The trait report, the heart of Moneymax, reveals the client’s personal financial traits
Moneymax Training Guide
The trait report, the heart of Moneymax, reveals the client’s personal financial traits. It documents 13 traits on every report. Clients receive a rating from 1 to 100, based on their responses to the questionnaire. Take a quick look at the trait report for Jane Doe and note how it includes scores for her according to each trait. [Sample Profile: Jane Doe Trait Report] Did you notice how the report includes scores for Jane Doe? But what does each trait really mean?
Let's look at the definitions.
Involvement: the degree to which you desire to be personally responsible and involved in managing and investing your money
Pride: an index of the personal satisfaction you have attained in the way you have handled your money
Emotionality: the degree of emotion you feel in dealing with your money
Altruism: the extent to which you believe in the financial generosity of others
Confidence: the degree of anxiety you feel in making financial decisions
Power: the extent that your desire for power with money drives your behavior
Work ethic: your views of how the work ethic relates to your financial success
Contentment: the degree of personal happiness money contributes to your life
Risk-taking: the level of comfort you feel in taking risks with your money
Self-determination: the extent to which you feel in control of your financial destiny
Spending: reflects your attitudes for spending versus saving money
Reflectivity: the extent to which you reflect upon past financial decisions while making current
decisions regarding your money
Look back at the scores for Jane Doe. Overall, how would you describe how Jane handles money?
When you discuss these traits with clients, try to help them understand how they make decisions about money. The purpose is not to judge them; you are their financial advisor, not their psychologist. This is their data. You'll want to confirm that these descriptions are fitting through meaningful dialogue about what's important to them.
Don't worry about how you will interpret a client's ratings on each trait; each statement is tailored to explain what the rating generally means. But do take time to understand what the traits mean. Here are a couple of questions to get you started.
