Danielle Labotka, a behavioral scientist with Morningstar, and Samantha Lamas, a senior behavioral researcher with Morningstar, discuss their latest research, "Why Do People Hire Their Financial Advisors?," which points to the importance of addressing a client's emotional needs during beginning conversations.
According to their research, how you explain your services can have an impact on a person's hiring decision. And if you focus only on the cold, hard facts, you may be deterring some investors.
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