When it comes to making financial decisions, doing so as a couple may add extra dimensions and complexities.
As we have explored previously, our decisions can often be heavily based on our previous experiences and our behavioural biases. When a couple have different prior life experiences and/or biases this can make coming to a mutual financial decision more of a challenge.
For example, one person may have always had a positive experience when it comes to their finances, which in turn may make them more optimistic about investments. Conversely, the other partner may have had many negative experiences or maybe they have had a specific bad outcome which has made them more pessimistic. Equally possibly, they may each tend to Optimism Bias (or its opposite) by reason of underlying behavioural biases. Coming to a mutual decision, therefore, can be hard and this challenge is something a financial adviser may need to deal with when providing them with advice.
Having tools that help clients to explore how these decisions are made and to take ownership of any biases that are uncovered allows a professional adviser to engage with and support clients and to assist them in coming to a decision that is mutual and is right for both of them.
As a professional in the financial services industry, you will undoubtedly have come across this situation many times and sometimes felt like an umpire or even “piggy in the middle”. That can feel frustrating and thankless. Using behavioural bias software provides a means of supporting your clients in taking agency for their decisions, while distancing you from taking sides or expending valuable time on fruitless debates.
Contact us today to find out how Wi Ai Technology can help: [email protected]