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Making clients happier

Wellbeing and retirement planning

For financial professionals only

Chris Budd, author of The Financial Wellbeing Book and Chairman of the Initiative for Financial Wellbeing, will be Patrick Ingram’s first guest on our forthcoming webinar series, Let’s talk retirement.

Here, Chris explains how understanding human behaviour is key to wellbeing – and producing better financial outcomes for your clients.

Have you ever had a client who frustrated you?

Perhaps they would not listen to your advice, preferring instead to believe something they read the newspaper.

Maybe they failed to see the long-term impact of a short-term decision, such as skipping pension contributions.

Or maybe you struggled to get an older client to spend money on themselves, even when your cashflow demonstrates that they already have enough.

Behavioural finance is the study of the behavioural biases that we all have within us. Confirmation bias, present bias and the endowment effect are the three biases behind the examples above.

Much of the writing about behavioural finance, however, focuses on how we can use awareness of these biases to improve investment returns.

To me, this seems to completely miss the point of money. To study cognitive biases in order to beat the markets feels like learning to play the piano in order to get a job in a piano bar.

Surely the point of financial advice is to make clients happier. Not only is this a much more enjoyable way of doing the job, but it breeds client loyalty and strengthens your practice.

To help your clients to get better outcomes by understanding their behaviours does, however, require more than just an understanding of behavioural finance. It means applying basic coaching skills and wellbeing theory to the individual biases and making more sense of money for your clients.

By Chris Budd, The Eternal Business Consultancy


Let’s talk retirement and wellbeing

A FREE webinar with Patrick Ingram and Chris Budd.
1 hour CPD

Thursday 4th June, 2pm – 3pm

Book your place now >


Let’s talk retirement

Session 2 of 7: Governance (1 hour CPD)

Friday 19th June, 11am – 12pm

Book your place now >


Coaching With Behavioural Insight Webinar – brought to you by the IFW and Be-IQ

In this webinar series (3 x 90 minutes), Chris Budd and behavioural expert Neil Bage (with additional material from top coach Jan Bowen-Nielsen) explore how behavioural insight can help you to help your clients make better decisions.

You can find more about the webinars and sign up here. >

 



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