As the economy continues to improve, advisors have one of the greatest opportunities to capture their piece of the pie. Yet it is important to remember that emotions play a significant role in the financial decision-making process.
According to Joe Jordan, Senior Vice President, National Sales Organization at MetLife, clients don’t just want to know how the products work, they want to be heard. It is the role of the advisor to manage emotions, not simply behavior – the crux of what is behavioral finance. A recent MetLife poll found that 59% of Americans want to work with an advisor who will keep them apprised of their financial situation. Only 18% said it was very important for an advisor to recommend products than can generate greater returns, despite greater risks.