Financial Behavior Traits of the World’s Top Executives
We have used our new digital scan technology to uncover the financial behavior traits of every S&P 500 executive. Here’s what we found!
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For advisors to be successful, they need to be able to manage their “emotional reflex system” when volatile events happen.
They can’t control the markets, but they can manage their reaction to them. And the same goes for how they engage their client.
Whether you are an advisor or an investor, behavioral bias is something you want to avoid. It can be mitigated by developing a strong and healthy Financial EQ. In other words, you must learn how to manage the emotional element of financial decisions for better outcomes.
According to Carl Richards in his book The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money…
"It's not that we're dumb. We're wired to avoid pain and pursue pleasure and security. It feels right to sell when everyone around us is scared and buy when everyone feels great. It may feel right, but it's not rational."
Here are some questions to ask yourself:
Now, ask the same questions of your clients.
Behavioral bias doesn’t only apply to advisors, but also to their clients. So, it is incredibly helpful when guiding them if you know what they bring to the table. Their thinking and actions are influenced by the same set of factors and biases that affect advisors in the financial decision-making process.
To learn more about personal decision-making behavior, both advisors and clients can utilize the DNA Natural Behavior Discovery Process. The self-awareness that it provides can help you avoid making investment mistakes and build stronger advisor-client relationships. The easy-to-use web app will uncover goals, priorities, biases, and more.
Tips for Managing Behavioral Bias
Behavioral psychologists have long understood that people are not entirely rational. We’re influenced by a range of factors, from emotion to inherent behavioral biases, which may make a less rational choice seem more appealing. If advisors are to understand the behavior gap that will exist between themselves and their clients, they need to be fully aware of these biases. Gaining this insight will deliver more effective and informed decision-making, which will stand up under market pressure.
If you’d like to learn more about behavior bias, be sure to check out our videos on YouTube.
We have used our new digital scan technology to uncover the financial behavior traits of every S&P 500 executive. Here’s what we found!
Every human being has a unique set of strengths that guide their life and work. We decided to find out if gender and background play a role.
When the CEO drives decision-making, you can expect their financial mindset to flow through to every aspect of the business!