Part of providing financial planning is understanding our client’s financial personality and using that to adapt how we explain concepts and make decisions together based on their needs.
We found this article interesting that discussed the different financial personality types. Which is yours?
- Family stewards: The aim of investing, wealth planning and much of what they think about and do is to take care of their family. They have family obligations that always rank very high on what’s really important to them.
- Independents: They are striving for the personal freedom that financial and business success makes possible. They also want to have a solid safety net if it becomes necessary — or they just want to bail.
- Phobics: They don’t like investing, don’t understand it and don’t want to learn. They prefer to delegate investment duties to a financial advisor they trust.
- The Anonymous: For them, confidentiality is a dominant — often the dominant — concern. They eschew just about anything that involves sharing information outside of a small select group.
- Moguls: They are very concerned about parlaying their financial actions into personal power. They like to “keep score” with money and enjoy ascertaining who is winning and who is losing.
- VIPs: They are interested in social recognition and prestige. They view their business and financial successes as a way to achieve high status.
- Accumulators: Their primary (and sometimes sole) goal in life is to make more money. They want to do everything possible to grow and protect their personal fortunes because the more they have, the better they feel.
- Gamblers: They relish the adrenaline rush they get when they’re successful in business and in life. They’re problem solvers and thoroughly enjoy the process of investing and related activities.
- Innovators: They want to be at the cutting-edge of business and finance. They tend to focus on very sophisticated wealth management and family support solutions.