Costa rica presentation v2
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The document discusses a study conducted by Dr. Andree Swanson and Randy Braidfoot on the need for emotional intelligence (EI) training among Certified Financial Planners (CFPs). A survey of 36 CFPs found that most were aware of EI and believed it would be useful and improve their performance. The study demonstrates a need for EI training to help CFPs meet ethics requirements of being objective, competent, and fair.
Costa rica presentation v2
- 1. Dr. Andree C. Swanson, EdD, MHR, MAOM Randy Braidfoot, MS, CFP速 Ashford University
- 2. The Code of Ethics and Professional Responsibility of the Certified Financial Planner Board of Standards sets forth three principles that clearly identify the requirement to possess or obtain a high level of emotional intelligence.
- 3. Researchers sought to discern if there was a need among CERTIFIED FINANCIAL PLANNER practitioners for a better understanding of emotional intelligence so they could better fulfill the requirements of the Code requirements.
- 4. The outcome of the research demonstrated that there is a need for emotional intelligence training.
- 5. The capacity to perceive emotions, assimilate emotion-related feelings, understand the information of those emotions manage them (Mayer , Caruso, & Salovey, 1999)
- 7. The CERTIFIED FINANCIAL PLANNER designation is recognized as the Gold Standard of the financial planning industry when it comes to being a competent planner. Within the Code of Ethics and Professional Responsibility of the Certified Financial Planner Board of Standards, high principles are established to maintain the professionalism and integrity of the certification marks (CFPBS, 2013).
- 8. Within three of the seven principles of the Code are indications that suggest practitioners possess or obtain a high level of emotional intelligence to meet the Code requirements (CFPBS, 2013).
- 10. The significance of this study relates directly back to the Code of Ethics and Professional Responsibility of the Certified Financial Planner Board of Standards, Inc. Competence includes: the wisdom to recognize the limitations of that knowledge referring to another professional when necessary.
- 11. Many studies have been published on how individuals with high emotional intelligence can enhance and increase the potential for positive outcomes. The completion of the proposed study may positively benefit the field of financial planning and in a greater sense may significantly change the landscape of communications and relationships in both business and academia as a whole.
- 12. SurveyMonkey
- 16. Years in the CFP Field 1 - 3 years = 3 4 9 years = 12 10 14 years = 7 15 19 years = 5 20 or over = 8 (Swanson & Bradifoot, 2013, p. 4)
- 17. Number of CFPs who have heard of EI In question 1, all 36 participants were Certified Financial Planners and in question 2, the majority of the respondents 24 of 36 (66.7%) had heard of emotional intelligence, although only 12 (33.0%) had a clear understanding of the meaning of emotional intelligence. (Swanson & Bradifoot, 2013, p. 4)
- 18. CFPs who have a clear understanding of EI In question 3, 14 (38.9%) of the 36 participants strongly agreed or agreed that they had a clear understanding of emotional intelligence. Nine (25.0%) participants strongly disagreed or disagreed that they understood emotional intelligence. Fifteen (41.7%) participants were neutral. One would consider if an individual were asked if they understood a topic and they responded as neutral, the response would indicate they did not understand the topic, although this cannot be verified. Because of this, the question is left for interpretation as approximately 42% of the participants responded neutrally. (Swanson & Bradifoot, 2013, p. 5)
- 19. Believe EI will be useful In question 7, 29 (80.6%) of the 36 participants strongly agree or agreed that EI would be useful in their work as a financial planner. The blue and orange section depict those that strongly agree (orange) and agree (blue). (Swanson & Bradifoot, 2013, p. 5)
- 20. Believe EI will improve their performance In question 9, 30 (83.4%) of the 36 participants strongly agree or agreed that EI would improve their performance. The blue and orange section depict those that strongly agree (orange) and agree (blue). (Swanson & Bradifoot, 2013, p. 5)
- 21. Principle 2 Objectivity Provide professional services objectively . Principle 3 Competence Maintain the knowledge and skill necessary to provide professional services competently . Principle 4 Fairness Be fair and reasonable in all professional relationships. Disclose conflicts of interest . (Swanson & Bradifoot, 2013, pp. 1 -2)
- 22. Based on the CFP Board of Ethics statements on the previous slide and The results of the survey show that CFPs are aware of Emotional Intelligence (EI) CFPs understand that learning more about EI will benefit them A need exists to implement EI training in the field of financial planning.
- 24. Investigate the appropriate Seek permission from level of emotional the Certified Financial intelligence needed to Board to use their become a better Certified membership as a Financial Planner resource practitioner. Apply this to other Conduct a qualitative countries Delphi study to assess, through the use of expert CFPs (identified in this study), the appropriate levels of training required in emotional intelligence. (Swanson & Bradifoot, 2013, p. 8)
- 26. 97% of the respondents Over 85% positive claimed they have response was received experienced a situation to the question on with an emotional establishing Emotional distraught client. Intelligence as part of 75% responded that the primary curriculum they desire Emotional for financial planners. Intelligence as part of a continuing education program. (Swanson & Bradifoot, 2013, p. 8)
- 27. The results of this survey strongly indicate that further study and training for financial planners is not only warranted but may be considered essential in the framework of being a competent planner. (Swanson & Bradifoot, 2013, p. 8)
- 28. Dr. Andree Swanson and Randy Braidfoot http://rediscoveringthebible.com/Biographies.html
- 29. Andree Swanson is an assistant professor with Ashford University (Denver, Colorado) and adjunct associate professor with the College for Financial Planning (Greenwood Village, Colorado). Dr. Swanson holds a Doctorate in educational leadership and a Master of Arts in organizational management from the University of Phoenix. She also holds a Master of Human Relations from the University of Oklahoma where she first learned of emotional intelligence. Her work experience ranges from office management to corporate training to higher education. She has worked for the US government (DoD, USAF, & USA), corporations, and higher education.
- 30. Randy Braidfoot is a securities principal and CFP速 practitioner with over 26 years of experience. He holds a Master of Science in personal financial planning from the College for Financial Planning and a Bachelor of Arts in mass communications from West Texas A&M University. Braidfoot is considered a subject matter expert for the Certified Financial Planner Board of Standards where he reviews and creates test questions that are used on the certification test. He has volunteered for the past six years as a Texas judiciary-approved mediator supporting a quasi-governmental agency. In 2011, he was honored as the Mediator of the Year. He has also trained and worked as a mediator for the Texas Department of Criminal Justice and as a financial specialist in collaborative law cases.
- 32. Certified Financial Planner Board of Standards Inc (CFPBS). (2013). Code of Ethics and Professional Responsibility. Certified Financial Planner Board of Standards Inc. Retrieved from http://www.cfp.net/learn/codeofethics.asp Mayer, J., Caruso, D., & Salovey, P. (1999). Emotional Intelligence meets traditional standards for an intelligence. Intelligence, 27(4), 267-298. Retrieved from ProQuest. Swanson, A., & Braidfoot, R. (2013). An Assessment of Emotional Intelligence Understanding in the Field of Financial Planning. Internet session presented at the 2013 Summer Global Conference on Business and Finance (GCBF), Costa Rica.
- 33. Braidfoot, R., & Swanson, A. (2013, Jan). Emotional intelligence of financial planners in mediation. Global Conference on Business and Finance Proceedings, 8(1), 378- 385. Retrieved January 5, 2013 from http://www.theibfr.com/proceedings.htm Braidfoot, R. B., & Swanson, A. C. (2013, Jan). Emotional intelligence of financial planners in mediation. Internet session presented at the 2013 Winter Global Conference on Business and Finance (GCBF), Las Vegas, NV. Braidfoot, R., & Swanson, A. (2012, Sep). White Paper -- Emotional Intelligence of Financial Planners. College for Financial Planning, Greenwood Village, CO. http://www.cffpinfo.com/eBooks/Emot_Int.pdf
Editor's Notes
- #6: EMOTIONAL INTELLIGENCE DEFINEDEmotional Intelligence (EI) was first used in an English doctoral dissertation in 1983 (Payne, 1983/1986). The term was actually derived prior though in 1966 by B Leuner in a German article titled Emotional Intelligence and Emancipation (translated) to describe women who, because of perceived low Emotional Intelligence, rejected their social roles (Leuner, 1966). Salovey and Mayer (1990) further developed the concept. Emotional Intelligence is the capacity to perceive emotions, assimilate emotion-related feelings, understand the information of those emotions, and manage them (Mayer et al., 1999). The ability to recognize the meanings of emotions and relationships, in addition to reasoning and problem solving on the basis of these emotions is at the core of EI (Mayer et al., 1999).