30th June 2020

Nucleus Behavioural insight for advisers

Nucleus has teamed up with Be-IQ, the multi award-winning behavioural insights company to provide the world’s first behavioural insight service for financial planners and their clients.  

Advisers tell us investors are no longer satisfied with a basic financial plan and a me-too portfolio. Grappling with the complexity of modern life, they want guidance across a range of financial decisions. The advisers who are best placed are those who can emotionally relate to their clients.  

There is a view that the next big leap in financial planning is the utilisation of behavioural insights. Behavioural characteristics, emotional triggers and behaviour-led segmentation enables advisers to work with their clients at the time it matters most.

Be-IQ has developed a client app called BEAM and an adviser dashboard called BEACON that will deepen adviser’s understanding and empathy of client situations in an unprecedented manner. The next generation platform will elevate your advice process, empower clients and will signpost where to focus your advice. 

The BEAM app

BEAM is a highly engaging behavioural bias measurement app that accurately pinpoints the strength of a client’s unconscious behavioural biases. Through a series of gamified behavioural tests, BEAM measures the underlying biases of your clients. It also provides them with a “know thyself” report, explaining what the bias means in relation to them and their decision-making. It shows how they compare to the rest of the UK population, as well as giving them some practical tips and tricks about their behavioural propensities.  

Some of the behavioural biases covered by BEAM are: 

• Overconfidence (knowledge) – what clients think they know and what they really know.
• Disposition effect – the tendency for investors to sell assets that have increased in value, while holding assets that have dropped in value. 
• Framing – deciding based on the way information is presented, as opposed to the facts

 For the full list of biases, please visit our dedicated webpage.

The BEACON dashboard 

BEACON is an adviser dashboard that sits above the BEAM app and allows advisers to analyse their client’s inputs into the app.  

When a financial planning client completes behavioural games in BEAM, the data (assuming they give their permission) is pushed into the BEACON adviser dashboard. There it allows a deeper and richer understanding of the client and their unconscious behaviours. The BEACON dashboard takes the ‘Know Your Client’ approach to a new level. Delivering timely and accurate insights into your client’s behavioural propensities, presenting in a clear, engaging and useful way. In turbulent times it allows you to identify which clients need you most and provides insight to how they might be feeling. 

The BEACON adviser dashboard can become a cornerstone of your financial planning creating new levels of engagement for clients and understanding for advisers and most importantly deepening the most important variable in the adviser/client relationship, trust. 

By utilising the features of the dashboard you’ll be able to: 

• Identify individual behavioural bias and strengths and descriptions at a client level;
• Identify a client’s behavioural persona across three core behavioural characteristics; judgement, influence and management;
• Determine a behavioural risk score – the new way to risk profile that augments the traditional attitude to risk (ATR) with behavioural insight and more… 

We’ve had really great feedback from users who’ve been using the system, with one financial adviser saying “The BEAM app and BEACON dashboard are an absolute game changer for financial planners. The insights we can gain to help us properly communicate with clients and coach them through their decision making with money will revolutionise financial planning. It feels like this is the missing link when it comes to understanding our client’s behaviour.” 

BEAM is available for free for Apple iPhone users and is available to download from the app store right now for you and your clients. BEACON costs from £125 per month.

For more information about Be-IQ check out their website.

Business Development, Technology, Investments