BeFi Week 2021: Enhancing Financial Advisory with Behavioral Finance Techniques
Posted by Allison Edmondson, Director of Communications
Sep 23, 2021 3:00:00 PM
Denver, CO — September 29, 2021 — In a time of unprecedented social and economic uncertainty, more financial advisors are using behavioral finance techniques to help clients stay focused on their long-term goals. The Investments & Wealth Institute has joined forces with firms Orion Advisor Solutions, Schwab Asset Management, Cerulli Associates, and Toews’ Behavioral Investing Institute to bring greater awareness to the field of behavioral finance during BeFi Week, October 4-10, 2021. Together, these industry heavy weights are providing the resources to educate financial advisors on behavioral finance strategies to potentially improve their client’s financial outcomes.
“Advisors should use behavioral finance techniques to redefine their relationships with their clients by instituting insights on biases, risk-tolerance, cultural and emotional characteristics. Through understanding behavioral finance, advisors can remove emotional friction and help their clients avoid decisions that could impact their long-term goals,” said Daniel Crosby, Ph.D. Chief Behavioral Officer, Orion Advisor Solutions.
During BeFi Week, investments and wealth industry professionals can learn how behavioral biases impact financial decision-making and what advisors can do to apply behavioral finance (BeFi) best practices to add value and improve client financial outcomes. BeFi Week will feature a variety of programs, tools, and resources to help advisors stay plugged into the evolving field of behavioral finance, including:
The new BeFi Barometer 2021 research report
A complimentary webinar, What We’ve Learned About the Evolving Role of Behavioral Finance Through a Pandemic Lifecycle
Top-rated behavioral finance courses
Podcasts featuring thought leaders like Omar Aguilar, Ph.D., Daniel Crosby, Ph.D. and Sid Muralidhar and Arun Muralidhar, Ph.D.
Blogs from subject-matter-experts
And a daily web series, BeFi Insight Briefings
The new BeFi Barometer 2021 research looks to learn how advisors view and use behavioral finance when working with clients. In its third year, the study focuses on how behavioral biases impact clients and how those biases have changed before, during and coming out of the pandemic. The report will be released October 4, 2021, by the Investments & Wealth Institute in collaboration with Schwab Asset Management and Cerulli Associates.
“Advisors are starting to recognize the clear benefits of behavioral finance for the clients and themselves,” remarked Devin Ekberg, CIMA®, CPWA®, CFA®, Chief Learning Officer and Managing Director of Professional Development, Investments & Wealth Institute. Adding, “BeFi Week, in addition to our field research, BeFi Barometer 2021, is a timely reminder for advisors of the value they provide to clients by preventing bad investment decisions and guiding them to better ones.”
BeFi Week also features findings from the recent study 2021 Investor Behavior in a Market Crisis conducted by Absolute Engagement and the Institute in partnership with the Toews Corporation and the Behavioral Investing Institute. The 2021 iteration builds upon last year's study and illuminates the gaps between client and advisor perceptions regarding their advisory relationship. The study also outlines the behavioral finance techniques that advisors can utilize to demonstrate and reinforce their value to clients.
Clients hire advisors to provide meaningful guidance and deliver strong financial outcomes that help achieve financial goals. Utilizing behavioral finance tips and best practices is a great way to deliver on that value and ensure that clients are making decisions that are objective, fact-based, and best for their long-term goals in volatile times. The Investments & Wealth Institute is the nerve center for tackling these challenges, delivering sound advice, and creating the future of the investments and wealth industry. BeFi Week explores and celebrates the field of behavioral finance and its unique intersection of psychology and behavioral science–skills advisors need to serve clients and provide added value.