How to Incorporate Behavioral Factors into Planning Discussions

Beverly FlaxingtonBeverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Readers,

I have been talking, writing and speaking about the behavioral aspect of advisory and planning work for decades. Without understanding people – how they think and act, and what they believe – you can’t effectively help them, no matter how good you are at planning or asset allocation.

I was reminded this week in meeting with my advisors about the importance of this. We are often behaviorally disconnected and, as a client, it makes me less confident and comfortable to raise issues and ask questions.

For this week’s column, I will remind you who work with clients every day about the fact that you can put together the most impressive presentation, have the best process and truly care about your clients, but if you aren’t selling and providing a client experience that includes behavioral aspects, you aren’t doing “right” by your clients.