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Financial Planning > Behavioral Finance

Looking Back

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Robert F. Keane’s cover story this month explores how the science of behavioral finance can be applied to investment advice. In the November 1999 cover story, then-managing editor (and current editor) Jamie Green explored a movement in the profession that was just coming of age. Called “Nazrudins,” and led by Dick Wagner and George Kinder, these advisors were the early practitioners of “life planning”:

If they have their way, financial planning in the future will not only foster a client’s economic well-being, but also will help that client to be more fulfilled, happier, and a better citizen.

These advisors proclaim that their job is not simply to devise and implement a financial plan to meet retirement or estate planning goals. Rather, their mission is to partner with their clients to discover what those goals really are; to climb into their client’s heads, and more importantly, their hearts; to present the client with options and tools; and to create an environment in which to explore these issues.”