Your Mental Wealth Discovery Process
It is our belief that the best way to take care of yourself, your family, and your favorite causes begins with a healthy relationship with money and a sound blueprint for financial success. What this means is that you and your family actively contribute to planning the financial life you want and we will help you to achieve it.
At OCCAM, we facilitate a Client’s financial transformation through the Your Mental Wealth® Discovery Process. Think of this as the first stage toward building your blueprint for financial success. Throughout the process, you will gain a better awareness of your approach to financial decision-making, clarify your values and goals, and receive actionable guidance from your OCCAM Advisor.
The Your Mental Wealth® Discovery Process consists of 3 stages:
When was the last time you had a financial health checkup? To get to where you want to be, it’s important to know where you are now. Financial health is more than the size of your portfolio. It includes things such as planning for the future, protecting your family, and comfort and confidence around past and present financial matters and self-care.
The number one stressor in the lives of Americans, is money. It’s normal to have anxiety, frustration, confusion, and dissatisfaction surrounding one’s investments and overall financial life.
We work with people to uncover behavioral factors impacting their financial life. Our Clients come to us when they want change; and we help them to create it for themselves.
During the Financial Health phase, we take a comprehensive look at your financial health and more, using the Your Mental Wealth® Assessment which provides a measure of financial psychology, including your financial health, your money scripts, your financial behaviors, and identifies your comprehensive risk profile.
The Money Scripts portion of the assessment help to discover your unconscious money beliefs and see how they impact your net worth. If you'd like to learn more about Money Scripts or to identify your Money Scripts independently of the Your Mental Wealth® Assessment, you may do so by visiting the Money Script page.
The Your Mental Wealth® Assessment and data gathering exercises serve as your personal check-in to know where you are and to organize for your financial transformation.
Upon completion of the Your Mental Wealth® Assessment, we’ll know if you have any risk factors to be aware of. Risk factors are behavioral factors that you and your OCCAM Advisor need to be mindful of in order to help position your financial plan for success.
DO YOU HAVE FINANCIAL HEALTH RISK FACTORS?
Financial Enabling: Irrational need to give money to others (even if you can’t afford it).
Financial Infidelity: Keeping financial secrets - a form of financial “cheating.”
Financial Disharmony: Tension and uneasiness when discussing financial matters - a feeling that money divides.
In addition to providing a quick measure of financial health, the Your Mental Wealth® Assessment can be used to flag a concern before it becomes a risk factor. This will help bring awareness to you as you look to make your financial transformation.
Once we've identified your current financial health, we work with you to identify your values and help you clarify your goals through the combination of interview questions and the use of one or more experiential exercises. We think you will not only enjoy the exercises, but will value them as we work together on your Financial Life Plan.
The interview and exercises will help you and your Advisor understand what you value most:
- Financial security
- Family harmony
- Career advancement
- Asset protection
- Early retirement
Once we understand your values, we are in a better position to help you set and prioritize future personal and financial goals that align with those values.
Once your goals have been set, we will work with you to develop a Personal Financial Plan, including Investment and Recommendations that align with your values to help you achieve your goals.
Our Planning Approach
Our approach of blending behavioral finance and financial psychology in the financial planning process allows us to have a deeper understanding of who you are, your life goals, and your overall needs. In return, we are able to build a more comprehensive Financial Life Plan for you and your Advisor to work together throughout the implementation. We serve your navigator, but ultimately you are the driver of your financial success. .
We will analyze your financial status, taking into account your assets, liabilities, cash flow, insurance coverage, tax strategies, and investments. Based on your financial health, money scripts, risk tolerance, values and goals, we will provide you with Personalized Financial Life Plan and Investment Recommendations.