: Differences Matter

How does your organization segment its clients? Most often they are segmented by amount of investable assets, net worth levels, and perhaps age, income, and/or risk tolerance levels. What’s missing? A guide to their competencies for building wealth. As long as I can remember, my father has given big, gold-wrapped boxes of chocolates for thank you/end of year presents to his business associates. When I was growing up, as a treat, he would often buy …

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The Potential for Building Wealth

A data point is a measurement or set of measurements of a single member of a particular population. For the financial services industry, client data typically include age, income, net worth, investable assets, risk tolerance, attitudes, and perhaps big data (with or without theory). This information is traditionally used to describe wealth groups (e.g., mass affluent, ultra high net worth) and determine relevant products and services. What’s missing? The scientific measurement of relevant wealth-building behaviors and life experiences …

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