Understanding behavior is an important part of building a relationship with your clients. There are lots of different ideas about why we do the things we do. Just as important is understanding why we, as advisors, do what we do.

I’m currently reading a book called Tiny Habits: The Small Changes that Change Everything by BJ Fogg. In the book, the author discusses the Fogg Behavioral Model, which is actually pretty simple to understand.

Fogg basically states that behavioral changes can be condensed down to the anacronym M.A.P.: motivation, ability, prompt. Let’s break it down step-by-step.

Motivation: We’re generally all motivated to be successful in our business right now. And some of us are motivated to grow and become more profitable and efficient. We’re always looking for more AUM and more of the right clients.

Ability: We also generally have the ability to make changes that increase our success, if we’re willing to put in the work. For example, we have the ability to ask for referrals. With a larger base of clients, it would be easier to duplicate our top 10 or 20% than it was when we were starting out.

Prompt: This is the one I want you to really think about. Is there anything prompting you to change right now? Because M.A. isn’t enough. You must have the P. Without it, you haven’t completed the map and won’t have the direction necessary to achieve your desired results. You’ll just keep moving along, same as always.

During the past six months, we’ve experienced firsthand just how important behavioral changes are. Have you had clients who left because of a bad experience with current market conditions? Or a family that is unhappy about how well their assets were managed during retirement years? Both of these negatives might just be prompts for change — but only if you act on them in a timely manner.

The reality, of course, is that we would rather have a positive prop. We want to make sure that we make those changes. That we provide the best opportunity for the clients to succeed in retirement. And that we get the beneficiaries involved in the conversation as soon as possible. These are all positive prompts. And they are much more welcome than a disgruntled client.

If you’re ready to grow and are looking for your positive prompt, reach out to our Retirement Income Consultants at (800) 589-3000. Talk to us about how we can help you grow your business, attract quality people and, most importantly, remain relevant in the greatest shift from the workforce to retirement that we’ve ever seen.

Transformational Tactic

Create a M.A.P for success by finding your motivation, making the adjustments you are able to, and finding positive prompts for change.

Recognize the opportunity to transform your business by taking our free course.

Share this Post!

Start your transformation

We define what has stopped you from reaching the level you want to achieve and then help you move past it.

Schedule a Call