Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Diversions February 28, 2013
What’s Your (Or Your Client’s) Profile?
In 20 minutes, you can find your clients’ psychological profiles –
and advise them better on wealth building and retirement plans.
Reported by Jill Cornfield
A financial assessment tool from Mindful Asset Programs, the MAP (Motivated Asset Pattern) Assessment is based on psychological and neuroscience principles, and can help financial planners discover what motivates their clients about finances and what kinds of issues the clients have with money.
The tool gives planners insights into a client’s motivations about prestige, spontaneity, peace, simplicity, virtue, security, control and growth. The MAP tool can be learned in a few hours and takes less than 20 minutes to conduct with a client.
MAP assessments create a customized report with a summary to help the practitioner present findings to clients. The MAP Assessment and Training Guide helps structure conversations and allows planners to know clients more deeply and in less time.
A detailed report for the client also provides descriptions and checklists to raise their awareness of “emotional and cognitive management” of financial decisions. Graphics provide a visual for individuals or couples that help them assess recommended actions.
For more information and a free trial of three assessments, go to the MAP page (www.MindfulAssetPrograms.com) “products” tab and use the code FreeTrial2013. The offer ends April 30.