Personality tests have stood the test of time. You likely have friends that know which enneagram type they are and could tell you more about their Myers-Briggs Type Indicator than you wish to know. These sorts of things can just be for fun, but some can provide you with insightful information.
One area where that might be helpful is your investment personality. Have you ever considered what kind of investor you are? Have you taken a good look at how you make decisions and what that means for your money? InvestIQ, an online platform and personality test, is designed to help you do just that.
Benefits of Learning About Your Investment Personality
InvestIQ aims to get investors thinking about what kind of decision makers they are and how that impacts their financial choices.
Even the most experienced investors have their weaknesses, especially when markets are turbulent. Schroders’ 2019 Global Investor Study found that in times of volatility, only 18% of investors kept their investments the same.1 In addition, the findings of a recent study suggest that emotions and behavioral biases, such as trying to time the market, can compound investment mistakes.2 The takeaways from both of these studies could mean underperformance and less money in your pocket.
It can be difficult to be introspective, especially when it comes to money. But taking just 10 minutes to take this personality test, developed by behavioral experts, will put you on the path to making better investment decisions. InvestIQ can highlight potential weak spots, so you can make better financial decisions in your investments and your day-to-day finances.
The Four Investing Personality Types
Your investIQ results will identify which of four personality types and nine underlying behaviors (such as anxiety, confidence, projection, and regret aversion) best fit you. There are no wrong answers in this quick test, nor are there any “bad” results. Each of the personality types offers strengths and weaknesses when it comes to how you make money decisions.
The four investing personality types are:
- Level-Headed Optimist: Typically optimistic with a rational approach to investing; can also be overconfident and prone to following others’ lead.
- Independent Rider: Capable of making independent investing decisions but can be anxious and impulsive.
- Vigilant Planner: Tends to save better because they are careful, cautious, and thorough but may be too hesitant when making investment decisions.
- Opinion Hunter: A steady and composed investor, but tends to lack confidence, meaning they are likely to stick with what the majority is doing.
Using Your Results
After taking the investIQ test you might be thinking, now what? InvestIQ provides you with a detailed four-page report about your investment personality and its advantages and disadvantages. Again, there are no bad results here, just different ways to approach finance. As such, investIQ offers you tips on how to better manage your behavioral tendencies as well as supplemental videos and an educational hub for additional learning.
Sharing these results with your financial professional can shed even more light on how you invest—which in turn is beneficial to both you and your professional. Knowing more about how you invest, your financial professional can better tailor your client experience to meet your needs and goals.
Visit hartfordfunds.com/investIQ and take the investIQ test today.
investIQ is provided by Schoders.
Important Risks: Investing involves risk, including the possible loss of principal.
All information provided is for informational and educational purposes only and is not intended to provide investment, tax, accounting or legal advice. As with all matters of an investment, tax, or legal nature, you and your clients should consult with a qualified tax or legal professional regarding your or your client’s specific legal or tax situation, as applicable. The preceding is not intended to be a recommendation or advice.
This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed. This material and/or its contents are current at the time of writing and are subject to change without notice.
Hartford Funds Distributors, LLC, Member FINRA.