Sheri Fitts: Enhancing Your Financial Service Using Behavioral Science

Be More Than A Fiduciary

Sheri Fitts, founder/CEO, is a compelling public speaker and financial services marketing, sales, and brand guru on a mission to amplify the heart of financial services. Sheri harnesses the power of emotional connection to help financial professionals create more trust in their client relationships and make their engagements more meaningful to their businesses, and more impactful to their bottom line.

In this episode, Eric and Sheri Fitts discuss:

• Logical and behavioral economists
• Emotional decision making
• Decision-making when under stress
• Enhancing your proposal using behavioral science

Key Takeaways:

• Logical economists believe that investing is either purely driven by logic or at least primarily driven by it. Meanwhile, a behavioral economist believes that people don’t make logical decisions about money. There are other factors and variables that come into play, and logic isn’t the most powerful driving force of people’s decisions.
• Our natural tribal instincts explain a lot of our spending and investing behavior. This is why most people have a natural inclination to behave and decide a certain way to fit in or be welcomed into a certain community. The motivation for our decision-making often happens in the background of our minds, taking all these factors into account.
• When you are faced with five different things to decide on, allow yourself a fair amount of time to decide on them to avoid decision fatigue. Our minds have a negativity bias that originated in survival instincts. In stressful situations, that negativity bias is amplified, leading to decisions focused on loss aversion.
• Advisors should prioritize brevity and readability in their RFP responses to reduce stress for committee members and provide a clear, concise message. Effective RFP responses should continuously return to the client's primary objective and demonstrate how the advisor's solution solves that problem.

“People don't care how much you know, they care how much you know about them. And your RFP should reflect that.” - Sheri Fitts

Connect with Sheri Fitts:

Website: https://sherifitts.com/

LinkedIn: https://www.linkedin.com/in/sherifitts/

Instagram: https://www.instagram.com/sherifitts/

YouTube: https://www.youtube.com/user/ShoeFittsMktg

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.