Hadeda – the first-of-its-kind financial services technology digital marketplace – has launched Hadeda Money EQ, an international behavioural discovery process that enables financial advisors to identify their clients’ financial personalities and decision-making styles.
Hadeda partnered with US-based DNA Behavior’s ground-breaking financial behavioural discovery. Hadeda director Duncan Bussio says Hadeda chose this product because it has been tried and tested internationally, based on credible third-party academic research and backed by science. Also, it has been widely utilised across the financial service industry in key jurisdictions.
DNA Behavior delivers practical, real-time, scalable behavioral insights to accelerate human performance, says Leon Morales, DNA Behavior’s Managing Director. “Our API (Application Program Interface) provides companies like Hadeda with an engaging questionnaire, robust insights and customized experiences they can ’plug in‘ to their own systems.”
Bussio says one of the major benefits of the product is that it can be purchased at a transaction level and there is no need to purchase a software licence. “Hadeda Money EQ is true software as a service,” he says. As such, Money EQ offers great value for money for those financial advisors looking to build enduring relationships with their clients. The assessment is affordable and simple to do.
Financial advisors can buy a single credit for one client assessment for not much more than the price of a Grande Latte at a coffee shop. For bigger financial planning practices, there is the option to buy bundles of credits for larger practices with bigger client bases.
It is extremely simple to complete the financial personality profile. All the client needs to do is complete a 10- to 12-minute questionnaire. After the data has been analyzed, Money EQ generates two detailed reports for the financial advisor and the client gets a one-page summary of the characteristics of their specific financial personality characteristics.
From engagers, initiators to reflective thinkers, the financial advisor will know which of 10 financial personality profiles their client represents and thus how they approach money issues, make financial decisions and are likely to respond to financial events.
Armed with this information, the advisor can then tailor their advice to suit specific client personality profiles and communicate with them in a way that resonates with them. That substantially increases the odds of their clients following their financial advice – even when confronted with challenging life events.
The longer-term payoffs for the financial advisor’s business are likely to be considerable because a tailored and well-suited approach to communications and the advice financial advisors give increases their chances of helping clients meet their financial goals and, in so doing, securing clients for life.
The financial discovery process can also be done by spouses and families to ensure that the advisor is engaging with each of their financial personalities. Often couples have completely different approaches to money and, if you can get them to meet in the middle, they are far more likely to achieve their financial ambitions. Extending the exercise to the entire family could allow you to become the preferred family advisor for generations to come.
In addition to getting access to behavioural information that enables you to take your financial advice to the next level, your role as a financial advisor will become far more financially and professionally rewarding.