By Adrian Murphy, CEO, Murphy Wealth.
The first time I heard about Be-IQ and their behavioural insights service was at a Nucleus Advisory Board meeting in 2019.
Neil Bage from Be-IQ was a guest and was sharing Be-IQ’s vision of financial planners building behavioural insight into their business. He explained the benefits of doing this, not only for our business, but more importantly for our clients. Neil then went on to test us all, in real-time, to reveal our behavioural biases. This I found fascinating and showed me just how much these biases can become dominant in the way we think.
It’s fair to say that I thought I knew about my behavioural biases. I understand what confirmation bias is. What framing is. But that’s not what Neil showed us. He brought these biases to life and showed us how the strength of these biases impacts the way in which we process and use information to make a decision. It was really powerful and made me recognise the value in building something like this into Murphy Wealth.
Be-IQ launched their mobile app, BEAM, early in 2020 and I downloaded it and played the behavioural insight games myself. More to the point, I sent it to some clients of ours to see what they thought, and the feedback was universally excellent. So much so, that when I was carrying out client review meetings, they would bring their iPhone into the meeting, open up the BEAM app, and we’d discuss what this meant for them and their financial decisions. It completely changed the conversations we were having with our clients and they loved it.
In March, we got our hands on the BEACON dashboard. This is the system that we use to see the results of our clients’ BEAM app, but in much more detail than our clients would see. It has some really great features like segmentation of our clients by behaviour, showing how biases come together to create certain behavioural characteristics, and something that I’m told Be-IQ will be building on over the coming months, emotional triggers and how they impact our clients and therefore how we factor these into our conversations.
In hindsight, I’ve always felt as if something was missing from the service we provide our clients, but I couldn’t quite put my finger on it. When I saw the BEAM app for the first time, I thought that was it. When I saw the combination of BEAM and the BEACON dashboard, I knew that was it. And so, we’ve started the journey, with Be-IQ, to build behavioural insight into our business and based on feedback so far, it’s going to be a crucial part of what we deliver to our clients going forward.