“People aren’t always rational when it comes to their financial decisions.” This statement by Dr. Sonya Britt, cited in a December 12 online article in The Wall Street Journal, certainly won’t come as a surprise to any financial planner. Dr. Britt, an assistant professor of personal financial planning at Kansas State University, is president of the Financial Therapy Association.
Financial reporter Veronica Dagher uses examples from several therapists and financial planners, including Rick, in her excellent piece on financial therapy. She describes financial therapy as a “growing field . . . which seeks in part to help clients understand the emotional triggers and experiences that may prompt them to make poor financial decisions. Financial therapy may help clients communicate better about money, uncover irrational financial fears and empower them to follow their adviser’s recommendations.”
Read the entire article here.