In a popular previous post, I referenced Dr. Fogg’s research that he’s conducted at Stanford University on the science of  behavioral psychology, motivation, how triggers plays a role and how the ease with which the action can be done affects the outcome.  Next we talk about how to use Dr. Fogg’s research on how it can be applied to engage clients at scale.

Remember this is the tri-partite of the science of behavior.

The Action/Behavior Equation

Behavior = Trigger + Ability + Motivation

How is Behavioral Psychology relevant to you, Financial Planners?

The one thing I hear about from Financial Planners the most is trying to solve engagement with clients.  At the end of the day, their understanding, their feelings and your relationship to them is what makes them stay with you and what is valuable to them.

In the Fogg research model, behaviors break down to what is known as a behavior grid.  Each behavior is a called a ‘path’ and there are 5 essential ones:

• Wanting to do a new behavior
• Do a familiar behavior
• Increase behavior intensity
• Decrease behavior intensity
• Stop existing behavior

Having said this, there is a line between encouraging/empowering and try to twist the arm of your clients.  There is definitely a lot of learn about using this knowledge in human nature to serve clients in a way that makes them healthier in their financial fitness.  It’s about engaging them, making them more aware of their situation, empowering them.

What good behaviours do you want your clients to have to can lead to a good relationship and help you engage clients?

Want to learn about a platform to engage your clients deeply?