Why psychological factors are critical for targeted support's success

Targeted support has been designed specifically to close the advice gap. It's an important and well-intentioned aim, but the unfortunate reality is that most firms are still segmenting their customers by age, assets, and income. In essence, they're treating targeted support as if demographics tell the whole story. They don't. Psychological factors are critical for targeted support to reflect how people actually behave with their money. There's a world of difference between segmenting based on what people have versus segmenting based on who they are. The former might satisfy a box-ticking...