Understanding client relationships with money as a key to long-term, successful wealth management.
About Joan Pastor
Joan Pastor, PhD, a licensed clinical and corporate psychologist, is a founding partner of JPA International, Inc., which has provided counseling, coaching and corporate consulting services to individuals and companies worldwide since 1979. Joan and her associates have a long history of working alongside professional management teams such as legal counsel, CFOs and Controllers, boards, risk managers and audit executives to resolve (or prevent) various types of financial challenges that can range from uncovering fraud to managing a merger and acquisition smoothly. She has helped brokerage houses build their sales team and presence in a specific market and has assisted a third world country develop their media campaign to bring tourists to their country. All her projects are unique and can require small or large organizational changes, but they always involve managing people who manage money.
Joan’s coaching and counseling services with senior managers and executives as well as with successful individuals in the entertainment industry have led to a deep interest and eventual expertise in working with unique issues people of means have. She has discovered it is not how much money you have, but it is your relationship to it-and the relationship you give it to the rest of your self and your life- that is paramount. The psychological, spiritual and physical relationship between oneself and money is so powerful that a Nobel Peace prize was awarded to a psychologist who demonstrated the link between people’s temperaments and the quality of their decision-making skills in the stock market.
Joan has been the recipient of numerous awards over the years, ranging from Outstanding Young Woman of America to the US Army Customer Service Award to a National Leadership Award from the US Business Advisory Council. Her office is located in Beverly Hills, CA.
Topics:
1. Working with Families who Have Family Businesses and Wealth
If you are a lawyer, accountant, financial planner or other professional who works with people with wealth, you invariably have encountered family businesses. Prosperous family businesses carry a whole separate set of challenges and opportunities, and these directly impact how financial decisions (and how wise the decisions are) are made.
As one who grew up in a family business and has worked as a clinical and corporate psychologist with many that run or are a part of strong family businesses, I know that sometimes you have felt more like their therapist than anything else! It is vital to understand the unique challenges that this special group goes through so that you can help them maintain their reason and perspective and make the best decisions possible.
Some of the issues we will look at in this session are:
· The founder(s) of the business- the unique characteristics and challenges these mavericks have from other business people and entrepreneurs.
· Siblings, spouses and children working in a strong family business- the tests they go through, and how to help maintain cohesiveness
· The types of beliefs, irrational and rational thinking and emotions that can derail the family business
· The great impact of family background and structure on family business.
· Generational differences- no matter when the business began and was built, these differences always seem to come up
· Resolving differing views about managing money
· Why there is an increased incidence of fraud and white collar crime in family businesses
· How families learn to work through disagreements- and what happens when they don’t
· What happens when the business begins to falter
· Succession of the founder (or, do they ever really retire?): How to help the founder let go when it is best for everyone and the business
· How to better advise the client on family issues related to their trusts, property and etc.
· The characteristics of successful wealthy family businesses, and how they got through (or sidestepped) the potential pitfalls
· What you can do to make it easier and better for them- and for yourself!
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2. The Psychology Behind Those with New Money and Those With Old Money
It is no secret that those born with a silver spoon in their mouth usually have very different perceptions around money and wealth than those who make their money. And both of these groups have a very different relationship to money than those who unexpectedly inherit or win it. In this seminar you will learn:
· The typical profile of families from those who are born into wealth and to what degree it is universal across cultures.
· The typical profile of those who earn their wealth: are they also similar across cultures or do they differ?
· Why so many people make money- and then lose it- and why many end up making a lot of money again.
· The role gender, ethnicity, age, region, religion and other factors have in these profiles (or do they?).
· What family roles are like in these families, especially the unique challenges parents face with their children- and children with their parents.
· The interaction between values (personal, familial and cultural) and behavior around money.
· How to adjust your personality, approach and style to match the type of client and client background.
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3. How to Help Your Clients Change Bad Financial Habits
Just because people have money doesn’t mean they know how to manage it wisely. Indeed, it is usually those who think they “know all about money and how to manage it” who make the worst financial decisions. Or, they make poor decisions in other areas of their lives and businesses that negatively impact their financial situation as well.
Why is it that the people who need help the most are often the ones least able to see it? Why do they seem to attract grifters, other poor money managers, and who make the situation even worse?
This seminar is powerful. We are talking about helping your clients to become aware of what they are doing and then to help them change their behavior (or get the appropriate help to change behavior). You will enter the world of the clinical and corporate psychologist and get into the mind and gut of your client. You will learn:
· How to determine quickly the amount of self-awareness and self-insight the person (and their families) has into their own behavior, and several positive ways to help them become in touch with “reality”
· How strong or fragile the person is, and how to use this information to help them see necessary truths;
· Especially how to determine whether you have a client that can take ownership of their problems with money or not. This is critical; it will have a direct impact on your own business and your own financial future.
· How to disengage and say no to certain types of people while reducing your own stress and increasing your own net worth
· How people change their thinking and/or their behavior, and how you can assist them.
· Finally, when and if to bring in outside expertise.
4. The Relationship Between Leadership, Money & Heart |