How You Deliver Advice Matters: New Levels of Engagement to Satisfy the Experience Economy

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In the presentation “How You Deliver Advice Matters: New Levels of Engagement to Satisfy the Experience Economy,” the spotlight is on the critical significance of delivering financial advice in today’s world. The discussion revolves around three major themes. Firstly, it explores the concept of the experience economy, where consumer choices are shaped by the pursuit of pleasure and avoidance of pain. This underscores the need for personalized and empathetic service delivery, drawing inspiration from brands that excel in consumer empathy. Secondly, the focus shifts to empowering clients through empathy and common frames of reference, emphasizing that financial planning should move beyond presenting information to facilitate participatory experiences. Lastly, the presentation delves into the advisor-client trust relationship, emphasizing the importance of proof in building and maintaining trust. It concludes by recognizing the evolving landscape of digital engagement in financial advisory, emphasizing the need for advisors to adapt to changing client preferences for digital and human experiences to meet evolving expectations effectively.

​Learning Objectives

Upon successful completion of this learning activity, you will confidently be able to:​

• Gain a comprehensive understanding of the concept of the experience economy and its profound influence on consumer choices.
• Recognize how consumer experiences are shaped by the core needs of avoiding pain and gaining pleasure.
• Learn the importance of empathy in financial advisory and how it plays a pivotal role in helping clients avoid pain and create memorable experiences.
• Explore strategies for empowering clients through simplified communication and common frames of reference, shifting from information presentation to participatory experiences.
• Understand the trust formula and its significance in the advisor-client relationship, with a focus on proof as a key component.
• Recognize the critical role of trust in motivating clients to take action and engage actively in their financial well-being.
• Explore the various stages of the advice engagement journey, from marketing and data collection to analysis, recommendations, implementation, and ongoing service.
• Gain insights into the evolving landscape of digital engagement in financial advisory and its implications for practice.
• Recognize the need to adapt to changing client preferences, considering the shifting balance between digital and human experiences.
• Understand how to meet evolving client expectations effectively by drawing inspiration from successful practices in the consumer marketplace.

Presenter

H. Adam Holt

CFP^® CE Credit

This content is eligible for one hour of CFP^® continuing education (CE) credit.

If you hold the CFP^® mark and would like to receive CFP Board CE credit for this content, please ensure your CFP^® ID number is entered here.

The College’s Professional Recertification Program (PRP)

This content is eligible for one hour of PRP continuing education credit.

To begin, click on the button below. As you move through the content, make sure to mark each page complete by clicking on the appropriate button, and then click Next Lesson at the bottom of each page. Once you complete the entire activity, the progress bar will show 100%.

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