What do you say when someone asks you to describe what you do as a financial adviser? Hint: if you say you help clients manage their finances, you’re not wrong, but you’re missing about a fourth of your job description. An estimated 25 percent of advisers’ time is spent managing client emotions—and that percentage is on the rise (Dubofsky and Sussman 2009). It makes sense if you think about it. Money is always more than cold, hard cash. It’s retirement goals, education opportunities, security, and the ability to make memories.
Unfortunately, everyone brings emotional baggage into the financial decision-making process, often inherited from parents or experiences. Financial biases may not be inherently bad; they help filter out noise when there’s too much information to process efficiently and generally make it easier to operate in a world where it’s impossible to be an expert at everything. It makes sense to fall back on a belief or assumption that has served you well in the past when analysis paralysis strikes or life throws a curveball. The downside is that these biases are based on emotions, so they typically hurt more than help. And, as an adviser, one of your biggest challenges is working with a client who refuses to take the advice they’re paying for. Enter behavioral marketing...read more here.
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