Advisers should know their client’s money motives

Helping clients recognize what habits have helped and hurt them is key

Advisers should endeavor to find out their clients’ money motives and integrate those into financial plans, said Susan K. Zimmerman, co-founder of Mindful Asset Planning, a registered investment adviser.

Helping clients recognize that they have habits that have either served them well or caused them problems is key, she said Monday during a session at the FPA Retreat in Scottsdale, Ariz.

Ms. Zimmerman, who is a licensed marriage and family therapist, has conducted research on money motives and identified eight categories on a spectrum from most likely to spend (“prestige”) to most likely to save (“growth”).

Advisers should talk to their clients and help them determine where they fall on this spectrum, she said.

Working with couples can pose problems when their money motives differ, Ms. Zimmerman said.

She suggests having separate conversations with each and trying to focus on the ways that they are alike in terms of spending and saving patterns.

“You don’t have to be a therapist to listen like one,” Ms. Zimmerman said.