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Episode Summary

In today’s world of financial advice, simply delivering a financial plan is table-stakes.

Providing a personalized planning experience is no longer just a “nice to have.”

It’s essential.

And, it’s not common.

In fact, 6 of 10 clients claim that their experience with an advisor isn’t personalized.

If you want more personalization along with increased levels of trust, loyalty and motivation, you have to be willing to go beyond the plan.

And, according to research from eMoney, that’s achieved by embracing both financial psychology and technology.

Take a look at this graph:

Those who combine financial psychology and technology see the highest levels of:

  • Satisfaction
  • Loyalty
  • Referrals
  • Trust

Fortunately, Dr. Emily Koochel did the research and joined the show to explain everything advisors need to know about how to combine financial psychology with technology to transform client outcomes.

Things You’ll Learn

  • Using technology to create a “feel good” moment
  • How to work with couples that have financial secrets
  • Why 6 of 10 clients say their advice isn’t personalized
  • Ways to get your clients to actually use the technology
  • The technology features that lead to higher client engagement
  • Why do advisors who use technology get better client outcomes
  • The most common financial psychology actions used by advisors
  • The difference between behavioral finance and financial psychology
  • The 5 financial psychology actions that create higher client satisfaction

Timestamps

  • Introduction to Financial Wellness and Emotional Well-being (00:00:00-00:05:27)

  • Research on Financial Psychology in the Industry (00:05:27-00:13:23)

  • Understanding Financial Psychology (00:13:23-00:25:31)

  • Impact of Combining Financial Psychology and Technology (00:25:31-00:34:54)

  • Exploring Financial Technology in Client Portals (00:36:05-00:44:39)

  • Increasing Client Adoption of Client Portals (00:44:40-00:47:19)

About Emily Koochel, PhD, AFC®, CFT-I™, BFA™

Emily Koochel, Ph.D., AFC®, CFT-I™, BFA™ leads eMoney Advisor’s Financial Wellness team, where she focuses on innovative wellness research and education, in her role as Manager of Financial Wellness. Dr. Koochel also serves as Adjunct Faculty at New York University in the Financial Planning M.S. Program offered by the NYU School of Professional Studies Division of Programs in Business.

She serves as a subject matter expert on understanding the effect of financial behaviors and financial decision-making on personal and financial wellness, reviewing and authoring peer-reviewed journal articles, book chapters, and contributing to public scholarship. Most notably, she served as a co-contributor for CFP Board’s book, The Psychology of Financial Planning.

She holds a Ph.D. in Applied Family Science from Kansas State University, an M.S. in Financial Planning from Texas Tech University, the Certified Financial Therapist – I designation, and is an Accredited Financial Counselor and Behavioral Financial Advisor.

Other Episodes You’ll Like On The Psychology and Technology:

Resources

Dr. Emily Koochel (LinkedIn)

eMoney Heart of Advice Blog

The Role of Financial Psychology in Financial Planning Today

How Combining Technology and Financial Psychology Transforms Client Outcomes

 

 

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