The research and writing of Daniel Kahneman, Richard Thaler, Cass Sunstein, Jonathan Haidt, Daniel Pink, Malcolm Gladwell, Simon Sinek, Chip Heath and Dan Heath collectively raise a big neon sign that reads: “The way we think people make decisions—and therefore the way we motivate people—is wrong.” The financial services industry is stuck in an era of carrot-and-stick motivation, even though science passed such a system by decades ago. We’re stuck telling people what to do and how to do it without ever ensuring they understand why. But there is good news: While not easy, the keys to effectively motivating our clients are surprisingly simple. Tim Maurer, author of the forthcoming book Simple Money, explains how to aggregate and apply the best of behavioral science and economics for the benefit of our clients and our practices.
Director of Personal Finance,
BAM Advisor Services
Credits: None available.
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