How to work with the Verifier, one of five personas we identified through behavioral research.
Increasing wallet share with existing clients is one of the best ways to grow assets under management. But just as each of your clients has their own unique needs and goals, they also have their own emotional factors that influence decisions about allocating assets with advisors. What motivates one client to give you more money may not resonate with another client.
To better understand the factors that can influence these decisions, FlexShares recently conducted behavioral research into clients’ existing beliefs, fears, past experiences, and capacity for trust. Our results suggest that it’s possible to segment clients into five distinct personas based on how their emotions drive behavior and decision-making. These personas range from risk-averse investors who demand a high level of control over their financial lives (“Protectors”) to those who happily delegate much of their financial decision-making (“Simplifiers”).
To show how these characteristics affect client behavior, let’s explore one of these personas: the “Verifier.”
Verifiers are the persona most likely to increase the amount they invest with their advisors.