Our Unique Approach

Core Wealth Management is unique in that we integrate our educational background and expertise in both psychology and finance in our investment management and retirement planning work. Our clinical psychology skills help us get to know and understand you more fully – what makes you unique. Further, the research findings in the area of Behavior Finance are important elements in our work with you.

Studies in Behavioral Finance have shown that bias plays a key role in the financial decision-making process. Biases, simply stated, are psychologically-based tendencies, traits or preconceived notions that influence humans to act or think in certain ways. Their influence and impact is often hidden from awareness yet their impact on behavior and thought, and thus potentially on financial decisions, are quite real.

Our background and education in psychology helps us be attentive to the presence of these biases both in ourselves and in our clients. We strive to help clients become aware of their biases through discussion, education and illustration. This can decrease the negative impact of bias in financial and retirement planning as well as in the investment management process.

Developing an investment policy prior to initiating the investment selection is one way we deal with the impact of bias. This policy is intended to define, in advance, how risk and reward will be dealt with in portfolios; for example, what level of risk is acceptable to the client and what approach will be taken to capture gains and minimize losses. Charting a course and having a plan of action tends to decrease misdirected or impulsive decisions caused by bias.

In financial and retirement planning, our approach emphasizes identifying and clarifying biases, assumptions, expectations, concerns, objectives and goals. We take time to fully understand our clients’ financial beliefs and experiences, individual and family relationship with money and the biases that may result from these. These steps are intended to increase our clients’ understanding of, and commitment to, the financial and retirement plans that we collaboratively construct with them.

It is our belief that our unique combination of psychology and finance helps us develop a more complete understanding of who you are financially and personally. This helps us create financial plans and investment portfolios that are a better fit with your individual goals, wishes and values.