Hugh Massie, author and founder of DNA Behavior International, spoke to psychology and business students in the Wolfington Teletorium in Mandeville Hall on Feb. 27.
Massie explained how he discovers a person’s “financial personality” by using information about the individual’s innate tendencies and personality to develop a personalized financial plan, which would help them individually or as a part of a family unit.
“Financial personality is how a person makes decisions about life and money,” Massie said. “It’s really your inherent financial decision making style which influences how you make life choices, career choices, recreation choices, sports choices and financial choices.”
Massie said it was important to individualize financial planning to fit the tendencies of each client.
“Today we are in the world of customization,” Massie said. “Everyone wants a customized experience and wants to be treated uniquely to who they are and recognized for that. Nineteen years ago I saw that each person wants a tailor-made suit.”
Peter Bachich ’20, a family business and entrepreneurship student at St. Joe’s, said he wanted to to learn how to plan for the future of his family business.
“I enjoyed seeing the application of what I am learning in class in the real world,” Bachich said. “We use a lot of similar terms and just talking about how planning now helps avoid failure in the future.”
Brian Brogan, director of family business and entrepreneurship at St. Joe’s, also emphasized the importance of family conversations about business.
“Our goal is to have better outcomes for family businesses because they have less judgment with each other and more understanding, and that all comes with increased cohesion, unity and communication within the family,” Brogan said.
Bryce Becker ’22, a psychology student, said Massie’s approach is an interesting dynamic between business and psychology.
“The basis of it is an understanding of psychology with the family dynamic and how a well communicating family is essential to how the business will function,” Becker said.
Becker said he wants to contribute to the well-being of people through a career in clinical work.
“If I own my own private practice, I can utilize that technique of analyzing the person to see what type of method works best for their benefit,” Becker said.
Massie said he implements this same logic when dealing with the dynamics of family businesses. Each member of a family unit is assessed on their personality, and a cohesive financial plan is produced on the basis of this information whether the family is dealing with the transfer and distribution of wealth from one generation to the next or the allocation of property.
“By understanding each person, what they are capable of, what their purpose is, what their skills and talents are, how they approach money, you can make a plan that is going to be a better fit for the whole family unit and recognize that each person is an individual in it,” Massie said.
Brogan said he wants to implement Massie’s method into some of the work performed at St. Joe’s.
“We are also going to be incorporating a lot of Hugh’s work through Financial DNA with our own assessment tools and process of engagement for family business that we work with on campus,” Brogan said.
