The Secret to Better Money Manaement

The Secret to Better Money Management For Your Financial Advising Clients

As inflation rises, wages stay stagnant, and debt cripples younger generations, the idea of financial success seems impossible for many Americans. Yet, there is one secret to better money management for your clients, even amidst tumultuous economic times: customized financial advice based on psychology. 

Most of the financial advice available online today–and in some financial advising firms too–is generic advice that doesn’t work for everyone. Customized financial advice based on a person’s specific situation is needed instead. Instead of one size fits all advice, invest in a tool, like the Moneymax Profiling System, which allows you to design customized paths to long lasting wealth based on your clients’ personalities and will set you apart as a financial advisor. When looking for a tool like this, make sure it’s rooted in the field of financial psychology. 

The fields of psychology and finance seldom join forces in any systematic way. Over the past 30 years, our company has been trying to bridge the gap between the two disciplines. We wanted to learn how financial advisors could understand the personality traits of their clients and the psychology behind their clients’ decisions and values. Our revolutionary idea and the research behind it has pioneered a new field: financial psychology.

Using our research into the field, we developed the Moneymax® Personal Profiling System, a cornerstone of Financial Psychology. It reveals how someone approaches money and the right type of financial advice based on their values, lifestyle, and psychology in less than ten minutes. Since its inception, it has helped financial advisors acquire clients and–more importantly–helped those clients achieve actual financial success for years to come. Since developing the tool, we have served financial advisors in the United States, Canada, Europe, Japan, Australia, and beyond for over 30 years. 

Before becoming the CEO of Financial Psychology, Thomas Shortreed was a financial advisor who saw how Moneymax transformed his own advising practice. “The Moneymax tool allows you to really know your client,” Shortreed said, “The client or prospect tells you how they think about financial decisions. After a review and discussion the client or prospect feels you really understand them. This allows for a more consultative approach to advice and higher implementation rate.” 

When you’re looking for a profiling tool to help you provide customized advice, consider:

  • How long the tool has been around–and if past users are happy with it. Tools that have an established reputation and happy clients are likely to be more effective than newer tools which aren’t as well tested. 
  • If the CEO or anyone high up at the company has used the tool as a financial advisor: someone who has been in your shoes and developed a tool they would use is much more likely to create an effective money profiling system.
  • The culture in which the tool was developed: different cultures have different psychological concerns. If you’re looking for a client profiling tool, look for one that either works within your country’s culture or has worked across many international settings
  • Well researched and rooted in financial psychology: look for a tool which is rooted in research and utilizes a background in financial psychology

Financial success is still an option for Americans, if they have access to the customized financial advice they personally need. With a profiling tool, you can give your clients that advice and make prospective clients feel like you truly “get” them and their relationship with money. 

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