Atlanta-based DNA Behavior International has introduced a new Certified Wealth Manager programme to significantly expand financial advisors’ knowledge and use of the company’s established performance model, behavioural insight tools and a fintech platform.
DNA Behavior says it is rolling out the programme with three levels, enabling any size firm to the best fit for its advisers.
At the core of the Bronze, Silver and Gold certification packages is DNA Behavior’s behavioural finance platform, Financial DNA. It is an online tool that helps financial advisors and their clients maximise communication, while identifying their risk profile, behavioural biases, spending patterns and goals-based planning preferences through a 10-minute, 46-question process that can be taken on most any device from a smartphone or tablet to a desktop.
“While more and more advisors and clients are embracing behavioural finance solutions, virtually all ‘traditional’ domains of financial planning miss the needs of a large number of clients,” says Hugh Massie, CEO of DNA Behavior. “That gap is half about financial literacy and half about behavioural changes. Certified Wealth Mentors will be best positioned to help their clients close that gap, more comprehensively addressing their planning needs and doing so more efficiently.”
The Bronze certification program is for advisors wishing to identify the behavioural style and risk profile of clients and their significant other, with pricing starting at USD725 per month/per advisor. The Silver program of Wealth Mentor Process Training is for an advisory office that wants to identify the behavioural style and risk profile of clients, and also delves into client risk profile, behavioural biases and talents. The Gold Practice Management Program includes all facets of the Silver program and is for established practices that provide comprehensive financial and holistic life planning advice (spanning financial planning, retirement, insurance, estate, taxes, investments and philanthropy).
“Financial DNA goes far beyond risk-tolerance surveys, using validated methodology to identify things like how likely a client is to delegate financial planning, how likely a client is to save/spend, how a client sets/pursues goals, and how emotional will a client become, for instance, in the face of market upswings and downswings,” says Massie, who is a pioneer in the practical application of behavioural insights.