Financial Planning Counseling Skills

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Financial Planning Counseling Skills describes how a financial planner can blend counseling, psychological, and behavioral finance theories, models, and approaches into their practice with clients.

Many of the day-to-day tasks performed by financial planners fall within the broader scope of counseling. Financial planners often face counseling like-incidents in their work. As a result, financial planners need a working knowledge of client and financial planner attitudes, values, and biases. Financial Planning Counseling Skills specifically describes how a financial planner can blend counseling, psychological, and behavioral finance theories, models, and approaches into their practice with clients. Discover:

  • Chapter Applications that include testing materials, such as short answer questions, essay questions, matching charts and sample interview questions
  • A running case study that covers topics for each of the ten chapters that apply principles learned in the chapters
  • Charts that demonstrate how an office environment should be structured to positively influence a client's psychology
  • Each chapter contains frequent discussion points set off in boxes for easy identification that provide practical guidance on points discussed in the text
  • Key terms are highlighted and defined so students can easily find and understand the terms

Topics Covered:

  • The application of counseling theory to the practice of financial planning
  • Understanding the importance of using theory in practice and demonstrating how a financial planner can use counseling theories to build client trust and enhance client interactions
  • How to establish, manage, and maintain client relationships, including how to build a trust-based client relationship
  • How to communicate effectively with clients, especially how to obtain deeper insight into a client's values, goals and other valuable information and the importance of nonverbal communication
  • Reflective listening skills, including how it allows planners to gain information and understand the entirety of the client's situation
  • The importance of questioning skills, including open and closed-ended questions
  • The issues with heuristics, or mental shortcuts that allow a decision-maker to process information or make decisions more quickly
  • The role of a financial planner in identifying and monitoring client biases and how they impact client's decision making
  • Sources of money conflict, including areas of potential conflict between spouses and family members, as well as money taboos and differing money personalities
  • How financial planners can communicate the importance of agreeing on financial goals and objectives
  • Discussion of the most common money disorders, including compulsive shopping, gambling, workaholism, hoarding, and financial denial, including the symptoms of these disorders and how a financial planner can support clients with these disorders
  • Description of relational money disorders, such as parental manipulation and financial enabling
  • Discussion of financial infidelity, including the impact of addiction
  • How a financial planner can deal with clients' personal crises such as loss and grief
  • How financial planners can mediate the impact of financial shocks by providing financial education
Additional Information
SKU 7380000B
Publication Date April 27, 2023
ISBN 978-1-954096-97-4
Page Count 234
Author Jamie Lynn Byram, Ph.D., CFP®, AFC®, Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™, Michelle Kruger, Ph.D., CFP®, and John E. Grable, Ph.D., CFP®
Edition 1
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John E. Grable, Ph.D., CFP®

John E. Grable, Ph.D., CFP®

Professor John Grable teaches and conducts research in the Certified Financial Plannerä Board of Standards Inc. undergraduate and graduate programs at the University of Georgia where he holds an Athletic Association Endowed Professorship. Prior to entering the academic profession, he worked as a pension/benefits administrator and later as a Registered Investment Adviser in an asset management firm. Dr. Grable has served the financial planning profession as the founding editor of the Journal of Personal Finance and co-founding editor of the Journal of Financial Therapy and Financial Planning Review. He is best known for his work in the areas of financial literacy and education, financial risk-tolerance assessment, behavioral financial planning, and evidence-based financial planning. He has been the recipient of numerous research and publication awards and grants and is active in promoting the link between research and financial planning practice where he has published over 150 refereed papers, co-authored several textbooks, co-authored a financial planning communication book, and co-edited a financial planning and counseling scales book and a graduate-level personal finance book. Since earning his Ph.D., Dr. Grable has served on the Board of Directors of the International Association of Registered Financial Consultants (IARFC), as Treasurer and President for the American Council on Consumer Interests (ACCI), as Treasurer and board member for the Financial Therapy Association, and as an Academy of Financial Services board member. He has received numerous awards, including the prestigious Cato Award for Distinguished Journalism in the Field of Financial Services, the IARFC Founders Award, the Dawley-Scholer Award for Faculty Excellence in Student Development, and the ACCI Mid-Career Award.

Jamie Lynn Byram

Jamie Lynn Byram, Ph.D., CFP ® , AFC ®

Dr. Jamie Lynn Byram earned her Ph.D. in Financial Planning at the University of Georgia (UGA). She graduated with a B.A. in both history and political science from Samford University in Birmingham, AL. Dr. Byram also holds four master’s degrees: a Masters of Business Administration from The University of Alabama, Birmingham, a fifth year specialist in education from The University of Alabama, Birmingham, a Masters of Divinity from Asbury Theological Seminary, and a Masters in Science–Financial Planning from the University of Alabama. Dr. Byram began teaching at the university level in 2007 at The University of Missouri–Columbia, and then at The University of Southern Mississippi, where she served as Program Director of the University’s financial planning program. Dr. Byram has also held teaching positions at the University of Georgia and Virginia Tech. After seventeen years of teaching, Dr. Byram pivoted to an industry role and is currently a Senior Financial Planner for Locker Financial Services, a Fee-Only comprehensive financial planning firm located in Verona, New Jersey. Dr. Byram also owns her own financial counseling practice, Peace Within Financial Counseling, LLC, and serves as the Financial Editor of Top Dollar, a newsletter published by Ebix, Inc. Her research interests include financial psychology, financial behaviors within marriages and partnerships, and financial literacy. Dr. Byram is a Certified Financial Planner™ professional and an Accredited Financial Counselor® professional.

Megan McCoy

Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™

Dr. Megan McCoy, Ph.D., LMFT, AFC®, CFT-I™ is an Assistant Professor at Kansas State University’s personal financial planning program. Dr. McCoy holds a B.A. in Psychology from The University of North Carolina and an M.A. in Marriage and Family Therapy from Drexel University. Dr. McCoy also attended the University of Georgia, where she earned a Ph.D. in Human Development and Family Science with an emphasis in Marriage and Family Therapy. She is a licensed Marriage and Family Therapist, an Accredited Financial Counselor® ,and a Certified Financial Therapist-I™. She volunteers on the Financial Therapy Association Board of Directors and is the co-editor of the Financial Planning Review. Her research interests focus on financial therapy, financial well-being, and financial communication, as well as diversity, equity, and inclusion issues. She has published over forty articles in top-tier mental health, family science, financial counseling, and financial planning journals. This year her research has won her research awards through the National Council of Family Relations and Financial Therapy Association. Dr. McCoy has been awarded grants from the Financial Planning Association, the National Endowment for Financial Education, and FP Canada to continue research in this area. Dr. McCoy has been featured as a financial well-being expert on the Today Show, NPR, BBC, the Wall Street Journal, and many other media outlets.

Michelle Kruger

Michelle Kruger, Ph. D., CFP®

Michelle Kruger earned her Ph.D. in Financial Planning at the University of Georgia (UGA). She graduated magna cum laude with a B.B.A. in Finance from the Terry College of Business at UGA. After serving as an Assistant Professor of Finance at Loras College, Michelle pivoted to an industry role. She is currently a Senior Financial Planner at Elwood & Goetz Wealth Advisory Group, a fee-only, comprehensive financial planning firm located in Athens, Georgia. Michelle is also currently a part-time Lecturer at the University of Georgia focusing on preparing students for careers in financial planning. Michelle has taught classes in practice management, computer applications, and other advanced financial planning and finance courses. Her research interests include financial planning interventions, risk tolerance assessment, and behaviors associated with building wealth. Dr. Kruger also conducts research through the Financial Planning Performance Lab, the nation’s only applied clinical facility designed to obtain evidence about the effectiveness of the financial planning process. She has served as a financial counselor at the Aspire Clinic, an interdisciplinary teaching and research institution, applying marriage and family therapy theories and techniques to her work with financial clients.