Phi in the investment sky?

Does the investment world need another Greek letter? State Street and the CFA Institute must think so. Paul Sullivan's Wealth Matters column introduces us to their creation: Phi.

Phi's meaning is murky, but it seeks to measure something like motivation,  the presence or absence of purpose in an investment program. Investors can measure their Phi level by taking a quiz. Here's the first page:

The suggested answers are eccentric. Don't people invest to gain or preserve financial independence? Don't some hope to get rich? Phi's motivations seem to ignore wealth building or decent investment performance.

Your obedient blogger took the test and learned he suffers from low Phi. Suggested ways to improve include investing more from current income, avoiding trading, watching expenses and (whoops, forget the expense part) hiring an investment adviser.

Phi may represent the glimmer of an idea, but it needs work.