"People make financial decisions for the right reason and the real reason."
-- JP Morgan
Since 1998, Peoplesmith Global has been coach and thought partner to the world's global leaders, entrepreneurs, individuals and families when facing complex decisions and important transitions. Some strategic: some financial. Over the last decade, we have adapted our models to better serve economic decisions and important milestones that affect financial well-being. Drawing upon a financial foundation, and our longstanding tradition of facilitating positive and profound change, we are pleased to apply our proven strategies to financial life planning - a new field of coaching that focuses on behavioral aspects of decision-making.
Money has neither intelligence, nor emotion. People do. Across the life stages, we face major transitions and complex decisions that have financial and emotional impact. Any time money and emotion are involved, we deal with risk and uncertainty that affects us personally, socially and often, inter-generationally. Numbers and dollars are only part of the equation. Our coaching, advocacy and learning programs compliment the technical aspects of conventional financial guidance, and other technical disciplines. While we have that knowledge, our approach is to educate, interpret and advocate on those subjects as we steward personal preferences that inform these strategies. Financial decisions don't happen in a vacuum. The ancillary impact to other dimensions of our lives often need to be addressed through a holistic model.
By applying principles of emotional intelligence, behavioral finance, positive psychology, decision science and change management, we take a holistic approach to wealth decisions. In this way, we engage multiple intelligences to align personal, interpersonal and generational concerns in the financial decision-making process. As your thought partner and coach, we strive to align financial decisions with life decisions to achieve financial well-being.
To hear our radio interview on The Emotional Intelligence of Money for the International Financial Network, click here.
There are so many ways we can learn, change and gain confidence. Coaching differs from financial advice-giving in that its sole focus is on helping the client be wiser, more aware and deliberate in their behavior. Combining behavioral aspects with the subject matter of financial guidance empowers the client to take action in accordance with multiple, often competing, interests and concerns. Coaching is a confidential partnership in which the interactive experience addresses those goals. Coaches are expert in change and transitions strategies that achieve clarity through real-time learning and personal insight.
We engage in deep discovery to know you ---- commitments you care about, people you love, your aspirations, concerns and hopes, and how your financial plans to speak for you. Our proprietary coaching model looks at multiple dimensions to integrate a holistic view of your personal and financial goals. This client-centric process explores your personal values and aspirations that need to inform the outer, financial strategies. Blind spots become illuminated, revealing new clarity for complex decisions or important transitions. When the process expertise of coaching is combined with financial subject matter expertise the result is renewed clarity, informed choice and profound learning for decision-making. You can expect your coaching and advocacy experience to be:
To explore coaching, contact us for a complimentary coaching session: EQCoach@peoplesmithglobal.com
Change can be difficult. Life is not linear. And not all financial decisions are logical. Individuals, families and businesses often face transitions without precedent that call for more than financial capital alone: we're asked to invest social, emotional, intellectual and human capital as well. Deploying these resources skillfully against financial decisions will directly affect our quality of life-and that of future generations. We can have contradictions between what we want and what we need: what's best and what's right in all dimensions of our financial lives. The more seasoned we are... the larger our balance sheet... the higher we evolve in our career... the more qualitative our decisions. Issues like family dynamics, business exits, next gen and legacy planning or philanthropic aspirations can all be clarified through the process of coaching.
Navigating various options, timing our decisions, and considering important relationships present choice points ahead. With the right combination of knowledge and the right resources, important milestones are welcomed with clarity, confidence and ease of commitment. The highly personal experience of coaching offers insights and clarity, bringing renewed perspective for wealth and well-being. For more information or a complimentary consultation, please email us at EQCoach@peoplesmithglobal.com.
Your best tomorrow is coming. Planning for this important chapter of life means more than saving enough and having a financial plan. Priorities change at this stage of life, driving a cascade of related decisions. Meaningful retirement includes physical, mental, emotional and social aspects of living, and often, a new identity. We aspire to good health, an active lifestyle, staying socially connected, giving back, spending time with loved ones and living true to our values. Stepping into retirement, or perhaps 'rewirement' to an encore career, or new business requires a plan. Coaching tracks with your definition of true happiness and empowers your choices to achieve it. Related programs from Concierge Partners include:
Not everyone speaks the language of finance. We are your interpreters. Advocacy is not about advice: it is about education, clarification and stewardship. The 'hardware' of technical plans: trusts, legal documents, investment, financial or tax strategies can be complex. We educate, decipher, remove jargon and complexity to affirm that technical strategies speak for you. An advocate stands for you and your true intentions when evaluating more factual or technical recommendations, assuring your inner aspirations sync with your outer plans. We also access a vast network of experts in our Concierge Network when necessary.
Following your coaching experience, renewed clarity may cause your vantage point to shift. This new awareness may call for a ReThink of your original plans and strategies. Working with your coach, you may 'Re-think' your direction or choices. Through our concierge partners, we can assist you in building a support network of best-in-class experts.
Wealth and well-being take a village. Life decisions impact us in many dimensions, requiring a multitude of resources for advice and support. When needed or when requested, we build a constellation of resources around you. Whether working with your advisors, or introducing our best-in-class partners, we can assemble ample resources to support you. You can choose to give us a seat at the table with your other advisors, or simply confer with us privately. Consider us a thought partner for your complex decisions to not only promote wealth, but assure well-being.
Trending are: robo advisors, indexing, artificial intelligence and a rise of do-it-yourself-ers. Machines and automation dilute the value of financial advice and de-personalize it. This bi-furcation adds another level of risk: behavior. It's well known that biased thinking and unconscious decisions can undermine an individual's best, long term intentions, adding costs and derailing long term plans. A steady hand is needed to guide and plan, or stand firm against turbulence in a provocative market. The H-Factor, or Human Factor gives the advisor unique tools and a holistic approach to amplify the special value that only a trusted partner can provide. Our H-Factor for Advisor programs includes:
There's a revolution going on. It's promoting a new kind of financial literacy that is foundational to wealth and well-being. Our financial wellness programs are holistic and delivered through groups and organizations (often as part of benefit programs) to help promote financial literacy.
We encourage you to contact us for more information on our services at EQMoneyCoach@peoplesmithglobal.com
Sign up for our blog, to stay current on new ways to master your financial life and literacy
Following are some general principles from behavioral economics and positive psychology that have influenced our services. It is also reflective of some content in our soon-to-be-release book, The Emotional Intelligence of Money®, An Irreverent Guide to the Financial Literacy of You!
Financial decisions and transitions often make rational sense, but also have to make emotional sense. Economists credit people with decisions that maximize our resources and minimize costs, calling on people to "have the mind of a computer and the will power of a saint." 1 If we were super-rational, we'd always choose the best, not most comfortable strategy; We'd buy low and sell high. More often, we sell at the bottom, and buy at the top. And the emotional pain of a 30% drop in our portfolios, the exit from our business, or conflicts in partnership is felt in the same location in our brain as we experience physical pain in our brain. Similar pains visit us when we step into unknown futures like retirement, transferring wealth to our children, or changing old behavior in service of a desired long term goal. Recognizing that our biology plays a part in how we navigate our future, Peoplesmith Coaching acts as confidential thought partner, client advocate and financial literacy coach for the next iteration, or the next generation.
We can diversify our portfolios, set ambitious goals or calculate downside risk and yet, our behavior is one of the most important risks we need to manage. Emotional issues often trump logic. We sometimes rationally calculate what we need in retirement, save, invest, reduce consumption, try never to splurge or speculate. Yet, as we venture into an uncertain future, factor in our loves, fears, relationships and legacies, we can waffle from the super-rational homo-economus to become what behavioral finance tells us is homo mistakus.2 Behavioral finance informs us how our thinking is biased and our behavior is flawed under risk and uncertainty. It addresses behavior that derails sound decision-making like overconfidence, fear of loss or following the herd. Peoplesmith Coaching works with intelligent emotions that supports our clients in desired financial decisions and transitions.
Using insights from psychology, economics and decision science, behavioral economics recognizes that people don't always make decisions in a rational, calculated way. We may analyze data logically, but too often our decision making is intuitive and automatic rather than deliberate and controlled. Behavioral finance accepts that emotions, perceptions and gut instinct cause us to misjudge important facts and make choices that are predictably mistaken. Preparing for the inevitable setbacks of change and transition, Peoplesmith Coaching is a client champion for mastery of the e-motion, or energy of motion to support desired outcomes.
Our biology is wired to seek pleasure and avoid pain. There is a high level of recidivism with any change initiative because the comfort of the familiar often pulls us back from untested future of the change we seek. We may have made up our minds to make the 'right' decision, but we need emotional engagement to get to the 'real' decision. Intelligent emotion creates momentum in the direction of our goals.
We invite you to call us for a complimentary consultation on how to apply emotional intelligence to your financial or investment goals. Feel free to contact us at EQMoneyCoach@peoplesmithglobal.com
We have just published the new white paper! Read more about Emotional Intelligence of Money®
1Richard Thaler; Investing for retirement, 2009.
2Jame Montier, The Little book of behavioral economics