In July, London branch welcomed Nick Blake of Vanguard , discussing the topic of Behavioural Investing. His presentation touched on the actual science of behavioural investing but mainly focused on the Financial Planner’s role as a behavioural coach and how to use this skill to grow a profitable business.
The role of the behavioural coach was shown to be evident across the range of services provided by today’s planner. Nick showed how the client proposition had evolved over time; from promising to find the best product for clients, through to finding the best funds for clients and where we are today, protecting people from making dumb mistakes. In a logical and well thought out presentation planners were encouraged to become their client’s counsellor rather than their bookie. In doing so the adviser is the alpha.
An important message within the presentation was the use of process, both for investment decisions and in business. Using the analogy of a pilot, Nick demonstrated the importance of having checklists, processes and the equivalent of an auto-pilot for routine tasks.
Feedback was excellent and many delegates expressed a wish to learn more about the subject. Branch chairman Dennis Hall said: “Nick held everyone’s attention for over an hour and delivered a huge amount of useful information. Usefully, Vanguard also provided a pack containing additional background material.”