“They play a game, it’s revealing a behavioural bias, then they play another and it reveals a different behavioural bias.”
After this, people will then be told how these behaviours will play out in the real world. Mr Bage says: “For example, how likely am I to stick to a financial plan? If you play three or four games with us we can reveal the answer to that, and we can tell you where you may need more hand-holding, we can tell you where you’re fine to make decisions on your own.
“It’s about eliciting the behaviour in the first place, and then revealing the insights through real-life scenarios.”
If games such as these do become widely embraced, and are incorporated into the existing advice model, they could prove a useful tool in enabling intermediaries to foster a more detailed understanding of their clients’ objectives.
Not all intermediaries see the merits of breaking with traditional practices, but the risk of their role becoming obsolete could eventually leave them with little option.
