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The Core of Why we Make Good and Bad Financial Decisions

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How you found yourself walking into your financial advisor’s office and dreading the conversation? How they talk and what they say might feel like a foreign language to you?

I hear all the time from different individuals that their financial advisor is always prompting them to meet. I always wonder why that is?

Working with clients in a behavioral way is something I have always focused on. What is the difference? In my opinion, it’s truly about how you approach the conversation and making it personal to the clients.

This week on the Thrive For[e]ward podcast, we are talking about what a Behavior Financial Advisor is and breaking down what might be involved in working with one. First, a BFA (Behavior Financial Advisor) is someone that gets to the core as to how we make financial decisions. There are so many strategies, how to save, how to invest, when to invest, when to pay taxes and so much more. But, the reality is, before you implement strategy you need to understand your own behaviors.

How can we start? There are some steps involved.

Start with your Money Story.

What you learned indirect and directly influences your own money stories. This comes from society, family, culture, and environment.  As an advisor, I love nothing more then to sit with my questions and ask the why. This WHY question prompts thinking so that we can understand their behavior regarding their money.

Get assistance and accountability in rewriting your story.

Once you know your money story you want to think about what is involved in rewriting it so that you have an idea that you can tell yourself and understand how you can make the changes to allow yourself to become more successful in your goals.

Setting a vision of where you want to go.

We use a roadmap as advisors, kind of like directions. True confident individuals have a vision for their wealth. You do need a vision, goals, and a plan to get to where you want.

Create practical steps to get to goals and reminders of what is important.

Vision is the first part but then you must create the steps to get to the end game. Reminders are helpful to complete the steps.

Commit to consistent touch points.

This is not a “set it and forget it” situation. You must be consistent and committed. When you work with a behavioral financial planner, they will hold you accountable. I call my consistent touch point “sessions.”

Want to see if this is something YOU want? Here are some action steps.

Action Steps:

  1. Evaluate what you are seeking from a financial professional.

  2. Ask questions about their process – What language do they use? Does it feel approachable? Do they incorporate behaviors into their practice?

  3. If you are into managing your wealth on your own visit Ep 77 What is Take to Be Your Own Financial Advisor.


·      What Is a Behavioral Financial Advisor (BFA)?

·      Learn what YOUR Emotional Financial Behavior 

If you haven’t ever considered how your behavior has affected your money or if you’re curious to learn more please let us help.

Feel free to schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process.

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Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services. Socially Responsible Investing (SRI) / Environmental Social Governance (ESG) investing has certain risks based on the fact that the criteria excludes securities of certain issuers for non-financial reasons and, therefore, investors may forgo some market opportunities and the universe of investments available will be smaller.

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