53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield

It's the most storied rivalry in finance. The current self versus the future self. The very nature of financial planning work with clients is heavily focused on the future. Yet, the current self often calls the shots when it comes to financial decisions. In a profession so heavily focused on the future, the key to improving client's behaviors, decisions, and outcomes starts by addressing the most storied rivalry in finance. By striking a balance between their current self and future self. Fortunately, Hal Hershfield is renowned for his work in research on the future self and joined the show to explain everything we need to know. We discuss: The current versus future self in financial decision making How to help clients better connect to their future self The undicussed pitfalls of focusing too heavily on the future self The quesiton to ask clients who don't spend as much as they could The "Illusion of Wealth" and how it effects retirement and social security planning *For more resources discussed in this episode, check out www.wiredplanning.com/episode53 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn