As a Financial Advisor you are required to obtain details of your client’s financial position and “soft facts” (e.g. about their experiences, goals and aspirations) before making a recommendation. From a regulatory perspective soft facts help provide the evidence that the advice you are giving is suitable.
However, just getting the soft facts and understanding their financial position may not be enough…
What you may not have is a true understanding of any influences or biases your client may be susceptible to when it comes to their financial decision-making.
Your client’s decision-making may be heavily influenced by factors such as any of the following;
- Deep seated and often sub-conscious habits of thinking
- Recently expressed views from those closest to them such as friends and family
- An article/s or comment/s they may have seen online or in the press
Looking at the more emotional side of a client’s thinking will help to you gain a better understanding of their decision-making processes and allow you to give a more robust recommendation that is ultimately right for them.
Wi-Ai’s bespoke software allows you to work with clients to help them obtain key information about their biases, which may be playing a big part in the decisions they make.
To find out more about our bespoke behavioural bias software, which provides insights into a range of biases, contact us at [email protected]