Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area. 

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne explore forward temporal discounting – why people tend to prioritize immediate gratification over long-term financial well-being – and how advisors can help clients bridge the gap between their present and future selves.

Also discussed:

• Why many people perceive themselves as younger than they actually are and how this affects financial decision-making.
• The impact of delaying major life milestones, such as homeownership, on long-term financial security.
• How futurecasting exercises can help clients better visualize their aging process and financial needs.
• The power of using past financial regrets and successes (either personal or from family members) to inform smarter choices today.
• Practical strategies for financial advisors, including scenario planning, pre-commitment techniques, and visual aging tools like AgingBooth and FaceLab.
• The importance of framing financial planning as a partnership with both present and future clients to drive better long-term outcomes.

Resources: 

Signature Estate & Investment Advisors, LLC.