Integrating behavioral science principles into financial planner training programs

Case Study

Overview

North American households show an increasing pattern of unsustainable financial habits. Higher property prices have made borrowing a habitual practice. This, in turn, has normalized retail-led debt, creating  a culture-shift toward risk-aversion in investing despite risk-seeking in borrowing.

Financial planners work with clients to assess their current financial circumstances, set goals, and develop strategies to optimize the allocation of financial resources. The Financial Planning Standards Council (FPSC), Canada’s premier certification body for financial planning, works to instill confidence in the profession, in part by ensuring that all prospective and existing financial planners receive appropriate education and training.

The Challenge

FPSC approached TDL to create a new curriculum for financial planners in Canada, applying the principles of behavioral science and user-centered design to address cognitive biases and heuristics in financial planning interactions.

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