Retirement Advisor: Changed Thinking, Changed Behavior (Podcast)

by: SA For FAs
Summary

In periods of turbulence, like Q4 of last year, did your clients despair or did they remain calm? Achieving the latter should be a benchmark for being an effective advisor.

If we’ve learned anything from the field of behavioral economics, it is that a rational approach to investing is decidedly not our default setting.

To change behavior, we need to change the thinking behind it. And adopting certain kinds of behaviors is supportive of changing one’s thinking.

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In periods of turbulence, like Q4 of last year, did your clients despair or did they remain calm? Achieving the latter should be a benchmark for being an effective advisor.

This podcast (3:55) argues that client education and behaviorally sensitive wealth management can change a vicious cycle into a virtuous one.