The Blog

The cutting edge of holistic personal coaching in Australia is now incorporating emotional financial intelligence technology…

In our Life Planning practice we integrate over 30 years of executive coaching technology, experience and skills with our multi-step financial understanding and behaviour models as follows:

• Wheel of Life Analysis
• Six Needs of Life Score
• Top 5 Life Values and Definitions
• StrengthFinder 2.0
• Money Personality Profile
• Money Style Action Plan

In this post we will examine one step in the Life Planning process being the investigation and examination of our client’s Money Beliefs or Scripts… it’s their financial DNA culminating in their Money Personality Profile report. Our clients love how its non- confrontive self examination process raises their awareness and understanding of why and how… they do what they do.

Behavioural finance is gaining traction in the advice industry and money personality profiling has been around for about a decade… some of it however, is not great and pardon me if you use the system based on “animal types” but that stuff just doesn’t cut in my view when dealing with HNW informed clients…

“What do you mean I’m a dolphin ?” Please…No !!!

We use the best that’s out there and that’s Dr Kathleen Gurney’s work… it’s based on deep research with proven applicability and when combined with coaching techniques and an action plan, it’s powerful.

Specifically we use it to design our advice as well as overcome negative money beliefs and develop positive money behaviour patterns in our clients. And best of all ?

They love it !

It even helps with personal relationships where a clash of money styles is in the top three of all common disputes…

If you’re not using this technology in your advice practice… well all I can say is you’re missing out big time ! And that goes for all financial advice professionals and executive coaches, accountants and lawyers included. As you can see I’m passionate about this and so are many CFPs in the USA where the use of this technology is commonplace.

Want to know more ?

Well I’ve included below a brief list of the definitions of the Nine money personalities model… now remember this is very limited information and doesn’t really show the depth of the technology as each style is based on an analysis of thirteen emotional and behaviour characteristics. I suggest you get hold of her book “Your Money Personality” but the easiest way is to just email me as I’ve got a selection of great stuff I will send to you… advice@professionalelite.com.au

According to Gurney not only do individuals have a physical self, and emotional self and a social self, they also have a money / financial self.

She has proposed the following personality types:

• Achiever – Usually a university graduate — mostly married. They feel work and effort will pay off in the long run. They tend to distrust others’ honesty when it comes to money. Being the “take-charge” type, they have a strong need to control their money.
• Entrepreneurs – Usually rank as the higher income earners, they tend to be workaholics who are not motivated by money alone. They use it as a scorecard to measure their success. They reward themselves with the best cars, homes, wines, and investing in the stock market is their favored strategy.
• High rollers – Money brings them instant power and recognition. They are creative, competitive, and extroverted — they work hard and play harder and money for them is an emotional release. They prefer to risk their assets rather than sit back and be bored by financial security.
• Hunters – Usually highly educated, average to above-average income earners who make purchase decisions with their hearts rather than their heads. They have a strong work ethic, but attribute their success to “luck” versus ability and judgment. They lack confidence when it comes to making good decisions about money.
• Money masters – They are the number one wealth accumulators — even though they don’t earn the most money. They enjoy being involved in investing their money and enjoy what money brings them. They trust the recommendations of others and make sound investments.
• Perfectionists – They are afraid of making a mistake — so they also avoid making decisions with their money. They consider every angle and find fault with almost all investment decisions. They do try to save, but often lack self-esteem when it comes to investing.
• Producers – They work hard, desire more money, but they feel that they have difficulty in “getting ahead”. They don’t understand how the money system works and lack the confidence to make financial decisions — because they don’t take the time to understand them.
• Optimists – They are often near retirement age — and the money they have saved has brought them peace of mind. Their money decisions may be impulsive, but not high risk. However, they are not highly involved with investments or taxes — which could cause stress later on.
• Safety players – They are average earners and most of their money goes into safe and secure investments. They miss opportunities for more financial growth by not taking calculated risks. They feel they are doing just fine — and are resistant to making any changes to their investment strategies.