Aviva launches New Thinking book to help adviser's conversations about charging

Article date: 8 October 2012

Aviva has today launched a book entitled New Thinking, which is designed to help advisers facilitate better conversations with their clients in the post RDR world. Written by one of the UK’s leading behavioural scientists, Professor Paul Dolan of the London School of Economics, and best-selling business author Steve Martin, the book will help advisers understand how Behavioural Science can help engender more successful conversations for both the customer and the adviser.

New Thinking uses the mnemonic MINDSPACE which describes nine of the most robust effects that can be employed to influence behavioural change. By drawing on additional insights gleaned during a number of focused interviews with financial advisers, the book offers practical suggestions and insights on how advisers can use MINDSPACE to more effectively talk about fees with both new and existing clients.

Effect

Definition

 
 

Messenger

We are heavily influenced by who communicates information to us

 

Incentives

Our responses to incentives are shaped by predictable mental shortcuts such as strongly avoiding losses, hyperbolic discounting and mental accounting

 

Norms

We are strongly influenced by what others do

 

Defaults

We ‘go with the flow’ of pre-set options

 

Salience

Our attention is drawn to what is novel and seems relevant to us

 

Priming

Our acts are often influenced by subconscious cues

 

Affect

Our emotional associations can powerfully shape our actions

 

Commitments

We seek to be consistent with our public promises, and reciprocate acts

 

Ego

We act in ways that make us feel better about ourselves

 

In addition to the book, Aviva has also produced a series of bite sized videos which deal with the individual elements of MINDSPACE. Advisers can also use this activity towards the unstructured element of their CPD.

Andy Beswick, intermediary director at Aviva, said: “We know that many advisers are concerned about how best to communicate the changes brought about by RDR to both new and existing clients. This is especially the case with charging, as getting it right is absolutely key.

“We have worked closely with Professor Paul Dolan and Steve Martin, who are both experts in behavioural science, to come up with clear guidance and practical support for advisers as they tackle this transition.

“In the wider context, understanding customer’s individual needs is more important than ever. New Thinking also offers ideas to help advisers develop deeper relationships to ensure the right outcomes for their clients.”

Professor Paul Dolan, London School of Economics, said: “Behavioural Science is attracting significant and growing interest in business. It teaches us how we can influence the day-to-day behaviour of people through subtle changes in the way we behave and interact with them.

“Using both Aviva’s and our expert knowledge we’ve produced a series of insights as well as practical tips, to help advisers have more successful conversations with both new and existing clients.”

More details of MINDSPACE and the practical support on offer for advisers can be found at www.aviva-for-advisers.co.uk/site or to order your free copy of the New Thinking book, please contact claire.miller4@aviva.co.uk or fiona.robertson@aviva.co.uk

Aviva also offers a variety of support for advisers as they prepare for RDR. More information can be found at www.aviva.co.uk/adviser/rdr 

-ends-

If you are a journalist and would like further information, please contact:
Claire Miller - Aviva Press Office
Telephone: +44 (0)1904 684844
Mobile: +44 (0)7900 276400
Email: claire.miller4@aviva.co.uk

Fiona Robertson - Aviva Press Office
Telephone: +44 (0)1904 452659
Mobile: +44 (0)7800 692299
Email: fiona.robertson@aviva.co.uk 

Notes to editors:

Aviva provides insurance, savings and investment products to 43 million customers worldwide.

We are the UK’s largest insurer with over 14 million customers and one of Europe’s leading providers of life and general insurance. We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.

We are ranked as one of the UK’s top 10 most valuable brands and Aviva plc is in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index.  In 2011 we invested £5.3 million into our UK communities. One in three of our employees were involved in community investment activities which included giving nearly 33,000 hours. 

Aviva is working in partnership with Railway Children through the Aviva Street to School programme to get children living or working on UK streets back into everyday life. Find out more at www.aviva.co.uk/street-to-school.

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