Canada Life has partnered with behavioural psychology experts, 'we are IB', to create an eLearning programme to help advisers understand behavioural bias.
The programme called HumanSense comprises six modules covering topics like understanding client behaviour, creating emotional resonance and visualising your future self.
HumanSense is free and is available via the ican Academy on the Canada Life website and will contribute to six hours of CPD training.
The aim of the programme is to enable advisers to build trust and emotional empathy with their clients.
David Moore, chief executive of 'we are IB' said that cognitive barriers are preventing advisers from having more "human conversations" with their clients.
He said: “Traditionally, facts, figures, and jargon may be used in initial conversations as a means to try to win a client’s trust.
"We also know from cognitive neuroscience that humans all make decisions primarily around how they 'perceive they feel about facts and figures' not on the actual logical interpretation of them.”
Therefore, Moore suggests this provides an opportunity for advisers to upskill in a ‘non technical space’ to help them engage better with their clients.
Previous research from Canada Life found that 25 per cent of Brits would not take financial advice even if it was free.
With 11 per cent saying they do not trust an adviser and 9 per cent being put off by ‘pushy sales techniques’.
At the time Canada Life managing director of retirement, Tom Evans said that closing the advice gap was not a straightforward issue.
He said: “We should be honest with ourselves and recognise there will always be an advice gap borne from people’s lack of willingness to engage and advisers’ capacity to service.
“However, that shouldn’t mean as an industry we don’t try to do a better job of communicating and marketing the benefits and value of financial advice.”
alina.khan@ft.com
