Do you have a system in place to holistically determine the complete financial personality style of the client? Or, are you still relying primarily on your intuition?
But my Financial Advisor doesn’t ask the right questions! Sadly, not all financial advisors are fully committed to exploring your hopes and dreams and then matching your financial plans to deliver those expected life experiences.
Why traditional discovery methods lead to flawed recommendations.
Behavioral finance has been given a significantly increased level of importance at a practical level with the UK regulator taking a greater behavioral finance direction in its overseeing of financial services.
Compelling research and behavioral finance insights illustrate how discovering your clients’ financial personality will help them to manage the risks that have a significant impact on their financial planning.
As a financial advisor, you have done a good job of helping your pre-retired clients dream, define their ideal goals and manage a portfolio to achieve those goals. But that may or may not have anything to do with their reality.
Financial history is peppered with stock market crashes, property market booms and busts and a vast array of individuals who have made or lost fortunes, or even both. Irrespective of the past, a financial adviser deals with the here and now as well as the future.
Three thoughts that could change the way your customers view risk.
A recent article from the Wall Street Journal describes how Advisers are using Financial DNA to figure out their clients’ behavioral-finance types and how best to communicate with each one.
You’ve read all the reasons why targeting women as clients is lucrative. But what is the one thing that women really want from YOU, the financial advisor?