When it comes to talking to clients about retirement income, it pays to know their financial planning personality type. A new Alliance for Lifetime Income quiz, informed by research from the Artemis Strategy Group, can help guide the conversation.
The new quiz—“Financial Planning Personality Quiz” —pegs American adults as falling into one of five financial personalities. Each group has a different psychological profile when it comes to retirement planning and financial management. Sophisticated financial professionals know that it’s important to read their clients, that Client X is different than Client Y. What if you had a cheat sheet with guidance on how best to reach and connect with them? That’s what the quiz, with its accompanying materials for financial professionals, offers.
For consumers, the quiz results will give them clear directions to improve their financial picture, including an introduction to the benefits of protected lifetime income. For financial professionals, you can encourage your clients to take the quiz and share the results. Once you know their personality type, you can better engage with them.
What’s behind the quiz? Powerful new research by the Artemis Strategy Group delves into differences by group: the nature of their retirement outlook, their personalities and decision-making styles, and their preparation and current circumstances.
Getting to know your clients via their quiz results will help answer the question, “What’s the best way to talk to this person?” says Dave Richardson, a partner with the Artemis Strategy Group. The quiz goes beyond assessing a client’s risk profile. It assesses what motivates them. Depending on the group a client falls into, you might need to use a different set of examples, a different way of presenting information to them, Richardson says.
Example: For a client who falls into the Ambitious Risk-Taker group, the right advice might be to remind them to cover the basics, explaining “You can still achieve lots of growth in your portfolio, but this is what protected lifetime income would do,” says Anne Aldrich, an Artemis partner. For each group, a cheat sheet offers detailed messaging recommendations and financial planning discovery questions to help guide your conversation.
AIG is a founding member of the Board of Directors for the Alliance for Lifetime Income.