Ep 74: How to Get Clients to Follow Through on Your Recommendations

Financial Advisors Want to Know: How to Get Clients to Follow Through on Your Recommendations - Episode 74, Kristen Berman

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

Kristen Berman is a prominent behavioral scientist and co-founder of Irrational Labs, a leading behavioral design firm in Silicon Valley. Irrational Labs partners with top companies such as Intuit, LinkedIn, Airbnb, Meta, and Microsoft. Kristen’s work focuses on helping organizations use insights from behavioral science to improve decision-making, enhance customer experiences, and create lasting positive change.

Key Podcast Takeaways:

Behavioral Barriers Impact Decision-Making: Clients may want to take your advice, but small behavioral barriers often prevent them from acting. Your job as an advisor is to identify and remove those barriers, whether it's simplifying forms or offering more clarity.

The Power of Default Settings: One simple change, like auto-enrollment in retirement plans, can have a massive impact on client behavior. Advisors can apply this principle to make client decisions easier by removing small uncertainties.

Unseen Barriers Can Hinder Action: Clients often face unseen barriers, such as overwhelming choices or uncertainty. Kristen shares an example from a healthcare provider, showing how offering one recommendation instead of many helped increase conversions by 20%.

Simplifying Decision-Making is Key: When advising clients, it’s better to simplify their choices rather than overwhelm them. Offering one clear recommendation (like choosing between A or B) is often more effective than presenting multiple options that can cause indecision.

Behavioral Science Can Improve Client Journeys: A deep understanding of your clients' psychology can help advisors enhance the customer experience. By addressing the underlying behavioral science behind decision-making, advisors can build stronger, more trusting client relationships and boost conversions.

Connect with Kristen:
https://www.linkedin.com/in/kristenberman/
irrationallabs.com

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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