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• W3124116971 abstract "ABSTRACTA commonality of the professions of mediation and financial planning is dealing with the emotional aspects of the client(s). It is surprising then that more formal training on management of the client's emotions has not been presented by either vocation. The four aspects of self awareness, self management, social awareness, and relationship management make up the components of Emotional Intelligence. This allows an individual to monitor his or her own emotions, the emotions of others, and to use this information to create a positive outcome. The professional Financial Planner who works in Mediation can benefit greatly from the study and mastery of Emotional Intelligence.JEL: Gil, ZOOKEYWORDS: Emotional Intelligence, Financial Planners, Mediation, MoneyINTRODUCTIONEmotions are a control factor determining outcome in both Financial Planning and Mediation. The environment of a mediation where two conflicting parties meet to negotiate some form of agreement (with a neutral third-party to preside as a communications facilitator) fosters a setting in which a broad range of emotions are normally exhibited. An experienced financial planner must be prepared to answer the following questions: What happens when the two different mediums combine to create a volatile situation? How does the financial professional manage this and stay in control? How can the financial professional enhance the process to create greater opportunity for a more positive outcome?Financial issues are a main source of emotional stress. Money evokes emotions such as stress, fantasy, irrationality, and fear (Danford, 2012, p. 25). This financial stress is also one of the main drivers of the emotional outbursts experienced in both Financial Planning and Mediation meetings. Numerous Financial Planners are familiar with the adage of being the professional to assist in taking the emotion out of the investing process. Much research has been produced regarding the recognition and acknowledgement of an individual's emotional connection to his or her money or financial well-being (Britt, Huston, & Durband, 2010; Colfax, Rivera, & Perez. 2010). Mediation is also an environment where many times financial discussion or negotiation is the main focus, whether it be civil or family mediation, and if not, certainly an important secondary topic.Being able to recognize and manage these emotions, from one's own viewpoint, and that of the other participants, is part of the basis of Emotional Intelligence. Emotional Intelligence is the ability to recognize, assess, and control one's own emotions and that of others (Mayer, Caruso, & Salovey, 1999; Mayer & Salovey, 1997). Emotions can influence financial decisions in surprisingly predictable ways (Sullivan, 2011, p. 4). Numerous studies have demonstrated how an individual with high emotional intelligence can enhance and increase the potential for positive outcomes (Cherniss, 1999).The introduction of this paper provides an overview of the importance of including emotional intelligence in the fields of financial planning and mediation. The remainder of the paper includes a literature review, a discussion on the importance of emotional intelligence, empathy and the financial planner, emotional intelligence and mediation, financial issues and mediation, emotional intelligence and the financial planner, the methods for increasing emotional intelligence, and the concluding comments.LITERATURE REVIEWThe purpose of this literature review is to identify what is available in current periodicals and websites on the topic of emotional intelligence and the financial planners in mediation. The research took place over a one-year period using ProQuest, Google Scholar, and the Internet.Within ProQuest and Google Scholar, no literature was found with key word searches of 1) emotional intelligence, 2) emotional intelligence and financial planning, 3) emotional intelligence and mediation, and 4) emotional intelligence, mediation, and money. …" @default.
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• W3124116971 title "EMOTIONAL INTELLIGENCE OF FINANCIAL PLANNERS IN MEDIATION" @default.
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