The document discusses challenges advisors face in proving they are acting as fiduciaries, keeping clients engaged, and managing emotions. It proposes using behavioral finance insights to better understand clients and align solutions to their unique financial personalities. A system called Financial DNA uses a 46 question assessment to predict client reactions and help advisors customize communications, portfolio construction, and ongoing coaching to strengthen compliance and boost engagement.
DNA Behavior International is a global behavioral sciences firm established in 2001 to provide innovative online behavioral management solutions.
We use validated behavioral
insights for enabling the delivery of meaningful employee and client experiences customized to their unique style.
DNA Behavior International is a global behavioral sciences firm established in 2001 to provide innovative online behavioral management solutions.
We use validated behavioral
insights for enabling the delivery of meaningful employee and client experiences customized to their unique style.
Webinar | Perspectives on the Proposed DOL "Fiduciary Rule"NICSA
On April 20, 2015 the DOL published its re-proposed regulation on the definition of “Fiduciary” under section 3(21) of ERISA. The proposal included not only the change to the “Fiduciary” definition, but also two new prohibited transaction exemptions (“PTE”), as well as a number of amendments to existing PTEs. Since publication the DOL has received an avalanche of comment letters on the proposal, has held four days of hearings on the proposal and has accepted additional comment letters following those hearings. The proposal, if implemented in its current form will be a true game changer for the Retirement and RIA industries. As we now wait for the DOL to sift through the mountain of comment letters and hearing transcripts this session allows us an opportunity to pause and reflect on the current proposal and to provide unique perspectives from mutual fund, broker dealer, legal and retirement record keeper stake holders on how the proposal will impact the retirement industry.
Las marcas no están ofreciendo el grado de
experiencia del cliente que ellas creen. Pese a la
reciente inversión en infraestructura y soluciones,
existe una distancia considerable entre lo que los
consumidores desean y lo que obtienen
Earn More & Make Your Client Happy With This Awesome Pricing TechniqueNuSchool
Here's one simple technique that can both get you more work, and a happy client. We use it ourselves when we send proposals, you can use it too.
The nuSchool wants to help creative professionals with the business side of being a freelancer.
EOi · 11/07/2012 · http://a.eoi.es/oi
Estudio de la Viabilidad Técnico- Económica de un Parque Eólico Marino en la Costa de Massachusetts, es un proyecto de los alumnos del Master en Energías Renovables y Mercado Energético (MERME) (Madrid)
Jonathan Cabrero Sánchez
Alfonso Medal Rendal
Luis Armando Pagán Quiñones
Alberto Rengel Bueno
Over 35 Years of Changing people’s Lives Using TOTAL NUTRITION
Heart Health
Stress Management
Men’s Health
Women’s Health
Digestive Health
Immune Benefits
Children’s Health
Healthy Aging
Energy & Fitness
As a MEMBER, You have the opportunity to:Use the products.
Help family and other Members get results on the products.
Daily Methods of Operation
Teach other Members to do the same.
What is Herbalife?
Who uses Herbalife?
Is there an opportunity with Herbalife?
Is Herbalife a pyramid scheme?
How does Herbalife distribute their products?
Get Herbalife -> mauricetbm@gmail.com
You have just found the most impressive and strategically organized Real Estate Listing Presentation that will help you win listings. This custom listing presentation is easy to use, cost effective, and works great for any real estate agent – experienced or not! Our listing presentation can be fully customized to match any brokerage’s identity and branding, any agent’s business model, and will work in any market.
The Insiders Guide to Employer Branding - 27 Best Practice InsightsKelly Services
Many of the old tools and strategies for building an authentic, globally relevant employer brand have been discarded, and new ones are taking over. Both the challenges and opportunities have grown almost in tandem, and it’s all happening at break-neck speed.
One thing is clear: employer branding has changed, dramatically.
Our Global Best Practice Xchange (BPX) Roundtable on the subject confirmed it. It was 90 minutes of rigorous discussion with eight seasoned professionals leading the way in employer branding innovation for their organizations. They shared their successes, mistakes and thoughts on their plans for the future.
So, if you are wondering if there’s a better, clearer way to lead your organization and practice through this change, this guide is for you.
The purpose of this e-book is to highlight some of the major change themes we see and how winning organizations are adapting their approach with Richardson’s support.
Webinar | Perspectives on the Proposed DOL "Fiduciary Rule"NICSA
On April 20, 2015 the DOL published its re-proposed regulation on the definition of “Fiduciary” under section 3(21) of ERISA. The proposal included not only the change to the “Fiduciary” definition, but also two new prohibited transaction exemptions (“PTE”), as well as a number of amendments to existing PTEs. Since publication the DOL has received an avalanche of comment letters on the proposal, has held four days of hearings on the proposal and has accepted additional comment letters following those hearings. The proposal, if implemented in its current form will be a true game changer for the Retirement and RIA industries. As we now wait for the DOL to sift through the mountain of comment letters and hearing transcripts this session allows us an opportunity to pause and reflect on the current proposal and to provide unique perspectives from mutual fund, broker dealer, legal and retirement record keeper stake holders on how the proposal will impact the retirement industry.
Las marcas no están ofreciendo el grado de
experiencia del cliente que ellas creen. Pese a la
reciente inversión en infraestructura y soluciones,
existe una distancia considerable entre lo que los
consumidores desean y lo que obtienen
Earn More & Make Your Client Happy With This Awesome Pricing TechniqueNuSchool
Here's one simple technique that can both get you more work, and a happy client. We use it ourselves when we send proposals, you can use it too.
The nuSchool wants to help creative professionals with the business side of being a freelancer.
EOi · 11/07/2012 · http://a.eoi.es/oi
Estudio de la Viabilidad Técnico- Económica de un Parque Eólico Marino en la Costa de Massachusetts, es un proyecto de los alumnos del Master en Energías Renovables y Mercado Energético (MERME) (Madrid)
Jonathan Cabrero Sánchez
Alfonso Medal Rendal
Luis Armando Pagán Quiñones
Alberto Rengel Bueno
Over 35 Years of Changing people’s Lives Using TOTAL NUTRITION
Heart Health
Stress Management
Men’s Health
Women’s Health
Digestive Health
Immune Benefits
Children’s Health
Healthy Aging
Energy & Fitness
As a MEMBER, You have the opportunity to:Use the products.
Help family and other Members get results on the products.
Daily Methods of Operation
Teach other Members to do the same.
What is Herbalife?
Who uses Herbalife?
Is there an opportunity with Herbalife?
Is Herbalife a pyramid scheme?
How does Herbalife distribute their products?
Get Herbalife -> mauricetbm@gmail.com
You have just found the most impressive and strategically organized Real Estate Listing Presentation that will help you win listings. This custom listing presentation is easy to use, cost effective, and works great for any real estate agent – experienced or not! Our listing presentation can be fully customized to match any brokerage’s identity and branding, any agent’s business model, and will work in any market.
The Insiders Guide to Employer Branding - 27 Best Practice InsightsKelly Services
Many of the old tools and strategies for building an authentic, globally relevant employer brand have been discarded, and new ones are taking over. Both the challenges and opportunities have grown almost in tandem, and it’s all happening at break-neck speed.
One thing is clear: employer branding has changed, dramatically.
Our Global Best Practice Xchange (BPX) Roundtable on the subject confirmed it. It was 90 minutes of rigorous discussion with eight seasoned professionals leading the way in employer branding innovation for their organizations. They shared their successes, mistakes and thoughts on their plans for the future.
So, if you are wondering if there’s a better, clearer way to lead your organization and practice through this change, this guide is for you.
The purpose of this e-book is to highlight some of the major change themes we see and how winning organizations are adapting their approach with Richardson’s support.
Learn to know, engage and grow your clients to deliver them customized life long financial planning experiences for sustainable Financial Planning Performance
DNA Behavior is a global behavioral sciences firm established in 2001 to provide innovative online behavioral management solutions. We use validated behavioral
insights for enabling the delivery of customized employee and client experiences.
Understanding the Integrative Financing Approach and Value Propostion Offered by Michael Bischof, President and Strategic Mortgage Advisor at Biltmore Financial Bancorp, Inc., located in South Barrington Illinois.
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2. www.financialdna.com
DNA Behavior Behavioral Finance Leader
Leon Morales
– Chief Relationship Officer
– Builder of successful people driven
organizations. A deep conviction in
organizational success; Cyclist & Runner
LinkedIn http://ow.ly/JrHDB
Leon Morales
3. www.financialdna.com
1. How to Prove Acting as a Fiduciary
2. Investment Management Becoming Commodity
3. How to Differentiate Themselves and Show Value
4. Difficulty in Keeping Clients Truly Engaged
5. Managing their Own and Client Emotions
6. Tied to Old Ways and Habits of Operating
Challenges for Advisors
Changing Industry Landscape
4. www.financialdna.com
FINRA Rules
2090 + 2111
“Know Your
Customer” and
“Suitability”
DOL Fiduciary
Rule
“Your Clients
Interests First”
Technical
Regulatory
Compliance
Current US Regulatory Environment Strengthening
DOL Fiduciary Regulations
Know and Retain, Essential Facts…Reasonable Basis…Reasonable
Diligence…Analyze Customer Specific Factors… Overall Quantitative
Suitability
5. www.financialdna.com
“The New World” for Your Advisors as a Fiduciary
How They Will Put Clients at the Center of the Plan
Products
Offerings Based
on Persona Model
Assumptions
Tailored Goals-
Based Planning
Using Financial
Personality
Insights
Customized
Behavioral
Coaching
Powered by a
FinTech Platform
6. www.financialdna.com
What Advisors and
Clients Do Based on
Instinctive Behavior
What Advisors and
Clients Should Do
Based on Rationality
Client-Centered
Communication
& Solutions
Behavioral
Biases &
Emotions
Managed
Behavioral Management Puts Clients Interests First
Aligning Advisor Approach to Client Style
9. www.financialdna.com
Helping Clients Accomplish Goals
Navigating Behavioral Finance Biases and Emotions
Know
• Who is the client?
• Up-front discover the client’s natural communication
style, decision-making biases, risk, and goals
Engage
• How do you relationship manage the client?
• Communicate on the client’s terms to increase
emotional connection
Grow
• What solutions do you offer the client, and How?
• Behavioral management by re-framing information,
navigating decision biases and natural risk tolerance
12. www.financialdna.com
Quicker and 91% More Reliable Method to
Predict Reactions to Market / Life Events
Financial DNA – 46 Questions
(15 to 20 Mins)
13. www.financialdna.com
DNA Behavioral Management Guide Report
Helps Advisors Guide Clients to the Right Solutions
Report provides:
1. Behavioral differences between client and advisor
2. Guidance for the advisor to adapt their style to the client
3. Financial behavior biases and risk reporting
4. Client engagement meeting process and questions – relationship, financial
and investment behaviors
5. Behavioral IPS – aligning goals, financial capacity and risk-taking behaviors
14. www.financialdna.com
Your Assessment of the Client’s Current Portfolio Risk Group
Your Assessment of the Client’s Portfolio Risk Group Needed
to Achieve Goals
Your Assessment of the Client’s Portfolio Risk Group based on
Current Financial Capacity
Financial DNA Natural Behavior Portfolio Risk Group (From
Financial DNA Discovery Process)
Your Assessment of the Client’s Portfolio Group based on
Learned Risk Behavior Motivations
Overall Selected Portfolio Risk Group (Selected by You)
Building the Plan and IPS – Summary of Clients
Selected Portfolio Risk Aligned to Goals, Capacity
16. www.financialdna.com
Team With
Lack of
Behavioral
Insight
?
? ?
?
Default Styles
=1 in 4
Engagement and
High Compliance
Risk
Matching
Employees and
Clients for 4 in 4
Engagement and
Compliance
23% Revenue
Uplift and Brand
Protection
Ensure Your Message is Heard and Understood
Client-Centered Business with Behavioral Matching
Behavioral Discovery
to Know, Engage and Grow
Employees and Clients
Life Style: Provide Fun,
Openness and Graphics
Stability: Provide Security,
Feelings and Instructions
Information: Provide Analysis,
Research and Details
Goal Setting: Provide
Discussion and Opportunities
Source: Gallup Organization 2009 and DNA Behavior Research 2001-2014
18. www.financialdna.com
Disposition Effect
Mental Accounting
Loss Aversion
Pattern Bias
Fear of Regret
Status Quo Basis
Risk Aversion
Benchmark Focus
Consolidated View
Herd Follower
Over Trading
Instinctive
Controlling
Optimism Bias
Over Confidence
Newness Bias
Financial
Personality Risk Can Increase Risk
- Taking
Need to Manage
Expectations
Down
Can Over-Influence
Caution
Need to Increase
Decision-Making
Confidence
Influence Decision-Making
Proactive Behavioral Bias Management
19. www.financialdna.com
Relationship
Orientated
Results
Orientated
Fast Paced
Moves Carefully
• Consolidated View
• Over Trading
• Optimism Bias
• Risk Taker
• Spender
• Herd Follower
• Instinctive
• Status Quo
• Risk Aversion
• Loss Aversion
• Fear of Regret
• Disposition Effect
• Saver
• Mental Accounting
• Pattern Bias
• Benchmark Focus
Financial DNA Natural Behavior Unique Style Matrix
Including Behavioral Biases and Re-Framing Communications
21. www.financialdna.com
Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Group 7
Pop. % in this
category
<2% 2-18% 19-30% 31-69% 70-81% 82-98% >98%
Portfolio
Structure
Capital
Protection
Ultra-
Conservative
Conservative Balanced Accumulation Growth Aggressive
Acceptable
Conservative
Portfolio
Acceptable
Aggressive
Portfolio
One Portfolio Risk Grouping
Approach: Build the portfolio within +/- 1 Grouping of the Natural Behavior Portfolio
Risk Group as it reflects the long term “go to” default behavior. Subject to:
1. Review of the Investment Portfolio Risk Reward Analysis in the context of the
client’s goals and financial capacity
2. The client’s Potential Learned Risk Behavior Motivations.
Building a Behavior-Centered Portfolio with the Client
Include the Client in the Decision-Making Process
23. www.financialdna.com
Recap: Process for Fiduciary Advisors Using Financial DNA Insights
Impacting Every Phase of the Financial Planning Process
Financial DNA
Discovery Process
Advisor EQ and
Team
Development
Advisor-Client
Matching
Customized
Communication
Tailored
Portfolio
Construction
Deeper and
More
Consistent
Client Inquiry
Process
Greater
Disclosure of
Client:
Goals
Interests
Priorities
Offering Client
Centered
Solutions
Tailored to Style
Ongoing
Behavioral
Coaching
Compliance
Monitoring
23% Revenue
Uplift from
Client
Engagement
1.5% on
Portfolio AUM
Value
25. www.financialdna.com
The Science
Behind the Financial DNA Systems
Powerful and
Unique Client
Centered
Behavioral
Solutions Delivered
in 123+ Countries
and 11 Languages
Forced Choice
Assessment
Measuring 64
Behavioral Traits
60+ Man Years of
Development
Invested Since
2001
Independent
Validation by
Team with 100+
Years of
Experience
26. www.financialdna.com
Behavioral Finance Resources - Tour
http://financialdna.com/behavioral-finance-resources/
Our focus here at DNA Behavior in the USA and Canada in 2016 is
“active engagement of the client”. In order to truly provide a fiduciary
role an Advisor needs to know their client.
In the USA our governing body FINRA and the DOL are moving in that
direction to strengthen the active engagement to ensure that clients
are receiving suitable guidance.
27. www.financialdna.com
For more information about Financial DNA
Contact:
DNA Behavior International
5901-A Peachtree Dunwoody Rd
Suite 375
Atlanta, GA 30328
(770) 274-0311
leon.morales@dnabehavior.com
www.dnabehavior.com
www.financialdna.com
Follow us on LinkedIn: Financial Personality Insights
and/or Financial DNA on Twitter
Questions and Contact Us Information