Mentor as anything: planners send clients to the shrink
A psychologist will be provided to clients of a new financial planning group, Mentor, to increase adviser’s ability to make the right choice of investment for individual clients.
Mentor, which launched yesterday, is basing the new approach on the premise that investing is 80 per cent about how you think and 20 per cent what you do.
The group conducted behavioural investor analysis that concluded an individual's financial success or failure is shaped by their personal beliefs and attitudes, particularly towards money.
"Most advisors start with examining financial goals," Mentor executive director Lance Pitt says.
"But there is no point giving financial advice that contradicts your core values. So we start working on how you think and what you want out of life, no matter how you define it.”
The consultations will be conducted with a personal adviser and a trained psychologist, taking the client through a series of personalised questions designed to reveal their specific "thinking preferences".
The results are then benchmarked against research undertaken over the past decade into the thinking patterns and preferences of individuals who have managed to sustain personal and financial success.
Mentor will offer its services on a flat-fee basis.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
