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Nucleus teams up with Be-IQ on behavioural tool

17 March 2020

Adviser platform Nucleus has teamed up with Be-IQ to unveil a tool aimed at helping advisers gain a better behavioural insight into their clients.

Be-IQ, founded by behavioural finance specialist Neil Bage, launched its consumer-facing interactive app BEAM in December, allowing people to understand their financial behaviour through games and questions.

Following on, Nucleus has partnered with BE-IQ to launch a behavioural insights dashboard for advisers, which is designed to be used together with the app. The dashboard, known as BEACON, will allow advisers to analyse clients’ behavioural traits on an individual level, as well as across groups of particular clients and the client bank as a whole. According to Nucleus, it will provide advisers with the strength of each bias and what role this plays in making financial decisions.

Advisers can also used the technology to identify clients who may need reassurance or further coaching in volatile markets.

As part of the new partnership, Nucleus and Be-IQ will produce a package of practice development content, resources and support, including webinars, podcasts and workshops, centred around using behavioural insights in financial planning.

Barry Neilson, chief customer officer, Nucleus, said: “The momentum around behavioural coaching is growing, to the extent that we see this as the next big leap in financial planning. This partnership is a direct response to meeting the needs of an increasing number of advisers who want to embed behavioural insight in what they do. Neil’s work at Be-IQ is hugely influential and is leading the way in this space. We’re really excited to help get the word out about how powerful behavioural insights can be in getting clients to great outcomes.”

Neil Bage, founder and director, Be-IQ, added: “Nucleus was a natural fit for Be-IQ. Their vision of supporting advisers and their clients perfectly aligns with why we set up Be-IQ in the first place. Our new service allows advisers, for the first time, to truly understand what is going on inside their clients’ heads, and how they’re feeling about their finances. At the same time, clients gain a better and deeper understanding of what drives their behaviour. It also gives advisers the tools they need to help coach and manage clients’ behaviours, not just around investing, but borrowing, spending, and saving, so that clients can keep their financial plans – and their life plans – on track.”

Nucleus and Be-IQ plan to publish a white paper on applied behavioural insights later this year.

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