Advisors acknowledge that the most common reason they lose clients is that they are unable to get inside the heads of their clients enough to build solid personal and financial relationships. Understanding how clients actually think and behave is a key ingredient in the recipe for success in acquiring and retaining clients. As such, behavioral finance has become a powerful force in the financial advisory field.
This episode of Accelerating Your Business, brought to us by Cannon Financial Institute, focuses on the Behavioral Investor Types (BITs) model developed author and Financial Adviser, Michael Pompian, CFA, CFP®. In his ground-breaking work, Michael identified four distinct BITs and the most likely Behavioral Biases of each BIT. The results of his finding led to the development of a methodology for how advisors can best work with clients in each of these BITs. In particular, determining how and when to either attempt to “moderate” an investor’s behavior or to simply “adapt” the investment strategy to accommodate their behavior.
This series is your virtual front-row seat to interactive, quality, relevant programs that provide upskilling tools to propel your business into the future. You’ll gain actionable insights from thought leaders, practitioners and solution providers that you can put into practice right now.
Top off the your tank, click your seat belt, adjust your mirrors, and hit the gas for Accelerating Your Business.
This session has been accepted for continuing education by CFP Board.