As we continue to navigate the turbulent waters of the COVID-19 pandemic, it is evident that now more than ever the importance of behavioral finance cannot be understated. These unprecedented times have brought upon extreme economic effects, market volatility, and financial duress onto the financial plans and investments of many Americans.
In these times of extreme stress, it is important to understand the value of recognizing the difference between emotional responses and cognitive ones. This is when working with a financial advisor who holds the Behavioral Financial Advisor (BFA™) designation can make all the difference.
The Behavioral Financial Advisor (BFA™) designation is a specialized program designed to educate financial professionals on the core concepts of behavioral finance, including application with real-world clients. Through this designation, advisors are able to obtain the knowledge necessary to assist clients in making better financial decisions through a rational, values-based approach; rather than allowing emotional biases to drive analytical decisions.
A Behavioral Financial Advisor (BFA™) can help you to better understand and identify a number of emotional biases you may unknowingly be suffering due to the current financial and social climate of the world due to the COVID-19 pandemic. Depending on the individual, this may include:
- Herd mentality
- Social influence
- Chasing trends
- ...and more
At Quest Financial Services, it is the goal of our advisors to provide the guidance and support clients need, especially in times of crisis or emotional vulnerability. Contact us today to learn how our team can help you make more informed and effective financial decisions in these unprecedented times. Together, we can help you achieve feeling confident, self-assured, and empowered about your wealth.
To learn more about Quest Financial Services’ founding member and managing partner Robert Cepeda, CFP®, BFA™, please click here.