Life, Art, Vino, and Two Buck Chuck

Walker, Lewis J.
January 2005
Journal of Financial Planning;Jan2005, Vol. 18 Issue 1, p20
Academic Journal
This article describes a strategy for addressing the fears of financial planning clients. Fear is a driving force for clients--fear of terrorism, fear of outliving their money. Fear is derived from apprehension about the unknown. The antidote for fear is information, wise counsel, putting the known into perspective, framing, and realistic assurance, after we have spent ample time listening to clients so as to understand the nature of their fear. We must recognize client biases and their realities, yet be willing to challenge assumptions when appropriate, offering creative, flexible, and practical alternatives to help the client make his or her own decision. As Sue Hammond notes in her book. The Thin Book of Appreciative Inquiry, we should help the client appreciate and value the best of what is, envision what might be, discuss what should be, and innovate what will be. We must blend personal and psychographic needs with financial goals and realities, so as to render distinctive advice. Demographic trends alone have created fascinating realities. Life-span gaps within families, longer life spans, and three to four generations at family gatherings create planning opportunities. All facets of the wealth management process must be more introspective and creative. Emotions--fear, love, anger, frustration, joy, pride, selfishness, overgenerosity--can alter and distort and cause reactions that are not in sync with rational planning or the logic of numbers.


Related Articles

  • CLIENT CONFUSION. Tabone, John // CA Magazine;Nov2003, Vol. 136 Issue 9, p9 

    Reports on a survey by the Financial Planners Standards Council on relations between chartered accountants that offer financial planning services and their clients. Frequency with which clients make certain mistakes; Responses with the highest ratings; Interest of chartered accountants in...

  • Baby Boomers can't count on Social Security alone. Harrington, Cynthia // Accounting Today;10/11/2004, Vol. 18 Issue 18, p18 

    Provides information on the financial dependence of clients from the Baby Boom generation on social security. Views of Federal Reserve Chairman Alan Greenspan on the effect of the failure to respond to the issue; Responsibilities of advisors in the financial planning of their clients;...

  • relative STRENGTH. Korn, Donald Jay // Financial Planning;Oct2004, Vol. 34 Issue 10, p66 

    Discusses the process of dealing with multiple generations of clients for financial planning of their family assets. Problem associated with meeting the children of clients; Focus of counseling wealthy children; List of money-saving ideas for client's children; Cases that illustrate the...

  • TANISHA'S TIPS: 10 Smart Financial Tips for Your 20s & 30s. Sykes, Tanisha A. // Essence (Time Inc.);Aug2012, Vol. 43 Issue 4, p68 

    The article offers financial tips for people aged 20s and 30s. It says that creating early savings allows one's to get money plan off the right foot and it adds that the use of track expenditures at mint.com program or notebook and pencil to determine the spending and the amount to save. It...

  • 7 Ways to JUMP-START Your Savings. Atoji, Cindy // Essence (Time Inc.);Sep2007, Vol. 38 Issue 5, p126 

    The article offers tips to save money. To save money, one must set spending limits. It is also advised to limit trips to the ATM. Joining a money club to learn about saving and investing is also suggested. Other suggestions include dividing the bulk shopping items with a friend, driving less,...

  • We Need a Makeover! Bigda, Carolyn; Max, Sarah // Money;Jul2011, Vol. 40 Issue 6, p88 

    The article reports on the financial needs of two different families and a retiree. The article details how much emergency savings they should have, how much they need to start saving yearly for retirement, what type of investments to keep or sell, and what they should put aside to pay for...

  • Financial Alchemy. Rae, Morgana // Personal Excellence Essentials;Jan2006, Vol. 11 Issue 1, p13 

    Focuses on principles that can help people manage their finance better. Discussion on the relationship between a person and his money; Contention that one's potential for prosperity rests within himself or herself; Explanation that there is no scarcity of money; Choice is based on one's...

  • Are You Living Within Your Means? Winter III, F. Thomas "Tom" // Orthodontic Products;Jun2007, Vol. 14 Issue 4, p26 

    The article offers advice on managing personal finance. To increase rate of savings toward retirement, a person should establish a long-term goal and avoid overusing consumer debt. Other strategies to improve one's financial condition include using credit cards as little as possible, paying...

  • Your kids are home. Teach them finance.  // In Search of the Perfect Investment;8/17/2010, p1 

    The article discusses how to teach children with their personal finance. It explains why children should learn how to save their money. It discusses the importance of control and the idiocy of gambling on investments. It suggests not to trust financial advisors, institutions or friend in...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics