“Dr. Somers literally wrote the book on giving ‘Advice that Sticks’ highlighting the importance of giving advice that ultimately gets implemented.” said Dave Connolly, CEO of Knudge. “We couldn’t have found a more qualified partner to join the Knudge team & help us optimise the language, scheduling and cadence of reminders to help clients take action on the details of their financial life that typically get ignored, kicked down the road, or fall through the cracks.”
Brian Portnoy, one of the world’s leading experts on the psychology of money and founder of Shaping Wealth adds, “In the world of investor behavior and financial advice, Moira is a powerhouse thinker and Knudge is one of the most innovative technologies around, so this partnership makes all the sense in the world.”
When asked about her excitement in joining Knudge, Dr. Somers states “Anybody can keep a to-do list, and Knudge has a beautiful delivery system for your to-do list with a shared aspect that is critical. But, if we can develop some ways of really understanding the barriers to taking action and helping people get out ahead of them then I think that is the stuff that is going to be transformational”.
Somers adds, “I’m very keen on seeing how we can influence advisor behavior. So much money and time has been spent on client psychology, ‘let’s get the perfect risk tolerance profile etc.’ but everybody cherry picks what advice they are going to follow. Everybody does. So at a certain point you as an advisor are just left with one client in front of you who has asked you to help them accomplish some goals. I’m just thrilled that we have some ways of tracking and creating a big data set and getting into that in a tool that allows us to run experiments on “would ‘this’ or ‘that’ approach be more useful to clients?’. That’s really exciting to me”.
Learn more about Dr. Moira Somers: https://moneymindandmeaning.com/about-moira/