Behavioral finance is much more than a trendy topic. It represents a seismic shift in the ways financial professionals engage and understand their clients, and it will form the foundation of our industry’s value proposition in the years ahead. It prioritizes client relationships over products.
Strip everything away, and the central premise behind behavioral finance is getting people to behave more rationally regarding their money, beginning with saving more and spending less. Without a future concept, and without financial literacy or effective coaching, many individuals are isolated with their own attitudes and cannot improve an economic situation fueled by their impulsive spending habits.
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