“The scientific method provides a framework for validating the profession’s best practices so that practitioners can have confidence that their “best” practices are based on the “best” evidence… …we propose that the time has come to commit ourselves as a profession to a more scientifically grounded and evidence-based approach to expanding our body of knowledge […]
Research
The Role of Emotional Value in Client Relationships
In a nutshell, our work at Money Quotient focuses on identifying both the subjective and objective factors that either enhance or hinder an individual’s financial and life satisfaction. Therefore, rather than using net worth as a snapshot of a client’s “true wealth,” we promote a more holistic approach to measuring financial health and maximizing quality […]
Redefining Retirement
The Transamerica Center for Retirement Studies conducted a survey to explore the fundamental question, “What does retirement mean to you?” In selecting from a series of words associated with retirement, Baby Boomer, Generation X, and Millennial respondents alike cited “freedom,” “enjoyment,” and “stress-free” as their top picks. However, despite this shared vision of retirement, the […]
Self-Efficacy – The Key to Financial Well-Being
In his long career at Stanford University, world renowned psychologist Albert Bandura made a tremendous contribution to our understanding of human behavior and motivation. One of his main areas of focus was the concept of self-efficacy—an individual’s belief in their own ability to succeed in accomplishing a specific goal or task. In fact, Bandura’s research […]
Retirement in Metamorphosis
The concept of retirement is undergoing a metamorphosis. Demographic, societal, and workplace trends have all converged to offer a stage of life that is much more fluid and flexible than what most of us previously imagined. In fact, retirement has become a matter of personal definition. Adding fuel to the fire of retirement reformation is […]
The Emerging Role of Post-Retirement Work
When it comes to preparing for retirement, the old rules about money have been thrown out. Therefore, adults of all ages need a new framework to guide and motivate their preparation for long-term financial independence. In the past, the goal of traditional retirement planning has been to build a retirement “nest egg” of personal […]
Comfort with Emotion
More than a decade ago, I had the opportunity to work on a fascinating research project that was co-sponsored by the FPA and partially funded by the CFP Board. The study examined a large number of communication variables and surveyed both planners and clients. The goal was to identify specific elements of communication that […]
What is Wisdom?
Ben Coombs has been a long-time friend of Money Quotient as well as an enthusiastic cheerleader and collaborator. Therefore, I took special note when Michael Kitces invited Ben to publish a guest post on kitces.com titled “10 Wise Lesson Learned About Being A (Better) Financial Planner” In his introduction, Michael explains that Ben was a […]
The Benefits of Buying Time
Most adults are increasingly experiencing a time crunch. The result is mounting stress and compromised health and vitality. And yet, despite their best efforts, many individuals express frustration about not being able to bring tasks to completion or having enough time to focus on what or who is most important to them. Scientists have even coined […]
Purpose Drives Financial and Life Planning
Do your clients desire to be rich? The word “rich” can be defined as possessing great material wealth, and it can also be defined as that which is abundant, meaningful, and significant. Therefore, what kind of wealth do your clients desire the most? Do they want to experience a life of riches or a rich […]