Canada Life has launched a behavioural psychology training programme to help financial advisers understand bias in financial advice.
The training follows the introduction of the FCA’s Consumer Duty regulations and is designed to foster transparency, trust, and empathy between financial advisers and their clients.
Keily Vanstone, head of marketing, brand and communications, Canada Life, said the platform – HumanSense – aims to facilitate the financial advice sales process by providing actionable insights for advisers.
“Together with ‘we are IB’, we have created a free e-learning programme, based in deep understanding of client behaviours.
“Our hope is that, alongside our existing technical support, HumanSense will offer insights for advisers to further develop their relationships with clients, whilst helping them to keep in step with Consumer Duty as well,” said Vanstone.
Simon Moore, CEO at behavioural science experts We are IB, said the facts, figures, and jargon traditionally used in financial advice present cognitive barriers for clients.
“Through our partnership with Canada Life, and speaking to advisers directly, we considered the most valuable tools that would be needed for them to understand the needs of their clients better,” said Moore.
The training programme is freely available online and will provide advisers with six hours of CPD qualified training.
The programme consists of six modules, covering topics such as client behaviour, emotional resonance, and visualising your future self.