We all have financial habits, beliefs, strengths and weaknesses – but do you know what yours are? The decisions you make in relation to your finances are largely linked to your financial personality…but, what are financial personalities and how do you know what your personality is?

The Financial Behavior Institute™ has determined that there are 8 key financial personality types. Most people have a primary personality and a secondary personality that define how and why they make certain financial choices. Financial personalities go beyond saving and spending. They also factor in risk tolerance, money mindset (abundance vs scarcity), tendencies with debt, and other factors.  

Let’s explore the 8 personality types.

The Protector is focused on saving and often forgoes pleasure today for security later. They are conservative investors and fear volatility and the unknown.

The Consumer spends freely – often for immediate gratification. No matter how much they earn, it always seems to disappear before the blink of an eye.

The Explorer is great at saving when they have a short-term goal in mind. They save to spend prioritizing their wants today over their future needs.

The Mogul is focused on building wealth, will work hard to keep the money coming in, and are open to exploring riskier strategies to get there.

The Avoider prefers not to talk about or think about money and as a result have no plan or set goals.

The Architect is a planner. They often have set goals and a plan to reach them.

The Altruist puts other’s needs ahead of their own and as a result are off track for their own goals and needs.

The Analyst likes to research different investment options and strategies, but once they have the information are unable to make a decision in fear, they might make the wrong choice.

You may know immediately which of these personalities you most closely relate to, but if you aren’t sure, you can take the financial personality quiz by visiting www.financialpersonality.com.

Once you are clear on your financial personality, it is important to ensure that your values and needs are aligned with your advisor. Some advisors say they only work with high-net worth clients. But, do they specialize in working with “PROTECTORS” or “MOGULS”? These two personality types are widely different and may both be high-net worth but have different needs, risk-profiles, and beliefs. Ensuring your advisor is aligned with your needs could be the difference between reaching your financial goals, and being invested in a portfolio that does not meet your needs. 

Visit www.financialpersonality.com to find your financial personality and request an appointment with an advisor best aligned with you!