Forty Two Wealth Management principal Alan Dick has pledged to change the way he presents his proposition after research suggested consumers are more likely to commit to an offering if they have been offered a choice.
Dick, who is also vice president of the institute of Financial Planning, said his firm would embark on an experiment to test the findings of a recent study Single Option Aversion. The study, published in the University of Chicago's Journal of Consumer Research, suggested that consumers can react negatively when choices are too restrictive. "Isolating an option, even temporarily, may increase how much consumers search and potentially the likelihood that they make no purchase," author Daniel Mochon wrote. He added: "Companies should consider how options are presented to consumers. R...
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