“You would say that, wouldn’t you?
In 1963 a quick-witted teenage girl, Mandy Rice-Davies, catapulted herself into the public imagination (and the Oxford Book of Quotations) with her riposte to a barrister who was cross-examining her in a high-profile trial.
The defendant was charged with providing the services of call girls to members of British high society. When it was suggested to Mandy that a certain British peer denied having sex with her or even meeting her, she hit back with the devastating reply: “Well, he would [say that], wouldn’t he?”
Nearer to home, those of us who work in financial services are familiar with clients who may not actually say: “Well you would say that”. However, we can practically hear them thinking it when information is offered that contradicts their knee jerk reaction to new information.
Wi-Ai behavioural finance tools have the advantage of demonstrating that the bias (which the provider or adviser may be able to describe to the client verbally or in writing without the aid of tool) is a well-known phenomenon, not a vague notion the provider/adviser has “made up” to hoodwink the client, e.g. to discourage them from encashing in a scary market (as the anxious client may secretly fear).
Using the tool can both shorten the time such explanations may take and increase clients’ confidence in the rationale offered by providers/advisers. Using the tool also provides an enhanced audit trail for any discussion and may be used across a population of clients to provide MI to regulators.
Please contact us for more information about Wi-Ai and audit trails, please contact us: [email protected]