Why traditional discovery methods lead to flawed recommendations.
J.D. Powers and Associates just released the results of a survey that found 31% of financial advisors were “indifferent” about their work and have no strong attachment to their firms. Without a connection to their firm, these advisors are likely to be open to discussions with competitors.
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.
Do you feel as though you are always running to catch up? Advisors want to deliver excellent advice, they want to see satisfied clients, and they work hard to inform themselves to be able to give this level of service. So what’s the solution?
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.
How can you customize your client experience when you may not even know who your client really is? Attracting new clients is all about the ability for you to quickly build trust. This involves understanding your client’s personality.
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.
If you don’t decide strongly for yourself the favorable outcome you want out of a client/advisor relationship, your success as an advisor will likely come from others’ definition of success.
Turbulent markets and the need to add value are bringing the topic of client and advisor behavior to the forefront. Capture all dimensions of financial personality using a highly validated and reliable psychometric model.