Journal of Financial Planning: October 2018
Executive Summary
- Professionals use conflict resolution techniques in a variety of contexts to define the issues that underlie disagreements, generate alternative solutions to those issues, and reach resolutions.
- This paper demonstrates how conflict resolution techniques are applicable to financial planning practice and how these techniques can help clients set meaningful goals and increase the chance of successful plan implementation.
- All clients (single or coupled) operate in a complex social system where financial conflict has potential to arise with their spouse, parents, children, siblings, friends, and/or coworkers.
- Financial planners are not currently required to procure a conflict resolution skill set even though addressing and resolving financial conflict is a necessary part of financial planning practice.
- Essential communication skills for conflict resolution include developing empathy, reframing, reflective listening, and assertive messaging. These skills can help the financial planner navigate common client responses to financial conflict.
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Topic
General Financial Planning Principles
Research