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Advice That Sticks

How to give financial advice that people will follow

Moira Somers

What makes it so hard for people to do the right things with their money? Why do they frequently ignore sound financial advice? Grounded in the psychology of money and the science of non-adherence, this book equips financial professionals to deliver their advice more effectively.

Size: 216 × 138 × 398 mm / 8.5 × 5.5 × 15.68 in224 PagesISBN: 9781788600149
Publication: February 28, 2018

Paperback

  • £17.99

The advice is sound; the client seems eager; and then… nothing happens! Too often, this is the experience that financial professionals encounter in their daily work. When good recommendations go unimplemented, clients’ well-being is compromised, opportunities are lost, and the professional relationship grows strained.

Advice that Sticks takes aim at the problem of financial non-adherence. Written by a neuropsychologist and financial change expert, this book examines the five main factors that determine whether a client will follow through with financial advice. Individual client psychology plays a role in non-adherence; so, too, do sociocultural and environmental factors, general advice characteristics, and specific challenges pertaining to the emotionally loaded domain of money. Perhaps most surprising, however, is the extent to which advice-givers themselves can foil implementation. A great deal of non-adherence is due to preventable mistakes made by financial professionals and their teams.

The author integrates her extensive clinical and consulting experience with research findings from the fields of positive psychology, behavioural economics, neuroscience, and medicine. What emerges is a thoughtful, funny, but above all practical guide for anyone who makes a living providing financial advice. It will become an indispensable handbook for people working with clients across the wealth spectrum.

Dr Moira Somers is a leading practitioner in the field of financial psychology and financial change. A neuropsychologist, professor and executive coach, Dr Somers blends the science and art of advice-giving with practical wisdom and wit. Through her popular keynote addresses and follow-up seminars she works with financial professionals and organizations around the globe, equipping them to give easy-to-implement advice that captures clients’ hearts and minds.

Introduction
Chapter 1 The Value of Advice That Sticks
Chapter 2 Why People Seek Advice
Chapter 3 A Curse, a Plague, and Other Problems Caused by Advisory Teams
Chapter 4 The Peculiarities of People and Finances
Chapter 5 What Makes Some Advice Harder to Take Than Others
Chapter 6 Client Characteristics (Part 1): Working with the Horse You’ve Got
Chapter 7 Client Characteristics (Part 2): How to Help When Life Packs a Wallop
Chapter 8 Under the Influence: Social and Environmental Contributors to Adherence
Chapter 9 Some Final Thoughts
Recommended Reading
Endnotes
Acknowledgements
About the Author
Index

'There is intellect, and then there is Wisdom. Dr Somers delivers BOTH in this book. With psychologists typically addressing how thinking impacts mental and physical health, Dr Somers addresses how our thinking impacts our wealth! She makes the elusive seem understandable, and more importantly easily practiced. Addressing the heart and mind of money, this is a must read for anyone (financial professional or otherwise) that wants a better understanding of their relationship with money, and how to improve it.' R. A. "My only fault with this book is that Dr. Somers undersells it. This book has much broader scope than only offering financial advice that is useful and acted on by clients. With clever humor and easy to digest clarity Dr. Somers provides the reader with important ideas and tools they can use to increase the value and significance of their client engagements. If you want to distinguish your financial planning practice to be known in your market as something special, this book is for you. If you want your practice to be less vulnerable to market or economic forces beyond your control, this book is for you. If you think you would prefer having more personal or meaningful engagements with clients beyond their ledger sheets, this book is for you. Do you want to have a practice that offers clients and their families something robo systems can't? Then this book is for you. When you are ready to take your practice to a higher, more fulfilling level, you will want this book." Tom Chancellor
 

Format: Paperback

Size: 216 × 138 × 398 mm / 8.5 × 5.5 × 15.68 in

224 Pages

ISBN: 9781788600149

Publication: February 28, 2018


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