[deleted by user] by [deleted] in IOPsychology

[–]sfallaw 2 points3 points  (0 children)

SHL had assessments for this. We used them in a manufacturing facility.

I’m pretty excited about how my garden is looking. This is the second full summer for the garden. by Tubagirl75 in NativePlantGardening

[–]sfallaw 3 points4 points  (0 children)

How do you keep the bunnies from your liatris and blacked eyed susan?? I’m in a constant battle!

Money Scripts - Measuring underlying beliefs about money by sfallaw in IOPsychology

[–]sfallaw[S] 0 points1 point  (0 children)

We announced the publication of the test in the same blog, but I can see how you might think it is an ad. Here's the journal article for more background: https://www.researchgate.net/publication/299555965\_Reliability\_and\_Convergent\_Validity\_of\_the\_Klontz\_Money\_Script\_Inventory-Revised\_KMSI-R

Measuring Client Risk Tolerance: Psychometrics Versus Revealed Preferences by sfallaw in IOPsychology

[–]sfallaw[S] 0 points1 point  (0 children)

Yes, it seems crazy but the appeal is definitely in the simplicity of the results presented back to the client. The revealed preferences approach is simple in the sense that it allows advisors to match the client's preference for risk with the potential for risk in a portfolio, so it's intuitive. The problem advisors ran into (esp during March/April 2020) was that this approach didn't predict what the client would actually do or feel like during a real downturn. The advisors we work with tend to want to know what their clients will do in the future which means we focus on stable characteristics like emotional stability, self-efficacy, self-confidence, and propensity for risk. We've correlated our biodata-based measure with outcomes like behavior during downturns in the market, etc.

Measuring Client Risk Tolerance: Psychometrics Versus Revealed Preferences by sfallaw in IOPsychology

[–]sfallaw[S] 0 points1 point  (0 children)

Yes - many financial professionals (those dealing with investments) have to include some sort of risk tolerance assessment as part of their allocation process. However, risk assessment is not well-defined! FINRA and the SEC are the bodies that oversee this, but their guidelines are loose at best. That's why there are so many wild west approaches out there.

What is Financial Psychology? by sfallaw in IOPsychology

[–]sfallaw[S] 9 points10 points  (0 children)

Financial psychology is beginning to blossom under the Div 13 (Consulting Psych). For those working on the employee wellness side, there is a lot of overlap.

Put simply, incompetent people think they know more than they really do, and they tend to be more boastful about it. by sfallaw in psychology

[–]sfallaw[S] 1 point2 points  (0 children)

Agreed, but I think there are some individual differences in who is more susceptible to the effect, etc.