Advisers that can recognise clients who feel anxious or disengaged from the advice process, are far more likely to be able provide better client outcomes.
This fourth and final video of a series brough to you by Fidelity Adviser Solutions from such research carried out with Cowry, looks at three behavioural insights that can support more effective planning.
First, the empathy gap – its important advisers are able to support clients in feeling connected to their future self and show them the impact that small changes can make to their future.
Next, ambiguity aversion, or uncertainty. Clients may feel this when dealing with longer timelines such as with retirement planning.
Then mental accounting – dividing client money into specific pots, depending on its purpose.
In this last five-minute video, Mana Jhaveri, Behavioural Architect Manager at Cowry Consulting gives us some simple strategies for each of the areas to help aspiring advisers support their clients in connecting with their planning at a much deeper level.
To learn more, watch the full video and access the full research report, head here: Exploring the Psychology of Retirement
Main image: planning, managing expectations, 2h-media-TkHbz4Yk348-unsplash
