Fast and Slow Thinking in Client Conversations

50 Minute Breakout Session: Fast and Slow Thinking in Client Conversations

Based upon Daniel Kahneman’s behavioral economics survey book, “Thinking: Fast and Slow,” we examine the ways in which behavioral biases enter into conversations between financial advisers and clients.

There are universal errors in judgment (behavioral biases) that we are hard-wired to make as humans. The field of behavioral economics studies how these intersect with decisions individuals make about risk. In any given client conversation, as many as ten or twenty biases can reveal themselves to us in different ways:
  • We recognize them in the client’s history (the client says, “I was stupid to do that”).
  • The client comes in with a new and different idea (“I saw this on TV…”).
  • Or, maybe, we realize we are victims of biases ourselves (“I knew better and I still did it.”)
We will review a survey of common biases and discuss ways in which we can discover and arrest fast, emotional thinking in favor of slow, rational decision making, for both our own good and for that of clients.

When the Wave Hits: Conversations about Windfalls

50-minute Breakout Session 

“When the Wave Hits…Helping Clients Navigate Coming into Money

When clients suddenly find themselves with “a lot of money,” they often face a range of challenges.  The dollar amount is irrelevant, as long as it is enough of a change to present a difficult transition.  In this session, we will discuss how you can help your clients navigate this new and potentially dangerous terrain.

Specifically, we’ll learn about the feelings and factors that shape your client’s reaction to this new money.  Along with identifying high risk situations facing those with sudden wealth, we’ll talk about strategies and tools to help clients avoid — or deal with — these risks.  Also, you will have an opportunity to practice applying effective communication skills to better help clients navigate this challenging transition.

Financial Lifestyle Planning Workshop: Will I Be OK?

Financial Lifestyle Planning Workshop: Will I Be Ok?

Many financial workshops are thinly disguised pitches for the sales agenda of the workshop leader. It’s about time for a different kind of workshop – one that’s solely focused on you and your relationship with money.

Lifestyle and money intersect at almost every turn and they are the things that make us happy. In this workshop, we will explore ten questions related to what makes us happy and keeps us happy. You will leave with a greater insight into the relationship between lifestyle and money. You will then map strategies to match your lifestyle goals to your money goals and talk about how to get help if you need it. Walk away with the basic pillars of a plan to take charge of your life and your money now and through retirement.

During our time together, you will

* Focus on mapping what kind of lifestyle you want for the next chapter in your life (whether that chapter is retirement or pre-retirement)
* Discover what is and isn’t reasonable to expect from your money
* Understand how emotions may have entered into past money decisions you made
* Be prepared to make simpler, better decisions about spending, saving, sharing, and investing
* Be equipped to interview and hire financial professionals, knowing which ones are the best fit for your best interests
* Actually enjoy talking about money and your future
* Record your thoughts, concerns, and wishes in a workbook to form a blueprint for your decisions.

No financial planning, investment, or insurance services or products will be presented at this workshop.

Limited to 24 participants.

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