Are You Putting Your Clients in a Box?

Wruk, Brian; Hebert, Dean M.
March 2003
Journal of Financial Planning;Mar2003, Vol. 16 Issue 3, p78
Academic Journal
This article focuses on the emerging trend toward the use of assessment tools in financial planning to ascertain the client's personality and values to guide the financial planning process. The use of assessments to establish and enhance long-term client-planner relationships is an emerging trend in the financial planning industry. Much has been written about the use of standardized personality assessments and value assessments for use in client screening and relationship building. In addition, these tools can be used to assess employees and partners in developing and enhancing teamwork. Most assessments apply some type of label to the end result. These labels create convenient boxes in which a limited number of descriptions can be assigned. Everyone is placed in a category or box. Most assessments ask questions or have statements to which clients respond. The responses are structured in such a way that there is only one possible answer. Many assessments use a set of words that appears to be at the ends of a spectrum or continuum.


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