Use behavioural science to combat client 'regret risk'

'Biggest regulatory risk' - Gill Cardy

Victoria McKeever
clock • 3 min read

Considering just how your clients make decisions could help engage them with the advice process, thereby ensuring better outcomes and avoiding potential "regret risk" years down the line, argues Gill Cardy.

"Should we spend time asking (or working out) HOW our clients make decisions?" writes the financial services consultant and former managing director of trade association the IFA Centre in a blog post on the subject. "And could clients AND their advisers benefit from all the necessary disclosures and risk warnings delivered in a personalised format, tailored to help that individual make a good decision, one more likely to withstand the scrutiny of 20:20 hindsight?" The regulator has certainly ramped up its focus on how behavioural factors influence clients. The Financial Conduct Author...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Is being Chartered worth it? Breaking down the perennial dissensus

Is being Chartered worth it? Breaking down the perennial dissensus

‘Many non-Chartered advisers are just as competent as those who are’

Hope Coumbe
clock 10 May 2024 • 4 min read
Andrew Goodwin: Financial advice and the Evangelista effect

Andrew Goodwin: Financial advice and the Evangelista effect

'Future of advice lies in independence, approachability and affordability'

Andrew Goodwin
clock 10 May 2024 • 4 min read
Aviva integrates robotic process automation into platform capabilities

Aviva integrates robotic process automation into platform capabilities

Robotic process automation removes need for client by client process

Sahar Nazir
clock 09 May 2024 • 1 min read