Nudge, nudge, wink, wink…
The Best Way To Encourage Your Audience To Act
“A nudge is a contextual change to the way a choice is offered while preserving people’s ability to make the decision they want.”
Hamid Ghanadan’s December 2018 Forbes article is a worthwhile read on human decision making.
We all rely on mental shortcuts to make decisions quickly and efficiently. Over time Knudge will provide advisors with behavioral insights that can help them help their clients take action. What’s the best timing for communication? Should I email or text? What framing will help create urgency? We aim to help you answer these questions, and automate as much of the follow up process as makes sense.
Advice That Actually Sticks with Moira Somers
Financial Advisors As Adherence Partners To Deliver Advice That Actually Sticks with Moira Somers
Another great episode of the Financial Advisor Success Podcast
Indeed, there is a fine line between nudging and nagging, and advisors walk this line with every client communication. We’re building Knudge with this balance in mind. We imagine a world in which advisor time is spent on the highest value-add activities and communication. Leave the reminders to us!
Listen to the podcast or read the full transcript on the Nerd’s Eye View (Kitces.com)
The Tipping Point: Will the coming wave of wealth value advice?
Excerpt from Fidelity Investment’s report on the coming wave of wealth value advice.
Many investors today are seeking different types of relationships with their financial advisors. No group epitomizes this more than Generations X and Y, the “coming wave of wealth,” who generally seek advice relationships that go beyond investment management. They seek relationships that help them achieve peace of mind and even their life’s purpose, as well as realize financial and investment-related objectives.
Gen X/Y millionaires are one important cohort in this coming wave of wealth. They are highly attractive to most financial advisors due to the assets they’ve already accumulated and are at a critical moment in their lives to engage with financial advisors – due to their age and the complexity of their financial situations.
But, they are also at a tipping […]
The Millennial Investor Becomes a Force
Excerpt from “Millennials & Money” part of Accenture’s New Face of Wealth Management Series
Wealth managers are next up to feel the Millennial headwind. Born 1982 through 1995, this group is entering the investment scene in earnest. The good news is: This scenario brings opportunity for investment firms who can master the hybrid advice mix. Despite their love of all things digital, this tech-savvy group will still require the human touch and nuanced advice a human advisor can give— particularly in more complex investing situations. Combining that with the speed, low cost and mobility of robo-advice would allow firms to best serve Millennials moving forward.
Millennials are, by far, the most digitally savvy investor group overall, according to Accenture’s Wealth in the Digital Age Investor survey.
With their preference for […]
Finding the right nudge for your clients
Advisers are using insights from behavioral economics and social psychology to steer people’s decisions in a direction that should benefit them
Excerpt from article by Alain Samson and Prasad Ramani originally published in Investment News
Client perceptions of a financial adviser’s service are ultimately determined by how effectively it delivers to their personal financial objectives or long-term lifestyle goals. As financial advisers’ role evolves more and more into that of a financial life-coach, advisers need to build strong client relationships and foster trust.
To add value to their services, some advisers have begun to “behavioralize” their work by helping clients make better financial decisions. One approach to achieve this objective is to educate clients about investment errors and pitfalls in an attempt to de-bias their thinking and choices.
Another, complementary way that has gained in popularity in recent years involves nudges. This approach utilizes […]
High End, High Touch And High Tech: The New Buzz In Wealth Management Marketing
Excerpt from article by Liz Fritz Chief Marketing Officer at F2 Strategy Consulting originally published in Forbes
Engage with the new Gen C (Generation Connected).
Engagement is particularly important in the digital age. It’s not just millennials that are plugged in. You’ll be hard-pressed to find a client who doesn’t have a smartphone. Technology may seem like a challenge to incorporate into your business now, but it’s a tool that can work to your advantage. Social media, a website and other online platforms can not only help you reach your clients — they can also show you what people think of your brand. No one should approach their company brand in a “set it and forget it” way. Brands need constant engagement and updates to reflect their clients’ needs.