MARIETTE, Ga., June 15, 2021 / PRNewswire-PRWeb / – The Klontz Money Scripts Inventory-II (KMSI-II) is now available to customers on DataPoints’ behavioral assessment platform. The KMSI-II measures customers’ Money Scripts®, fundamental beliefs about money that affect financial decisions and wellbeing. By identifying clients’ money scripts, financial advisors can customize advice to help clients overcome beliefs that prevent them from achieving important financial goals. With the exclusive publication on the DataPoints platform, consultants can easily expand their practice to include the KMSI-II and the psychology of financial planning.
Money Scripts and the KMSI-II were developed by Dr. Brad Klontz, CFP®, financial psychologist and founder of the Financial Psychology Institute. The KSMI-II provides consultants with detailed insights into each of the four Money Script components, including:
- Money Avoidance – Belief that money is bad; that less money is better than more;
- Money Focus – Belief that money is the critical component of happiness; Money can solve all problems; there is never enough money;
- Money status – belief that self-worth is directly linked to net worth; Outward representations of wealth are important; Money will “take care of itself”;
- Monetary Monitoring – Concern about saving money; Belief in the value of saving and working for money; believe that financial contributions are negative.
“Money scripts are among the most well-researched components of a client’s financial personality. DataPoints is excited to work with Dr. Klontz to bring this powerful tool to the financial services community,” said Dr. Sarah Stanley Fallaw, Founder and President of DataPoints. “Understanding the personality of money is the first step in providing tailored advice and guidance to help clients meet their financial goals. Now financial planning firms can easily identify a client’s underlying monetary beliefs with DataPoints.”
The assessment suite from Money Scripts is only available to companies via a. to disposal Subscription to the DataPoints behavior assessment platform. DataPoints’ technical advisory platform offers advisors the opportunity to:
- Invite customers to join the KMSI-II. complete
- Delivering branded Money Scripts reports to customers
- Analyze changes in customers’ Money scripts over time
- Compare Money Scripts Profiles for Couples
- Investigate the results of Money Scripts across the company
In addition to the KMSI-II, consultants who subscribe also have access to the Financial Health Scale, a measure of the financial health of the entire household. Financial therapists and clinicians can also apply for access to the Klontz Money Behavior Inventory, an assessment of money-related disorders, including compulsive spending, financial literacy, and workaholism.
“Knowing yourself better is the best place to start to make changes and improve your financial life. Now, financial planning staff can evaluate clients’ money scripts and get tailored insights to help clients make financial changes and improve overall financial health, ”said Dr Klontz. “Discovering and exploring Money Scripts are important steps in helping clients achieve financial success in areas such as increasing income, wealth creation, and improving financial health. Money Scripts provides deep insights into not only your clients’ unique financial psychology, but also the process of self-discovery is engaging and fun. “
The KMSI-II and others from Dr. Assessments developed by Klontz meet the stringent DataPoint standards for scientific accuracy in the development of psychometric tests. The KMSI-II has been extensively studied and found to be related to income, assets, credit card debt, financial behavior, and other significant aspects of financial health. “With psychometrically based assessments such as the KMSI-II, companies can get an exact picture of the financial personality of their customers and use this knowledge to personalize communication, advice and services,” says Dr. Fallaw.
At DataPoints, we understand that customer mindset has an impact on spending, savings and investment decisions. We have developed a set of tools for financial professionals to identify the financial personality so clients can avoid behavior traps and achieve financial success. Our technical consulting solutions are based on more than 40 years of behavioral, consumer and demographic data that shaped the bestselling book The Millionaire Next Door. Find out more about DataPoints here.
Amber DeGan, Data points, +1 678-389-5559, email@example.com
SOURCE data points