The Human Side of Money 62: The Psychology of Communicating and Delivering Advice with Dr. Derek Tharp
Oct 13, 2022
01:39:54
Your client’s decisions are almost always subconsciously driven by invisible influences.
Should I wear a suit? Should CNBC be on in the lobby? Does the way I’m presenting the info influence the client’s decision? Should I offer free financial planning in the beginning or charge for it?
Whether these things should influence a client’s decision-making or not, they do.
Fortunately, Derek Tharp has conducted the research for these questions and joined the show to share the psychological insights advisors need to know to improve the communication and delivery of advice.
We discuss:
- What are prospective clients subconsciously assessing to determine trust and credibility
- How your clothes signal different things to different people
- The “Guardrails” approach that improves confidence and behavior around retirement spending
- The “Mapquest” vs “GPS” approach in financial planning
- Why initial planning fees impact the perceived value of ongoing planning
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Resources:
- The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals
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