Dr. Brad Klontz and Derek Lawson won the prestigious Montgomery-Warschauer award for their paper on Integrating Behavioral Finance, Financial Psychology and Financial Therapy in the 6 Step Financial Planning Process. The award goes to the researchers who wrote the paper with the most outstanding contribution to the betterment of the profession in the prior year.

Dr. Klontz and Derek Lawson’s research not only brings together three different areas of financial behavior, but they practically discuss how you can use these three disciplines to improve your financial planning skills and service to your clients. Their research is guiding advisors everywhere to add a deeper level of value to the lives of their clients.

The deeper purpose of financial planning is to help a client improve their financial health – which has multiple components. It’s more than setting up the right insurance, retirement plan, and investment vehicles put into place. As advisors, we seek to empower our clients to make decisions that lead to financial security and fulfillment.

This is where financial therapy and behavioral finance comes in. By understanding a client’s mental approach to their money, you can help them live financially healthy lives that extends beyond the dollars and cents.

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What You’ll Learn:

  • What is the difference between financial advice and financial planning?
  • What is the difference between behavioral finance, financial therapy, and financial psychology?
  • How can financial planners integrate behavioral finance or financial therapy into their practice?
  • Specific skills and strategies you can start implementing today to integrate the best practices of behavioral finance, financial therapy and financial psychology today.
  • How does financial planning extend beyond your client’s financial life?

 

Financial Therapy Association

Integrating Behavioral Finance, Financial Psychology, and Financial Therapy into the 6-Step Financial Planning Process by Derek R. Lawson, CFP®; and Bradley T. Klontz, Psy.D., CFP®