Client Psychology: A Client-Centered Approach to Financial Planning Practice Built by Research for Practitioners

BOOK TO HELP FINANCIAL PLANNERS BETTER UNDERSTAND AND SERVE THEIR CLIENTS, BROADER PUBLIC

Published by John Wiley & Sons Inc., Client Psychology is the second in a series for faculty, students, practitioners and researchers who work within the profession or discipline of financial planning. The series, which is slated to continue for the next three years, will include a number of content areas within and beyond financial planning, helping to expand the body of knowledge for practitioners while fueling research and preparing the next generation of financial planners to serve the public.

"Client Psychology marries multiple academic disciplines to define a path forward for new client research and most importantly, helping financial planning practice become more client-centered," said Dr. Chaffin. "Client Psychology defines an entirely new area of research and practice, builds upon the financial planning body of knowledge, and is a practical resource for students and practitioners."

In addition to his role as the Center’s Direct of Academic Initiatives, Dr. Chaffin serves as the executive editor of Financial Planning Review, the Center’s academic journal. 

About the book

The 336-page book explores the biases, behaviors and perceptions that impact client decision-making and overall financial well-being. Informed by research from practitioners, it outlines the theory behind many of these areas while also explicitly stating how they directly impact financial planning practice.

Overall, the book aims to achieve the following:

• Defines an entirely new area of focus within financial planning practice and research: Client Psychology
• Serves as the essential reference for financial planners on client psychology  
• Builds upon and expands the body of knowledge for financial planning
• Provides insight regarding the factors that impact client financial decision-making from a multidisciplinary approach    

‘Client Psychology’ program offered by Penn’s Wharton School

Building on the impact of Client Psychology, the Center and the Aresty Institute of Executive Education at the University of Pennsylvania’s Wharton School jointly launched an academic program in 2019 based on the book. Directed by Dr. Chaffin and the aforementioned Dr. Geczy, the program aims to help financial professionals better understand the biases, behaviors, and perceptions that affect the decisions clients make, as well as their financial well-being.

"CLIENT PSYCHOLOGY DEFINES AN ENTIRELY NEW AREA OF RESEARCH AND PRACTICE, BUILDS UPON THE FINANCIAL PLANNING BODY OF KNOWLEDGE, AND IS A PRACTICAL RESOURCE FOR STUDENTS AND PRACTITIONERS."

— CHARLES CHAFFIN, ED.D.

The course addresses the top questions explored in the book through immersive sessions on evidence-based decision making; investing habits and goals across generational lines; the role of recent breakthroughs in neuroscience, heuristics and biases; and elements of clinical psychology including spending, saving, and money disorders. The course is taught by experts from Wharton, scholars from a variety of academic disciplines and CFP professionals.

If you’re a CFP® professional, researcher, financial advisor, or student pursuing a career in financial planning or financial services, this book and related course deserve your consideration.