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

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]

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 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]

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]

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


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