Editor’s Note: This article is based on Steve Sanduski’s podcast interview with Sean Young, Ph.D., of the UCLA School of Medicine. To access more than 100 interviews with industry leaders, subscribe for free to Steve’s podcast, Between Now and Success by clicking here.
Do you ever get frustrated when your clients don’t follow through on your advice, even when they agree they’ll do it?
Do you wonder why people don’t change their behavior even when it’s in their best interests to do so?
As a financial advisor, one of your main roles is to help your clients change their behavior. This could involve helping them:
1. Save and invest more money.
2. Get their spending under control.
3. Avoid making a bad, emotional decision that messes up their investment plan.
4. Stop procrastinating on making important financial decisions.
What’s so frustrating is people usually know what they need to do to reach their goal, or know what the “right” decision is, but they still don’t do it. They remain stuck in the old “knowing-doing gap,” and keep repeating ineffective behavior.
Financial advisors can add real value to clients’ lives if they can help them identify, change and stick with new behaviors that are aligned with the client’s values.