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Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning Personal Financial Planning Emphasis on Personal: Even if your client is a closely-held corporation, its principals are individuals who will have different agendas, emotional attachments and attitudes. Copyright 2007, The National Underwriter Company 1 Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning Influential Factors • • • • • Cultural background Family experience Emotional and medical factors Life Cycle stage & Age Knowledge Copyright 2007, The National Underwriter Company 2 Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning Stereotypical Behavior Although not every person from a certain group will react in the same way, stereotypes exist because most people do react similarly to others with the same background, experience, and personal circumstances. Working within the expected parameters of a stereotype is not prejudice: It is simply being efficient. Good data gathering will reveal those people whose behavior falls outside the stereotype. Copyright 2007, The National Underwriter Company 3 Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning The Planner & Client Goals Cultural background shapes what goals a person feels are appropriate. When the planner and client are from different groups, the planner must submerge his own mores to those of the client. However, the planner must never violate ethics to accommodate a client, even if there is risk of losing the client. Example: How much money is appropriate to spend on a wedding (and its formality) varies considerably across social groups. Copyright 2007, The National Underwriter Company 4 Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning Stereotypical groups • • • • • • Retirees Divorced people Widows & Widowers Young singles Young married couples, no children Young married couples, with children or expecting children What do you think would be the expected behavior of each group? Copyright 2007, The National Underwriter Company 5 Attitudes and Behavioral Characteristics of Clients Chapter 5 Tools & Techniques of Financial Planning Further Reading • Kennedy, E. (2001). On becoming a counselor, revised edition: A basic guide for nonprofessional counselors and other helpers. New York: Crossroad Classic. ISBN: 0824519132. • Bachrach, B. and S. Shapiro. (2002). Its all about them: How trusted advisors listen for success. Los Angeles: Chico Publications. • Bachrach, B. (2000). Values-Based Financial Planning : The Art of Creating and Inspiring Financial Strategy. San Diego, CA: Aim High Publishing. ISBN: 1887006036. Copyright 2007, The National Underwriter Company 6