Psympl announced the launch of its revolutionary financial consumer Motivation DecoderTM in a press release. This tool identifies a person's psychographic profile after a brief series of questions, which decodes their attitudes, motivations, priorities, and personalities regarding financial services, investing, and the role of a professional financial advisor or wealth manager.
This powerful tool allows a financial advisor, wealth manager, or financial services firm to anticipate a client's or prospect's needs and potential reaction to marketing, outreach, and product/service offers. This facilitates efficiencies and likelihood of conversion; for example, a financial advisor or RIA (Registered Investment Advisor) is given a list of prospects, usually based on net assets, income, employment status, or other socioeconomic or demographic criteria. Whether these targets need such services or are open to a discussion may be unknown, so it's up to the financial advisor to contact each of them to solicit potential business.
What if the financial advisor could prioritize these prospects by their probable need for an advisor or openness to working with an advisor? This would make it much easier to convert prospects into clients on faster timing. What if an RIA could immediately know a client's preferred channels of communication, frequency of engagement or risk tolerance? This could enhance client satisfaction and reinforce client loyalty and retention.
This is what the Psympl Motivation Decoder enables financial advisors to accomplish with a high degree of confidence. The Motivation Decoder can predict, with 90% accuracy, which of five unique psychographic segments a prospect or client represents:
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Segment 1 (17%) I'm financially comfortable and I invest, but I'm hands-off with my investments. I want professionals to guide my investments using a safe and predictable approach. |
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Segment 2 (22%) I'm financially secure and actively following the stock market and discussing finances. I favor a more aggressive approach, picking individual stocks myself and am interested in alternative investments like cryptocurrency. |
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Segment 3 (20%) I'm financially secure and confident in my financial standing and retirement. I'm comfortable making my own investment decisions, and prefer a balanced approach to risk, seeking both potential gains and security |
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Segment 4 (25%) I'm living paycheck to paycheck and worried about my retirement. I avoid investing and often carry credit card debt because of my financial situation. |
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Segment 5 (16%) I'm pretty financially secure. I don't invest or trust the stock market but I'm still on track for retirement. My finances aren't complex, so I prefer to just manage them myself. |
Each psychographic segment is motivated by different things and responds to different messaging and value propositions. These insights inform enhanced, personalized marketing and client engagement.
Psychographics can help financial advisors and wealth managers personalize and optimize all channels of current and prospective client engagement, including, but not limited to:
To identify one's financial psychographic profile, one can take the Psympl Motivation Decoder on Psympl's website. For additional information on the Psympl Motivation Decoder, you can read Psympl's press release or contact us.