Your approach will definitely be better when you know this Vanguard study

  1. Recommendations add more value. Investors believe that advice provides significantly greater added value to the portfolio than if they managed their investments themselves (five percent for human advice and three percent for robo-advisors).
  1. The preference for financial advisors remains. More than 90% of clients using human advisor services say they would not consider switching to a digital service and 88% of clients using robo-advisors would consider switching to a human advisor.
  1. Clients prefer emotional support from human counselors. Investors who do business with human advisors believe they are closer to their financial goals, up to $160,000. Three times more say they have more peace of mind with a human advisor than if they manage their investments themselves.

Based on other research by Anna Madamba, Ph.D., Cynthia A. Pagliaro and Stephen P. Utkus, they developed a model based on the value of advice (which they call: Framework Value-of-advice), this approach is based. on three pillars:

Source: Vanguard

Portfolio value is the result of building a well-diversified portfolio tailored to the investor’s needs. Financial value refers to planning to achieve desired financial objectives. Emotional value embodies the idea of ​​peace of mind.

Due to the times in which we live and after the changes that the last two years have brought to the behavior of customers, the third pillar is, in my opinion, and by far, the most important but … the least present in our conversations!

The third pillar is the one that will allow you to stand out from the crowd. That’s what customers are looking for.

Yes, your role is to be a coach for your clients – I often have clients tell me that they feel like to squeeze of their customers! But the reality is that when you dare to create conversation that I call “second level conversation”, you work less, done less and you they are no longer.

When the art of posing develops excellent questions, understand the emotional vocabulary of the words you use, understand the different axes of transformation, you can help your clients on a much deeper level.

Help them discover their goals, their projects, their dreams – which are often forgotten or put aside out of fear or simply because life passes quickly and we forget…

Emotional value is the greatest value you can embody. The portfolio and the plan are toolsof the it means to reach their intended destination.

Basically, the work you do, and the work I do, is the same – we take different paths, but we help our clients achieve their dreams!

For those who are ready to add the third pillar in their conversations with their customers

I am preparing a psycholinguistics workshop in business: how to verbalize emotional value – we will discuss how to create deep conversations; what words, phrases, questions to use; how to verbalize the value and impact of your work so that your words “connect” with the hearts of your customers. This is not a traditional free webinar, it is a workshop paying for those who are ready to profoundly transform the lives of their clients.

click here for full details

All the counselors I know master the first two pillars, so the third requires new skills that must be developed. The beauty is that it is possible to grow!

Are you answering the call of the emotional need of your valuable customers? There is the question!

I always enjoy reading your comments. You can always reach me here and keep in touch via social media: LinkedIn, Facebook, Youtube and now instagram.

1) Title Quantify the investor’s view on the value of humans and robo-advice (Quantifying the point of view of investors on the value of human advice and digital advice), the study looked at the evaluation of financial advice and the value of advice received by clients.

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