Jeff Rupp, managing partner ofin Dallas, a firm ranked 98th on CNBC's FA 100 list, said financial psychology is woven into the company's asset selection.
"We look at what's behind the recommendation," he said, explaining team members may respond differently to asset suggestions based on their risk profile. "We look at how the investment team reacts."Asset managers may also use financial psychology when guiding clients through investment decisions, particularly when the stock market dips.
Managing assets is like a cross-country road trip with clients in the back seat, Cornfeld said, and they expect to find harsh conditions, like snow, ice, flooding and flat tires.But in the meantime, Cornfeld aims to keep clients in the car, regardless of the conditions, such as the news or cocktail party gossip, describing his role as "investment counselor.
But if a client won't budge, an advisor may try to "work around the edges" to protect them with some basic estate planning, such as wills and powers of attorney, he said.Putting your mind to it: Financial and psychology experts on how to handle money stress and overcome anxietyWhether a firm has recently integrated financial psychology into its practice or it's been a long-term strategy, experts believe it's a trend that's likely to continue.
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