Financial Advisor Success Ep 101: Financial Advisors As Adherence Partners To Deliver Advice That Actually Sticks with Moira Somers
Dec 4, 2018
Dr. Moira Somers, a clinical neuropsychologist specializing in financial behavior, dives into the reasons clients often fail to follow financial advice. She emphasizes the importance of understanding client readiness and collaborating with them as adherence partners, rather than assigning blame. Moira highlights the need for advisors to listen more and help clients break down complex tasks into manageable steps. She also talks about the benefits of reminders and celebrating small milestones to boost adherence. Tune in for insights that can transform the advisor-client relationship!
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Episode notes
Tooth Infection Illustrates Forgetting
- Moira took antibiotics for an abscessed tooth and was highly motivated to take them initially.
- Later she nearly forgot a dose, illustrating how human memory failures derail good intentions.
Forgetting Is The Main Barrier
- Forgetting is the most common reason clients fail to follow through on agreed actions.
- Advisors who design reminders and low-friction prompts dramatically improve adherence.
Turn Data Requests Into A Service
- Replace burdensome data forms with a 'get organized' session where the advisor helps sort documents.
- Collect copies during the meeting to get accurate data and reduce friction.
