Neil Bage (Twitter and LinkedIn) is highly-renowned in the fields of financial services and behavioral science for has ability to bridge scientific theory with real-world understanding, particularly when it comes to human behavior in light of financial health and well-being.

He’s the co-founder of Be-IQ, a multi-award winning behavioral insights company that focuses on providing research and tools on behavioral finance for financial advisors and planners around the world.

As he puts it, his mission is to bring “behavior to life” for financial advisors.

In this episode, we discuss:

• The “achilles heel” of our industry (Hint: it’s not a lack of technical knowledge)
• Why the future of financial planning will have the human as the center piece
• Examples from hospitality, law, and therapy on how to wrap the human element around technical competency
• The importance of getting clients or prospects into a calm, peaceful state prior to a meeting and specific ways to do it
• When you should actually cancel and reschedule a meeting
• How naming and labeling emotions ignites trust and communication
• The story of an advisor who used the tools from Be-IQ to finally breakthrough to a client after 15 years
• The “Empathy Gap” – What it is and why you should be aware of it in every meeting
• What Neil calls the “transformational benefits” for advisors who bring behavior to life

 

For more information and resources discussed in this episode, visit: www.wiredplanning.com/episode6

To join a community of like-minded advisors and planners around the world looking for top-notch insights and information on how to leverage behavior, psychology, communication, and emotion to master the human side of money, visit Wired Planning.

Follow Brendan:

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Andy Hart (Twitter and LinkedIn) is the founder of Maven Adviser, the host of the Maven Money podcast, and the founder of Humans Under Management, a behavioral finance conference with a focus on delivering better outcomes for clients. 

As someone who both runs a successful practice as a financial advisor and helps advisors better understand how to apply behavioral finance in their practice, Andy came highly recommended for his ability to provide specific and practical strategies he’s used with his clients for years to promote optimal behavior and deliver better outcomes.

What we discuss with Andy:

• The many realizations Andy experienced that opened his eyes to the fact that he’s managing humans more than money
• How Andy has learned to communicate the value of behavioral coaching despite the fact that it’s rarely seen as a value-add from clients
• Specific framing and labeling tactics Andy uses with clients to prompt optimal behavior and deliver better outcomes
• The dangers of using jargon and how to avoid it
• The “I was thinking number” – a strategy Andy uses to nudge clients to save more than they ever thought they could
• Why he decided to include the behavioral benefits of working with an advisor on his website rather than traditional buzzwords like “Holistic”, “Comprehensive”, and “Customized.”
• The three people Andy would want to listen to at a roundtable discussion on behavior, finance, and psychology
• The books he recommends anyone that’s interested in the field of behavioral, finance, and psychology
• What he would recommend any advisor or planner do in order to start mastering the human side of money and applying behavioral finance into their practice

 

For show notes and resources discussed in this episode, visit: www.wiredplanning.com/episode5

To join a community of like-minded advisors and planners looking for insights and information on how to leverage behavior change, psychology, and communication to master the human side of money, visit Wired Planning.

Follow Brendan:

Twitter: @jbrendanfrazier

LinkedIn: Brendan Frazier

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