You are a Financial Adviser meeting with your client to provide them with a financial recommendation. Inevitably, these meetings don’t always go the way you want them to.
Many factors can come in to play such as:
- Clients panicking about the markets and wanting to encash their investments regardless of whether this is sensible in the circumstances. This can be an issue during any minor downturn. At the moment it is a constant challenge.
- Clients making decisions based on a past negative experience, rather than on the facts and information laid out to them in the present moment.
These are just a couple of common frustrations that Financial Advisers can face.
So how do you deal with these issues?
One way is to ensure you gain a full understanding of not only your clients’ financial circumstances, needs and objectives but also a detailed insight into how they come to the decisions they make about their finances. This includes whether they are susceptible to any particular biases that could be influencing their decision-making.
Wi-Ai Technology has developed software to assist you with this.
Based on a user friendly online questionnaire, it produces a personalised report for your client describing their susceptibility to a range of behavioural biases. These can influence their decision-making and shape their strengths and weaknesses as decision-makers.
Having this report in front of you and your client gives you a neutral and engaging platform for discussing the basis for making key decisions- ideally with a bit less panic.
If you or your firm are FCA registered, click on the link below to submit your individual/firm FCA registration number to us. We will then send you an invitation to try one of our Wi-Ai profilers for yourself – on us!
Wi-Ai behavioural bias profilers help businesses to build better relationships with their clients via supporting clients in making better decisions.
As an Adviser what are the main frustrations that you face?
To find out more about how this could help your business and clients, contact us at [email protected]