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Episode Summary

Adrian Murphy and his team at Murphy Wealth made waves in the industry when they recently announced they were hiring a Chief Behavioral Officer.

As the industry continues to see its value proposition shift from constructing a plan and portfolio towards ultimately changing someone’s behavior, it’s created a massive awareness of the different skill sets required to do each at a high level that clients deserve.

A Chief Behavioral Officer, or CBO, is not a new role to most industries. Wal-Mart, Pepsi, and many other massive companies all employ a CBO to leverage the social psychology research that exists and then implement dedicated internal process all with the aim of boosting employee satisfaction/happiness and customer engagement. In fact, almost 60 governments have pioneered best practices based on behavioral science.

There are some companies within financial services who employ a Chief Behavioral Officer (Daniel Crosby at Orion being the most prominent), but there are very few (if any) examples of financial planning firms hiring their own internal CBO.

Of course, the hiring was in conjunction with their recent decision to shift to a “human-first” approach to financial planning.

Adrian hired former guest and friend of the pod, Neil Bage, as their Chief Behavioral Officer. The vision is to apply a behavioral science lens to everything they do in the firm (communications, website, presentations, processes, conversations, etc.).

And by focusing on the human first and applying this behavioral science lens, the expectation is that they will enhance client outcomes while forever changing the growth trajectory of their firm.

Things You’ll Learn

  • The decision process to transition the firm to “human-first” strategy and what that vision looks like
  • The importance of how to get a client from a “thinking” place to a “feeling” place and how to do it
  • Why he intentionally avoids starting a question with the word “Why”
  • The “listening workshops” that the firm goes through to hone their listening skills
  • How his “Plan. Grow. Repeat.” process incorporates the human-first element and not just the money element
  • How he came to the decision to hire a Chief Behavioral Officer
  • What he envisions for the role of a Chief Behavioral Officer at his firm and the ways in which it will benefit both his clients and his practice

About Adrian Murphy

Adrian Murphy is the CEO of Murphy Wealth, a multi-award winning financial planning firm in the UK with 17 people and 300 households. He is also one of the few Registered Life Planners in the UK. You’ll also find him regularly giving presentations and appearing on podcasts sharing his passion for helping people achieve happiness and financial well-being.

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