The Human Side of Money 22: Jay Mooreland | Applying Behavioral Finance Principles To Coach Clients and Differentiate Your Business
Ask any financial advisor if behavioral finance plays an important role in delivering ideal outcomes to clients, and you’ll get a resounding “Yes.”
Ask those same advisors if they know exactly what to say and do to seamlessly apply behavioral finance, and you’ll get a resounding “No!”
Knowing someone is suffering from loss-aversion helps explain why he or she behaved a certain way. But the effective application of behavioral finance tells you what to do about it. That’s where change occurs.
Jay Mooreland, founder of the Behavioral Finance Network, has been helping advisors apply behavioral finance in their practice for the better part of a decade (even before “behavioral finance” was cool!).
We discuss:
- How to use a “Behavioral Plan Policy Statement” to facilitate ideal behavior
- What effective behavioral coaching looks like and what most advisors get wrong
- The often-overlooked benefit of differentiating your business when applying behavioral finance
- The importance of coaching on one principle in every meeting
- How proactive communication instills good behavior and ways to use it with clients
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Resources:
- Joining The Behavioral Finance Network, Jay is offering a $75/month discount on his memberships for our listeners. Go to the membership page, and apply the coupon code “HSOM” at checkout.
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