{"id":59136,"date":"2025-03-03T08:00:00","date_gmt":"2025-03-03T14:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=59136"},"modified":"2025-02-20T08:01:36","modified_gmt":"2025-02-20T14:01:36","slug":"behavioral-finance-and-the-human-side-of-advice","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/behavioral-finance-and-the-human-side-of-advice\/","title":{"rendered":"Behavioral finance and the human side of advice"},"content":{"rendered":"\n<p>No matter where you are on the financial advisory spectrum, it\u2019s clear your job is shifting from delivering tax and accounting services to enabling outcomes that lead to meaningful progress. Today, you must also have a deep understanding of each client\u2019s relationship with money and understand what ultimately gives them peace of mind. Understanding the principles of behavioral finance can be a big help.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>What it&#8217;s all about<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"872\" width=\"700\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?w=700\" alt=\"\" class=\"wp-image-59147\" style=\"width:187px;height:auto\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg 1000w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=120,150 120w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=241,300 241w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=768,956 768w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=700,872 700w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=740,921 740w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Daniel-Crosby.jpeg?resize=720,896 720w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Dr. Daniel Crosby<\/figcaption><\/figure>\n<\/div>\n\n\n<p>The <a href=\"https:\/\/corporatefinanceinstitute.com\/\" target=\"_blank\">Corporate Finance Institute<\/a> defines behavioral finance as \u201cthe study of the influence of psychology on the behavior of investors and on financial analysts.\u201d Dr. Daniel Crosby, chief behavioral officer at <a href=\"https:\/\/orion.com\/thought-leader\/daniel-crosby\" target=\"_blank\">Orion<\/a> and author of \u201c<a href=\"https:\/\/www.amazon.com\/Soul-Wealth-reflections-money-meaning\/dp\/1804090441\" target=\"_blank\">The Soul of Wealth: 50 Reflections on Money and Meaning<\/a>,\u201d takes it a step further. As he described on <a href=\"https:\/\/wealthmanagementforward.com\/2022\/04\/19\/ny-times-best-selling-author-dr-daniel-crosby-behavioral-finance-food-the-norwegian-underworld%EF%BF%BC\/\" target=\"_blank\">my podcast<\/a>, behavioral finance analyzes how \u201cmessy, imperfect, irrational emotional human beings\u201d make decisions about their money.<\/p>\n\n\n\n<p>That aligns with my experience. I have found that most people tend to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Invest in the stock market at its peak and sell at its low.<\/li>\n\n\n\n<li>Succumb to sunk-cost fallacy. They keep pouring money into a business or investment that\u2019s not working. They keep holding on to problem employees, hoping they\u2019ll turn around.<\/li>\n\n\n\n<li>Lament paying large sums in <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/calculating-gains-losses-from-the-sale-of-cryptocurrency\/\">capital gains<\/a> or business income taxes.<\/li>\n\n\n\n<li>Have unrealistic expectations for the value of their business.<\/li>\n\n\n\n<li>Pay full price to accumulate tons of mileage and rebate points on their credit cards\u2014but never use those points.<\/li>\n\n\n\n<li>Concentrate a disproportionate amount of their <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/retirement-plans-for-businesses\/\">retirement<\/a> savings in their employer\u2019s stock.<\/li>\n\n\n\n<li>Spend hundreds or thousands of dollars a year on lottery tickets, with no return, hoping to hit the big ticket.<\/li>\n\n\n\n<li>Greatly overestimate their ability to predict the direction of the market or a particular stock.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>How can I apply this to my business owner clients?<\/strong><\/p>\n\n\n\n<p>Crosby argues that as <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tag\/tax-advisory\/\">advisors<\/a>, we need to start with a \u201chuman-first approach\u201d to money before recommending solutions. Let\u2019s say a worried client comes to you and says, \u201cI\u2019m going to owe too much in <a href=\"https:\/\/www.firmofthefuture.com\/taxes\/free-tax-resources-deadlines-checklists\/\" target=\"_blank\">taxes<\/a> this year. Can you help?\u201d Before going into problem-solving mode, and before recommending tax loss-harvesting, a Roth conversion, or other tax mitigation strategies, take the time to uncover what your client is really telling you <em>outside<\/em> of their financial statements. What is it about their behavior and decision making that got them into a tax bind?&nbsp;<\/p>\n\n\n\n<p>Knowing this completely changes the nature of the advice you give them. By taking the time to understand their values, fears, and relationship with money, you\u2019ll start to see them as a complete person rather than just another taxpayer, investor, or wealth accumulator.<\/p>\n\n\n\n<p>Every client is unique, and we must approach each client relationship with a clean slate. Only then can we craft solutions for them that have the greatest impact. With his human-first perspective, Crosby said the key is to bring a client\u2019s emotions, feelings, and behaviors into the financial planning conversations\u2014not just their money or tax issues.<\/p>\n\n\n\n<p>If a client tells you they\u2019re thinking about <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/advisory-services\/exit-conversations-with-your-clients-next-steps\/\">exiting their business<\/a>, don\u2019t start recommending ways, for example, to minimize the capital gains tax on the sale of the business. Go beyond that. First, walk them through the process of thinking about the next chapter in their life. That\u2019s when \u201cbusiness owner\u201d is no longer part of their identity. How will they spend the extra 50, 60, or even 70 hours per week that have suddenly been freed up? Are they (and their spouse) comfortable with them being home all or most of the time? Do they have enough passions, interests, and organizations to keep them occupied and fulfilled? These are the kinds of questions you should be addressing with them before you start talking about the nuts and bolts of the transaction.<br><br>Crosby: \u201cWhen we think differently and understand our client&#8217;s fears and hopes, we can have a greater impact on their life.&#8221;<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Human First Financial Guidance<\/strong>\u00ae<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Ross-Marino.png\" alt=\"\" class=\"wp-image-59149\" style=\"width:190px;height:auto\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Ross-Marino.png 500w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Ross-Marino.png?resize=150,150 150w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2025\/02\/Ross-Marino.png?resize=300,300 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><figcaption class=\"wp-element-caption\">Ross Marino, CFP\u00ae, CeFT\u00ae<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Today, enlightened financial advisors, including accountants, are increasingly shifting their approach to human-first. According to <a href=\"https:\/\/transituswealth.com\/\" target=\"_blank\">Transitus Wealth\u2019s<\/a> Ross Marino, CFP\u00ae, CeFT\u00ae who trademarked the term \u201cHuman First Financial Guidance<em>,<\/em>\u201d<strong><em> <\/em><\/strong>advisors should enter a client conversation with a blank slate.<\/p>\n\n\n\n<p>\u201cInstead of asking about their finances, we should ask what\u2019s happening in their lives,\u201d said Marino, \u201cPeople don\u2019t wake up and randomly think, \u2019I want to talk to an advisor today.\u2019 Something prompted the meeting. We must understand why they want to meet.\u201d<\/p>\n\n\n\n<p>According to Marino, Crosby, and other Fin-Psych influencers, the shift to human-first means advisors should be asking most of the questions in a client meeting and really practicing deep listening\u2013not talking. My new book \u201c<a href=\"https:\/\/cpatrendlines.com\/shop\/rh24hgwm-rh24hol-rh24hgw-rory-henry-holistic-guide-to-wealth-management-the-science-behind-integrating-services-with-the-human-side-of-behavioral-financial-advice\/\" target=\"_blank\">The Holistic Guide to Wealth Management for Accounting Professionals<\/a>\u201d has more human-first insights from Crosby, Marino, and other behavioral finance leaders that you can incorporate into your tax and accounting practice.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>The importance of emotional intelligence<\/strong><\/p>\n\n\n\n<p>Human First Financial Guidance is about understanding the psychology that\u2019s driving human behavior and human decision-making.<\/p>\n\n\n\n<p>\u201cUnderstanding how people think and how they make decisions is foundational to financial guidance,\u201d said Marino. \u201cBehavioral finance has been studied for many years.\u201d<\/p>\n\n\n\n<p>Like Marino, I\u2019ve found very few accountants who would describe themselves as human-first, at least so far. From where I sit, emotional intelligence in advisory services, including accounting, has become increasingly important. Emotional intelligence (EQ) also plays a vital role in managing clients\u2019 expectations, particularly during times of disruption and uncertainty.<\/p>\n\n\n\n<p>\u201cAdvisors with high EQ have a distinct advantage over advisors who simply focus on the money,\u201d he said.<\/p>\n\n\n\n<p>I agree with Marino that behavioral finance has evolved to explain the psychological and emotional aspects of money. I&#8217;ve interviewed and studied some of the top minds in the field of behavioral finance. If I learned nothing else, it\u2019s that the future of advice isn&#8217;t about providing a service or leading with knowledge; it\u2019s about truly understanding a person first and helping them live the life they desire.<\/p>\n\n\n\n<p>That\u2019s where you come in.<br><br>DISCLAIMER:<a href=\"https:\/\/l.shetrk.com\/r\/e\/wwxwksWqeJNIOw516?r=https:\/\/www.arrowrootfamilyoffice.com\/disclaimer\/\" target=\"_blank\"> https:\/\/www.arrowrootfamilyoffice.com\/disclaimer\/<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the principles of behavioral finance can be a big help in helping your clients succeed and reach their goals. Find out how in this article by Rory Henry.<\/p>\n","protected":false},"author":144649088,"featured_media":59138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[646041873],"tags":[646041848],"intuit_collection":[],"intuit_series":[],"coauthors":[646041895],"class_list":["post-59136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisory-services","tag-tax-advisory"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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Find out how to develop a specialty in tax advisory in this informative article.","rel":"","context":"In &quot;Advisory Services&quot;","block_context":{"text":"Advisory Services","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/advisory-services\/"},"img":{"alt_text":"The power of tax advisory as a niche","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2023\/09\/The-power-of-tax-advisory-as-a-niche-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2023\/09\/The-power-of-tax-advisory-as-a-niche-copy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2023\/09\/The-power-of-tax-advisory-as-a-niche-copy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2023\/09\/The-power-of-tax-advisory-as-a-niche-copy.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/59136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/users\/144649088"}],"replies":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/comments?post=59136"}],"version-history":[{"count":9,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/59136\/revisions"}],"predecessor-version":[{"id":59155,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/59136\/revisions\/59155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/media\/59138"}],"wp:attachment":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/media?parent=59136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/categories?post=59136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/tags?post=59136"},{"taxonomy":"intuit_collection","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/intuit_collection?post=59136"},{"taxonomy":"intuit_series","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/intuit_series?post=59136"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/coauthors?post=59136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}