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Michael M. Pompian
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Behavioral Finance and Investor Types: Managing Behavior to Make Better Investment Decisions: 745 Hardcover – 15 June 2012

by Michael M. Pompian (Author)
4.5 out of 5 stars 22
Edition: 1st
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Achieve investing success by understanding your behavior type

This groundbreaking book shows how to invest wisely by managing your behavior, and not just your money. Step by step, Michael Pompian (a leading authority in the practical application of Behavioral Finance concepts to wealth management) helps you plan a strategy targeted to your personality. The book includes a test for determining your investment type and offers strategies you can put into use when investing. It also includes a brief history of the stock market, and easy-to-comprehend information about stocks and investing to help you lay a solid foundation for your investment decisions.

Behavioral Finance and Investor Types is divided into two parts. Test Your Type, gives an overview of Behavioral Finance as well as the elements that come into play when figuring out BIT, like active or passive traits, risk tolerance, and biases. The book includes a quiz to help you discover what category you are in. Plan and Act, contains the traits common to your type; an analysis of the biases associated with your type; and strategies and solutions that compliment and capitalize on your BIT.

  • Offers a practical guide to an investing strategy that fits both your financial situation and your personality type
  • Includes a test for determining your tolerance for risk and other traits that will determine your investment type
  • Written by the Director of the Private Wealth Practice for Hammond Associates―an investment consulting firm serving institutional and private wealth clients

Behavioral Finance and Investor Types offers investors a better sense of what drives them and what puts on their breaks. By using the information found here, you'll quickly become savvy about the world of investing because you'll come to understand your place in it.

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  1. ISBN-10
    1118011503
  2. ISBN-13
    978-1118011508
  3. Edition
    1st
  4. Publisher
    Wiley
  5. Publication date
    15 June 2012
  6. Language
    English
  7. Dimensions
    15.24 x 1.96 x 22.86 cm
  8. Print length
    256 pages
  9. See all details
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From the Publisher

Product description

From the Publisher

MICHAEL M. POMPIAN, CFA, CAIA, CFP, is a partner at Mercer Investment Consulting (formerly Hammond Associates) serving institutional and private wealth clients. Prior to joining Mercer, he worked at Merrill Lynch and PNC Private Bank, as well as the investment staff of a family office. Pompian holds the Chartered Financial Analyst (CFA) designation, is a Chartered Alternative Investment Analyst (CAIA) and a Certified Financial Planner (CFP). He is also a member of the CFA Institute (formerly AIMR) and the New York Society of Security Analysts (NYSSA). He holds a BS in management from the University of New Hampshire and an MBA from Tulane University. He is a regular speaker on the subject of behavioral finance and has published numerous articles on the subject. He is married with three sons and can be reached at mpompian@hotmail.com.

From the Inside Flap

The essence of being a great financial advisor is to be a great people person. While you must be technically competent, to really excel, you must understand how people behave in order to build lasting relationships and ultimately improve your clients' investment outcomes.

From Michael Pompian, the bestselling author of Behavioral Finance and Wealth Management comes the next-step resource for achieving investing success by understanding your individual client's behavior type. As Pompian explains, there are four basic Behavioral Investor Types (BITs) that define an investor's personality and help advisors make an insightful and accurate assessment of their clients in order to better serve them.

Preservers: Noted for financial security and preserving wealth rather than taking risks to grow wealth. They are guardians of their assets and take losses very seriously.

Followers: Lack direction with their money and investing. They follow the lead of their friends and colleagues or a general investing approach to make their investment decisions.

Individualists: Engaged in the financial markets and may have unconventional views on investing. This "contrarian" mind-set may be helpful at times but may also cause this group to get irrationally anchored to their views.

Accumulators: Interested in accumulating wealth and are confident that they will be successful investors. They like to adjust their portfolio allocations and holdings but may not wish to follow a structured plan.

Engaging and informative, this reliable resource offers an overview of behavioral finance concepts and an introduction to behavioral biases. It also includes a detailed explanation of Behavioral Investor Type Diagnostic Testing and gives practical advice on capital markets and asset classes, asset allocation, and financial planning and investment advice for the four Behavioral Investor Types described. The author's BIT identification method is a multi-step diagnostic process that can help you zero in on the right plan that fits a particular client's investment expectations.

Behavioral Finance and Investor Types provides financial advisors with a better sense of what drives investors. By using the information found here, you'll quickly become savvy about the range of investor behavior types and discover how that knowledge can better position you in your role as a trusted advisor.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (15 June 2012)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 256 pages
  • ISBN-10 ‏ : ‎ 1118011503
  • ISBN-13 ‏ : ‎ 978-1118011508
  • Dimensions ‏ : ‎ 15.24 x 1.96 x 22.86 cm
  • Customer Reviews:
    4.5 out of 5 stars 22

About the author

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Michael M. Pompian

Michael M. Pompian

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Michael M. Pompian, CFA, CAIA, CFP, is the Founder and Chief Investment Officer of Sunpointe Investments, an investment advisor to entrepreneurs, corporate executives and multi-generational wealth, based in St. Louis, Missouri. He is the author of five books on behavioral finance, including his latest Behavioral Finance and Your Portfolio (Wiley, 2021).

As an experienced advisor, author, and pioneering researcher on the topics of behavioral finance and emotional investing, Michael has lectured on the practical application of behavioral finance world-wide. Recognized as a global authority, he has authored the CFA Exam Level III course curriculum in Behavioral Finance, has been published in journals such as The Journal of Wealth Management and Journal of Financial Planning, and wrote a monthly columns on investing for Morningstar for 12 years. His work currently features in the curricula at Harvard, Duke and Dartmouth, among many other colleges and Universities.

His books have helped thousands of financial advisors across the globe build better relationships with their clients. His newest work is designed to help individual investors recognize and better manage their investing biases, either independently or with their financial advisors.

Michael earned his MBA in Finance from Tulane University and a B.S. in Management from the University of New Hampshire. Outside work Michael loves everything sports related: from watching and coaching youth sports to playing competitive tennis. Along with a family of three teenagers, he has two actively managed poodles and 3 passively managed guitars.

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4.5 out of 5 stars
4.5 out of 5
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Top review from Australia

Kindle Customer
5.0 out of 5 stars Very interesting and useful book
Reviewed in Australia on 18 August 2021
Verified Purchase
I've found it very helpful to be aware of the different biases I can have with investing. You can quickly see these biases in other people and have a better understanding of their motivations.
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Top reviews from other countries

Jon
5.0 out of 5 stars Excellent book to start before reading other finance books?
Reviewed in the United States on 25 August 2022
Verified Purchase
I work in the Private Banking Trust Services segment of Finance and the author really knows his stuff. He not only covers the emotional and cognitive blind spots investors tend to have but he goes into great detail with the various details of the entire industry and covers the pros and cons. This is a very neutral resource that can be relied on and very factual with references to proof with what he is talking about! Emotionally I am a preserver but cognitively an Independent. This book has really helped me overcome the challenges I have when it comes to investing and becoming aware of the bigger picture! I recommend this book before trying to read other books that are trying to teach you techniques for better investment decisions or stock picking. Emotions should be check and moderated first before applying strategies.
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ABS
5.0 out of 5 stars Every financial adviser should read this
Reviewed in the United Kingdom on 23 August 2012
Verified Purchase
I have read numerous books on behavioural finance/economics over the last 2/3 years or so, some like Montior's 600+ page Behavioural Investing and Kahnman's 500+ page Thinking Fast & Slow really go into the detail whereas others fro Thaler and Shiller give a populous but still worth reading perspective. This book however goes further, it takes the psychology of personality types, mixes this with emotional biases and then throws in a good smattering of sensible investment theory to provide investment advisers with a "must follow" system for dealing with private client investors.

I think this is the book that pulls together 20/30 other books that I have read from the perspective of an investment adviser (or someone with an avid interest in the psychology of investment)into a easy to follow/comprehend set of sensible guidelines to follow when advising clients. if this does not lead you to read further about personality differences/heuristics and emotional biases and investor psychology you should not be advising clients professionally.

I have no idea if it will appeal to the layperson investor (because I have been dealing with investments professionally for over 20 years). However I did not find it hard or dry to read and in fact felt quite comfortable skimming large chunks of it without losing the essence, so for any individual with an interest in investing it should be a worthwhile (if expensive) and thought provoking read.

However I must reiterate for investment advisers or any financial planner worth his/her salt this is a must for your office shelf.
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Kevin the dad
4.0 out of 5 stars A useful introduction to the topic.
Reviewed in the United States on 13 September 2017
Verified Purchase
I am studying for CFA level 3. This author also writes the same subject for the CFA Curriculum. I wanted a book that would explain the topic in an easier way first, but from the same author. Four stars instead of five, because the author uses different terms, but then writes the same definitions, in this book. You have to notice the different terms used here, because the CFA exam only uses the terms in the CFA Curriculum.
3 people found this helpful
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Clark Brown
5.0 out of 5 stars Required Reading for Wealth Advisors
Reviewed in the United States on 11 February 2015
Verified Purchase
So much of the content around Behavioral Finance and Neuro Economics is simply new information. Albeit valuable information it often leaves both the practitioner and the individual investor left without an answer to the question, "so what do i do?" Pompian combines his research and insights into our fundamental cognitive and emotional biases together with research and insights into fundamental personality types. By doing this he has created easy to use archetypes and provides concrete, practical action steps for advisors and individual investors to use in order to avoid making big mistakes.

The genuine value in this work is that Pompian provides a framework for how to treat biases in the asset allocation decision. Pompian's work truly aligns the higher purpose of the financial advice business. For the practitioner, the application of this work is really about improving the quality of the advice. The framework provides guidelines for how to answer these two central questions. First, when should and advisor attempt to moderate the way a client naturally behaves in order to counteract the effects of behavioral biases so that they can fit a predetermined asset allocation. ie. The recommended portfolio. Second, and alternatively to the first, when should advisors create asset allocations that adapt to clients' biases so that clients can comfortably abide by their asset allocation decision.

This is practical, usable and valuable. A must for anyone who professes to be a financial advisor.

Clark Brown - Cannon Financial Insitute
3 people found this helpful
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Bill B
3.0 out of 5 stars Three Stars
Reviewed in the United States on 18 July 2014
Verified Purchase
A hard read but full of information.
One person found this helpful
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