Wealth and Personality: Can Personality Traits Make Your Client Rich?

Abstract

®, CLU ® , ChFC ® ; and Martin Seay, Ph.D., CFP ® • Research was conducted to examine the relationship between personality traits and net worth using data from the 2010 panel of the Health and Retirement Study. • Linear regression results identified extroversion and conscientiousness traits as being positively associated with net worth, whereas the agreeableness trait was negatively associated with net worth. • These findings contribute to the financial planning field by showing how mental preferences expressed outwardly though personality traits are related to wealth accumulation. • Planners can use the information from this study to help formulate strategies that assist clients in growing and managing wealth. Executive Summary

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