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Lack of follow-through and implementation of advice is a wide-spread problem.
This study shows that 70% of clients implement less than 20% of recommendations.
To this day, one of my favorite all-time quotes from the podcast came from Natalie Taylor in Episode 33.
She said she doesn’t encounter problems with implementation. Naturally, I asked her for her secret sauce.
Here’s what she said:
“I’d rather give advice that gets 80%-90% of the results with 50% lift on their end than advice that’s 100% optimal that never gets implemented.”
Advice optimized for the plan requires saving $985/month to retire with no regard for the client’s capabilities.
Advice designed for the client means the client agreed to save an extra $725/month because that’s what they decided was doable.
Design your advice for the client and watch your implementation problems disappear.
After all, the best advice is the advice that actually gets implemented.
In this episode, we’ll look at:
- A client story demonstrating reasonable over rational advice
- One of the primary barriers that prevent clients from implementing
- How to optimize advice for spreadsheets but design it for real-life
- Three questions to ask that will drastically improve follow-through
Related: Understanding How Your Client’s Past and Future Impacts Financial Decisions Today