How to Use Behavioral Finance to Differentiate Your Firm and Marketing

June 22, 2023
11:00 am

You’ve likely heard the term “human-centric” …but what does it really mean and how can it be used to differentiate your firm and marketing?

In this webinar, Chief Evangelist, Samantha Russell, and Founder of Shaping Wealth, Brian Portnoy discuss how to use behavioral finance insights in your marketing to differentiate your firm from the competition and drive dramatic growth in your business.

Short on time or just want the main points?

Here is your summary to skip ahead or scan through below.

Behavioral Finance and “Human-Centric” Advice [6:04]

There are three principles for “human-centric” advice
These principles touch on the evolution of the profession, mechanics versus guides and behavior as gravity

The Evolution of the Profession [7:00]

Financial planning has changed drastically throughout the years
The financial industry is becoming much more relationship driven
The industry has a growing number of ‘transitional mindsets”
Behavioral finance is brand new, and so it’s important to build the plan and ensure it’s going in the right direction
Traditional values that have been brought to the practice are changing

The Working Model for Behavior [16:03]

The working model includes: cognition-perception-emotion-decision-habit-wellbeing
Figure out who you are trying to connect with
There is no “off” switch to behavior, it’s everywhere
“Behavioral finance” encompasses many different dimensions of human activity
It includes: how we consume information, make decisions and achieve happiness
You should ask: “How do I accommodate human behavior at every stage of the financial planning process?”

Leveraging Behavioral Finance to Strengthen Relationships and Create “Referrable” Moments [22:23]

Don’t exclude your emotions, but rather include them
Embrace a coaching mindset
Structure meetings and conversations wisely
Use “anti-goals” for better planning conversations (ask them how they want to eliminate pain, sadness, regret)
Guide and inspire your clients through the “happiness equation”
Integrate “loss aversion” into the planning process

Ideas to Integrate Behavioral Finance Principles Into Your Marketing [36:34]

Focus on current pain points and figure out how to showcase this on your website
Visitors should be able to “self-qualify” when they land on your website
Paint a picture of how you will help prospects and clients use their money to enjoy their life
Use success stories to show the emotional and behavioral aspects of financial planning
Using blogs and videos is a great way to showcase this type of planning
On social media, share what you can do for your client rather than what you actually do

Supplemental Resources

You can get the slides right here.

Behavioral Finance Email Template-MidYear Check In

Transcript

How to Use Behavioral Finance to Differentiate Your Firm and Marketing