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FAAA Master Class Series 2023: Building A Client-Centred Practice – Understanding What Makes Your Client Tick
September 5, 2023 @ 12:00 pm - 1:00 pm AEST
This session draws upon leading research in psychology, neuroscience and behavioural finance to explore three critical ‘pillars’ of a client centric approach; communication, core values and beliefs and managing investment risk. We introduce you to four ‘financial personalities’, each one with its own unique set of attitudes, beliefs and behaviours to help you deliver a tailored advice experience. We outline the preferred communication style of each and the three primary communication channels (visual, auditory, kinaesthetic) for communicating with greater clarity and impact. Next, we discuss the important role of client values and beliefs, and how they inform both your portfolio construction and establish the foundation for a deeper and more resilient client relationship. And we explore the importance of understanding your client’s ‘risk appetite’ as one component in creating a risk appropriate portfolio, and ‘risk tolerance’ for managing your client’s emotions when markets are volatile. And finally, we explore the emerging role of behavioural finance and how biases undermine your client’s ability to make rational investment decisions. We unpack the top cognitive and emotional biases that can dramatically skew your client’s decision-making and how to mitigate their impact.