Standard Deviations with Dr. Daniel Crosby Philip Courtenay - Humans and Money: Exploring the Relationship Between Emotions and Financial Choices
31 snips
Mar 21, 2024 Researcher Philip Courtenay discusses drivers of financial advice seeking, reducing economic and emotional barriers. He shares insights on advisor behavior change mistakes and the SHAPE framework. The podcast explores effective referral strategies, client anxiety types, and demonstrating value in the financial advisory world.
AI Snips
Chapters
Transcript
Episode notes
Three Tethers Prevent Clients From Taking Advice
- People want the benefits of financial advice but are held back by three tethers: economic, effort, and emotional barriers.
- Philip Courtenay uses the hot-air-balloon metaphor to show fees, required effort, and anxieties keep clients tied to the ground.
Show Specific Pounds And Sense Value Not Just Lower Fees
- Do emphasize specific, salient economic value rather than just lowering fees; link your fee to a concrete client pain point like life insurance or tax savings.
- Use vivid, client-relevant examples so the cost feels smaller compared with tangible benefits.
Remove Jargon And Map The Client Experience
- Reduce cognitive effort by removing jargon and mapping the client experience step-by-step so prospective clients know what happens and when.
- Answer basic operational questions (who attends meetings, response times, process) to lower uncertainty.