Finology and finding the higher purpose

Aim: To explain the author’s views on our relationship with money and what the future of financial planning looks like.

Outcome: Completion of this module will enable financial advisers (audience) to:

  • Understand the origin of the concept of ‘finology’;
  • Identify the interior and exterior aspects of clients’ relationships with money; and
  • Understand how both aspects should be considered/identified when providing financial advice.

Abstract: In the modern era, "money" is essential for survival: a means of converting our productive labour into a common unit of exchange that can be used to buy whatever we need. Simultaneously, money is complex, and the incentives and motivations it stirs exert powerful forces on us. Although money is necessary for survival, many people lack the basic "money competency" skills necessary to harness its power effectively. Finology is the key to understanding both the interior and exterior aspects to our clients’ relationships with money.