Behavioral Finance

Identity Conversation Takeaways: Building Impact with Behavioral Insights

Over the past few months, Hugh Massie sat down with some of the most influential consultants and entrepreneurs. Through their identity conversations, they all shared the impact DNA Behavior has had on their work.

Before Malcolm Le Lievre from BrilliantFIT met Hugh and was introduced to DNA Behavior, he instinctively prioritized building a relationship with his team. Although he’s always been a results-driven leader, he knew that nurturing team relationships and showing them his support, will positively impact their performance.

When he met Hugh and learned about the power of behavior, it all made sense to him. It transformed him as a leader and changed the way his team perceives him.

Deborah de Jong is the ultimate behavioral design influencer. With a passion for interior design, she took interest in human behavior early on in her career.

Deborah is a renowned interior designer, TV personality, business consultant, and the Founder and CEO of Emmanuel One Pty Ltd. She has been utilizing behavioral insight to create design plans that match her clients’ personalities.

Greg’s biggest passion is to help drive impact. He always felt a deep empathy toward others and has learned to harness that feeling to help and support those around him. 

Familiarizing himself with DNA Behavior’s insights has transformed his work as a coach. As an Engager, which is his behavioral style, he has inert ease connecting with others and coaching them to build impact.

The power of DNA Behavior is undeniable. It gives you and your team the strategic advantage you need to move your business forward. If you’re ready to stop the guessing game and leverage our 500+ insights, take our assessment today and let’s uncover your behavioral style.

Can Behavioral Diversity Strengthen Financial Advice?

– First Published on Nasdaq –

When financial advisors bring unique backgrounds and perspectives to the advisory process, including behavioral diversity, it can strengthen financial advice.

That’s not only a win-win for advisor and client, but it can also be the edge advisors need and the edge savvy clients are looking for. In fact, delivering consensus advice that results in mediocre outcomes will cease once advisors and clients recognize the importance of understanding behavioral diversity.

One advantage of adding behavioral diversity to the planning mix: Financial advisors can provide advice that delivers wealth creation supporting a client’s individual life goals. This advice will truly focus on the uniqueness of the client.

Behavioral diversity overdue

I wonder how much of the financial services industry has robust practices in dealing with behavioral diversity in their hiring processes? But I question how many have extended this approach and consideration to the financial advisory exchange between advisor and client?

Current diversity discussions tend to focus on gender identity, sexual orientation, age, race, ethnicity, religion, marital status and health & disability status, but little debate occurs around behavioral diversity in decision-making.

And behavioral diversity concentrates on the idea that, within a workplace, different types of behaviors work better. Why then is there little or no discussion about behavioral diversity in the financial planning process?

If behavioral diversity is defined as encompassing different and varied behavior patterns exhibited between individuals, consider these questions:

  • How can a financial advisor quickly get below the surface to understand the behavioral diversity of their clients?
  • How can advisors deliver advice that is unique and satisfies their client’s behavioral diversity?
  • How can advisors and clients have a meaningful communication exchange based on one another’s behavioral diversity?

The key is to reveal a client’s varied and unique way of thinking, not just in terms of life goals but also how clients make financial decisions and their emotional reactions to markets.

I would suggest that most of the financial planning industry can understand their clients’ bias and risk factors. But behavioral diversity refers to the traits and characteristics that make people unique. Without addressing that individuality, can you ever really achieve the “secret sauce” of truly top-flight financial advisors?

People react differently to an extraordinary range of issues and, in the process, exhibit significant behavioral diversity. This is especially true when money is involved. The emotional pull of money brings out the best and worst in individuals. This, for any financial advisor, is a potential minefield.

Objective rather than subjective

With this in mind, let’s reflect on previous articles published in this space about using a validated behavioral profiling process to identify significant levels of inherent behavior. Adding such functionality to your existing tech stack to reveal communication styles and behavioral diversity can go a long way to helping everyone feel heard and seen.

Once you have automated this aspect of the advisory process, you can get to the good stuff, planning to increase the wealth that furthers both the mundane and the exciting life goals.

For the financial planning industry to succeed, it is not enough to break down walls and start growing a behaviorally diverse profile of each advisor and client. Behavioral diversity must be understood and managed on an ongoing basis so as not to be superficial. Authenticity may be an overused word these days, but it is the critical goal here.

Onboarding this extra edge

Creating change in the financial advisory industry requires that several elements be put in place:

  • A genuine commitment to investing in data-gathering to reveal a client’s behavioral diversity.
  • The transparency to build trust through advisors-client matching.
  • Education programs that help advisors understand behavioral diversity.
  • Recognition that behavioral diversity is not tokenism and is more than and goes deeper than current DEI initiatives. (It is an “and,” not an “or.”)
  • Look at all aspects of the diversity pipeline.

Consider the difference. On one hand, a number of meetings with a client before you can start delivering a tailored financial plan and, even then, it may never be truly objective or well-focused on their individuality. On the flip, imagine a client spending 10 minutes to complete a questionnaire that delivers a deep understanding (for them and for their advisor) of every aspect of their behavioral diversity.

See Leon’s other writings for Nasdaq here.

Top 20 Behavioral Interview Questions to Identify High-Potential Practice Managers

The talent management process companies go through has come under much scrutiny over the last year. It is no longer a matter of finding the right candidates for the right role, managers have started taking into consideration the behavioral aspect as well. If you too are ready to embrace the right hiring strategy to meet the needs of this new season, below are the top 20 behavioral interview questions you should be asking.

Why prioritize behavioral questions?

We’ve heard it times and times again: “Great businesses are built on people”. This entails that matching the right experience and skills to the right role is what makes successful teams. However, the traditional process of screening candidates lacks an essential component that identifies high potential candidates. A behavioral assessment. 

It is not only a matter of understanding your candidates’ behavioral tendencies, you should also be able to anticipate how they would react in a given situation. When recruiting a practice manager, you are recruiting for a client-facing role that requires certain agility in customer service. Knowing that behavioral intelligence deepens engagement in each human interaction makes it a must-have personality trait in your next hire. Only a behavioral assessment can accurately predict whether or not your candidate has what it takes to fill this role.

Make no mistake, this doesn’t mean that their resume is not worth taking into consideration. However, a person’s skills are a moot point if they can’t fulfill the behavioral requirements of the role, which in this case is effectively interacting with customers.

What behavioral indicators should you be looking for?

The behavioral questions you should be asking your next candidates help determine specific insights. Each role requires a given behavioral style that can only be uncovered through the right assessment. Before we dive into the questions you should be asking, let’s discuss those behavioral indicators.

Adaptability 

Many hiring managers will admit that adaptability is unanimously the most screened-for skill. Even from a business perspective, in order to stay competitive, companies need to continuously adapt to the changing economy and market needs. It only makes sense to ensure new hires are inherently capable of adapting.

Culture & values 

Company culture is an essential component of building successful teams. When screening candidates, you need to ensure they share the same beliefs and values as your organization, but also bring a diversity of thought and experience that will drive your company forward. 

Collaboration

Hiring people who can collaborate effectively and work well with others is essential to success. This sense of teamwork may not come naturally to every candidate you interview. While we all make efforts to effectively work with our teams, some individuals have an inherent ability to prioritize it and marvel in a collaborative environment.

Leadership

There is no doubt that great leaders make great companies. When hiring for a managerial position, leadership is not only a soft skill your candidates should have, it needs to be part of their behavioral style for a successful team. Leaders are expected to inspire, motivate and unleash potential in others. It cannot be taught.

Development 

A successful interview assessment not only uncovers your candidates’ skills, but it should also pinpoint development and growth potential. In today’s fast-paced work environment, it’s become expected of your employees to potentially grow into new roles and leadership positions. A behavioral assessment enables you to predict if a candidate has what it takes by screening for goal setting and self-motivation.

Productivity

Each role demands a certain level of multitasking. Candidates should be able to not only manage their time but also prioritize their tasks and decide which ones need to be tackled immediately, and which ones can wait. Hiring someone who can’t get this right means that key due dates and project timelines can fall through the cracks, ultimately hurting your business. People who can manage their time and prioritize effectively will help your business thrive.

What behavioral interview questions should you be asking?

Even though each role is different, these behavioral interview questions can help you identify high-potential candidates. Download the full list below.

What’s Next?

So you’ve gone through the interview process, you’ve asked the right behavioral questions, and got all the answers you needed. You might be wondering by now, what’s next? 

The next step is to determine the candidates’ behavioral styles. Through 500+ insights, the DNA Behavior discovery process allows you to uncover significant aspects of their natural behaviors and assess whether or not they are the fit for your company. Start your free trial today, and take the guess out of your hiring strategy.

Financial Behavioral Wellness Catalyst

In this identity conversation, Hugh Massie sits down withTed McLyman. Founder and CEO of MyApexx Behavioral Solutions Group, Ted is an author, entrepreneur ironman triathlete, and passionate about human behavior.

Ted believes that the traditional rational approach to financial literacy and financial planning is wrong. The rational spender concept is a myth, and humans are not hardwired to work well with money. He developed the  Money Behavior System™ to help educate consumers on adopting better financial practices.

Click below to watch the full interview.

Unlocking the Power of DNA Behavior

Over the past few months, Hugh Massie sat down with some of the most influential consultants and entrepreneurs in the financial and behavioral space. What do they all have in common? They’ve been exposed to DNA behavioral’s insights and unlocked its power to move their businesses forward.

When Kenyatta Turner from Freedom Empire Consulting took the Business DNA assessment a few years ago, she had already been on the growth and personal development path. The DNA Behavior assessment brought her not only clarity but the validation that it was time to step away from a career path that no longer served her long-term goals and embrace her true passion.

When Kim Curtis from The Wealth Legacy Institute and Hugh first met, she was seeking to have deeper and more meaningful relationships with her clients, beyond the money factor. So when she was introduced to the DNA Behavior tool, she realized exactly what she was missing. She first took the assessment herself to understand her particular skill sets, then implemented it in her business and her relationships with her clients.

Through her years of experience, Robyn Clay from Linktank realized that being a technology integration expert is similar to being an interpreter. Your role is to facilitate the use of technology by the team. With the support for DNA Behavior’s insight, her competitive advantage has been her strategic approach in connecting people and technology.

The power of DNA is incontestably real. It gives you and your team the strategic advantage you need to move your business forward. If you’re ready to stop the guessing game and leverage our 500+ insights, take our assessment today and let’s uncover your behavioral style.

Identity Conversation with Hugh – Financial Preparedness

It’s not every day that you come across a platform dedicated to educating consumers and advocating for financial preparedness. In this Identity interview, Hugh sits down with Tony Steuer, Chief Content and Financial Education Officer of Paperwork.

Tony Steuer is based in California. He is passionate about financial literacy and educating consumers on best financial practices.

Tony started his career in the insurance industry and was exposed to the ins and outs of the financial space in the United States. He realized that consumers were not fully educated on the financial services they were buying or aware of the right questions to ask.

While doing litigation consulting for wealth management firms, he realized that most of those issues consumers face have more to do with lack of education than malice. Granted there are some ill-intentioned individuals out there taking advantage of their clients, but not only does the lack of financial literacy not help, it actually creates a gap between both parties

Tony retired from being a consultant and has been dedicating his time to financial education and consumer advocacy with Paperwork. His goal is for consumers to feel empowered to make financial decisions that serve their long-term goals.

Click below to watch the full interview.