We know that internal biases form specific client personas which, in turn, shape a person’s approach to making financial decisions. Financial professionals can use those biases as a “nudge” rather than an obstacle to build more productive client relationships. 

In this episode, Laura Gregg and David Partain speak with Patrick Fagan, Chief Scientific Officer at Capuchin Behavioral Science, about using clients’ underlying biases to your advantage. 

Patrick discusses: 

• How and why we all use cognitive shortcuts 
  
  
• How to use those shortcuts as a “nudge” to build trust   
  
  
• Helping clients accept advice that may seem contradictory to their beliefs
  
  
• Applying nudges with different client personas
  
  
• Focusing on emotional and functional outcomes
  
  
• And more
  

Resources: 

• FlexShares Exchange Traded Funds 
  
  
• Hooked by Patrick Fagan
  
  
• Nudge by Richard H. Thaler and Cass R. Sunstein
  
  
• Inception trailer
  

Connect With Patrick Fagan:

• Capuchin Behavioral Science
  
  
• PatrickFagan.co.uk
  
  
• LinkedIn: Patrick Fagan
  

Connect With  Laura Gregg: 

• Email
  
  
• Laura Gregg’s Linkedin
  
  

Connect With  David Partain: 

• Email
  
  
• David Partain’s Linkedin
  

About Our Guest:

Patrick Fagan is the Chief Scientific Officer at Capuchin. Patrick is a behavioral scientist and lecturer with a decade of experience applying that scientific approach for organizations around the world, and a Sunday Times bestselling author. Previously the lead psychologist at Cambridge Analytica, Patrick is a co-founder and the Chief Scientific Officer at Capuchin Behavioural Science.