05.30.2023 - Fin Anxiety
How Financial Anxiety Impacts the Planner-Client relationship.
Presented by Megan McCoy, Ph.D., LMFT, Kansas State University
Through grant funding from the Financial Planning Association, Dr. Megan McCoy and her colleagues explored the relationship between financial anxiety and clients’ trust and commitment to their financial planner. Findings suggest that financial anxiety is an antecedent to trust and commitment. However, we also found an interesting curvilinear relationship where both high and very low financial anxiety has a negative impact on trust and commitment.
In this webinar, Dr. McCoy described financial anxiety by differentiating financial anxiety from financial stress. Practitioners were provided with insights on how to reduce both financial anxiety and stress in themselves and their clients.
Attendees Comments:
A few comments from listeners:
The biggest "aha" moment for me was when Meghan talked about using the same terminology as your client. For example, if the client uses the word "freedom" in place of "retirement," you should also use the word "freedom," because clearly the client has an emotional connection to that word. I tend to be a stickler for words and I always try to use the correct word, so what Meghan said about this was eye-opening!
- Lindsey F.
Regarding the comment about winning the lottery and/or becoming a financial planner to assuage financial anxiety. I think WE believe that being fortunate enough to win the lottery is insufficient to reduce financial anxiety. The knowledge of the planner to illustrate that there is a means to secure a financial future with a high degree of probability, given such fortune, is also necessary. I just find it interesting that the leaders of the discussion independently mentioned both factors.
- Michael T.
"I thought the anxiety scale and worry time exercises were really good. The Slides were particularly helpful bringing the sometimes complex statistical analysis
down to a level that was both understandable and implementable at a practice level. Megan is a really effective communicator! "
- Marjorie D.
So much valuable insight and information into the psychology of our practice - love it! May even do a blog post on related material.
- Judy C.
This presentation was phenomenal! This is a great example of why I continue to be a member.
- Art L.
The biggest "aha" moment for me was when Meghan talked about using the same terminology as your client. For example, if the client uses the word "freedom" in place of "retirement," you should also use the word "freedom," because clearly the client has an emotional connection to that word. I tend to be a stickler for words and I always try to use the correct word, so what Meghan said about this was eye-opening!
- Lindsey F.
Regarding the comment about winning the lottery and/or becoming a financial planner to assuage financial anxiety. I think WE believe that being fortunate enough to win the lottery is insufficient to reduce financial anxiety. The knowledge of the planner to illustrate that there is a means to secure a financial future with a high degree of probability, given such fortune, is also necessary. I just find it interesting that the leaders of the discussion independently mentioned both factors.
- Michael T.
"I thought the anxiety scale and worry time exercises were really good. The Slides were particularly helpful bringing the sometimes complex statistical analysis
down to a level that was both understandable and implementable at a practice level. Megan is a really effective communicator! "
- Marjorie D.
So much valuable insight and information into the psychology of our practice - love it! May even do a blog post on related material.
- Judy C.
This presentation was phenomenal! This is a great example of why I continue to be a member.
- Art L.
The biggest "aha" moment for me was when Meghan talked about using the same terminology as your client. For example, if the client uses the word "freedom" in place of "retirement," you should also use the word "freedom," because clearly the client has an emotional connection to that word. I tend to be a stickler for words and I always try to use the correct word, so what Meghan said about this was eye-opening!
- Lindsey F.
Regarding the comment about winning the lottery and/or becoming a financial planner to assuage financial anxiety. I think WE believe that being fortunate enough to win the lottery is insufficient to reduce financial anxiety. The knowledge of the planner to illustrate that there is a means to secure a financial future with a high degree of probability, given such fortune, is also necessary. I just find it interesting that the leaders of the discussion independently mentioned both factors.
- Michael T.
"I thought the anxiety scale and worry time exercises were really good. The Slides were particularly helpful bringing the sometimes complex statistical analysis
down to a level that was both understandable and implementable at a practice level. Megan is a really effective communicator! "
- Marjorie D.
So much valuable insight and information into the psychology of our practice - love it! May even do a blog post on related material.
- Judy C.
This presentation was phenomenal! This is a great example of why I continue to be a member.
- Art L.