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How have you been doing

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Better Financial Education
Better Financial Education

This document discusses helping a client achieve their financial goals and prepare for retirement. It addresses where the client is in the process of change by asking them four questions: What they want to happen, what needs to happen, if they can make the change, and if they are committed to making the change. The document also discusses the stages of change model including pre-contemplation, contemplation, preparation, action, and maintenance in order to understand where the client is currently at and how to motivate them going forward. The overall purpose is to help the client progress toward their financial goals and retirement.

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Purpose: How have you been doing? What do you need to do? You have real life goals and desires that have financial ramifications. The primary focus is to get you to, and through, retirement.
You have goals you would like to meet … Where are you in the change process? • What would you like to have happen? • What needs to happen? • Can you? • Will you? » See last slide for info on this slide as needed 2
Respond to the following 4 statements – Yes? Or No? • I solved my problem more than six months ago. • I have taken action on my problem within the past six months. • I am intending to take action in the next month. • I am intending to take action in the next six months.
Respond to the following 4 statements – Yes? Or No? •• If you answered no to allmore than six your I solved my problem 4 statements – are in pre-contemplation stage. months ago. • Answered Yes to statement 4; no to all others • I have taken action on my problem – contemplation stage. within the past six months. • Answered yes to statements 3 & 4; other • statements no – preparation stage.the next I am intending to take action in month. • Statement 2 yes; Statement 1 no – action • stage.intending to take action in the next I am • Truthfully answered statement 1 yes – six months. maintenance stage.
• • • • • Pre-contemplation – Resisting Change Contemplation – Change on the Horizon Preparation – Getting ready to make a change Action – it is time to make the change Maintenance - we're maintaining the new (changed) behavior and trying to avoid relapse – Recycling: Learning from relapses • Termination – change is now the new habit – http://en.wikipedia.org/wiki/Transtheoretical_model http://www.amazon.com/Changing-Good-Revolutionary-OvercomingPositively/dp/038072572X/ref=sr_1_1?s=books&ie=UTF8&qid=1392219853&sr=11&keywords=changing+for+good+prochaska
You have goals you would like to meet … Where are you in the change process? • What would you like to have happen? (Help clients to aspirationally focus on what they want, rather than on what they don't want.) • What needs to happen? (Help clients think themselves through the changes that will be necessary to achieve the goal.) • Can you? (Checks that what the client wants is actually possible in his/her own mind; does the client think his/her own goal is realistic, and does he/she have the confidence to try to achieve it?) • Will you? (Asks client for a commitment; verifies if the client really believes the change is important.) Miller-Kovach suggests four questions http://www.kitces.com/blog/its-not-just-about-telling-clients-what-to-do-its-aboutmotivating-them-to-do-it/ 6
• You need to know what state you are in, and what commitment you to have to yourself, in order to make progress towards your financial goal(s). – This works in many other areas of your life.

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How have you been doing

  • 1. Purpose: How have you been doing? What do you need to do? You have real life goals and desires that have financial ramifications. The primary focus is to get you to, and through, retirement.
  • 2. You have goals you would like to meet … Where are you in the change process? • What would you like to have happen? • What needs to happen? • Can you? • Will you? » See last slide for info on this slide as needed 2
  • 3. Respond to the following 4 statements – Yes? Or No? • I solved my problem more than six months ago. • I have taken action on my problem within the past six months. • I am intending to take action in the next month. • I am intending to take action in the next six months.
  • 4. Respond to the following 4 statements – Yes? Or No? •• If you answered no to allmore than six your I solved my problem 4 statements – are in pre-contemplation stage. months ago. • Answered Yes to statement 4; no to all others • I have taken action on my problem – contemplation stage. within the past six months. • Answered yes to statements 3 & 4; other • statements no – preparation stage.the next I am intending to take action in month. • Statement 2 yes; Statement 1 no – action • stage.intending to take action in the next I am • Truthfully answered statement 1 yes – six months. maintenance stage.
  • 5. • • • • • Pre-contemplation – Resisting Change Contemplation – Change on the Horizon Preparation – Getting ready to make a change Action – it is time to make the change Maintenance - we're maintaining the new (changed) behavior and trying to avoid relapse – Recycling: Learning from relapses • Termination – change is now the new habit – http://en.wikipedia.org/wiki/Transtheoretical_model http://www.amazon.com/Changing-Good-Revolutionary-OvercomingPositively/dp/038072572X/ref=sr_1_1?s=books&ie=UTF8&qid=1392219853&sr=11&keywords=changing+for+good+prochaska
  • 6. You have goals you would like to meet … Where are you in the change process? • What would you like to have happen? (Help clients to aspirationally focus on what they want, rather than on what they don't want.) • What needs to happen? (Help clients think themselves through the changes that will be necessary to achieve the goal.) • Can you? (Checks that what the client wants is actually possible in his/her own mind; does the client think his/her own goal is realistic, and does he/she have the confidence to try to achieve it?) • Will you? (Asks client for a commitment; verifies if the client really believes the change is important.) Miller-Kovach suggests four questions http://www.kitces.com/blog/its-not-just-about-telling-clients-what-to-do-its-aboutmotivating-them-to-do-it/ 6
  • 7. • You need to know what state you are in, and what commitment you to have to yourself, in order to make progress towards your financial goal(s). – This works in many other areas of your life.