To give “Advice That Sticks”, advice-givers must not only give technically accurate advice, but must also deliver it in a way that helps the advice-taker take it.
- To Reduce Complexity
An advisor helps to highlight which information actually matters the most.
- To Take Action
An advisor can help someone take decisive action to actually get going.
- To Help Make Better Tradeoffs
An advisor can help people rationally evaluate trade-offs (despite a whole host of behavioral biases), and provide the insight and wisdom that comes from experience of having seen the same situation many times before.
- To Increase Confidence
An advisor can provide confidence-building validation as an informed second opinion.
- To Feel Safer
An advisor can relieve the mental stress of wondering if the decision being made is the ‘right’ path to take.
- To Offload Unpleasantness
An advisor can step in to handle the tasks that people don’t want to spend their time on, so they can spend their time in ways that they’ll enjoy more.
- To Have Someone To Blame
Delegating at least partial responsibility to an advisor can help reduce how often couples blame each other for their financial woes.
- To Make Someone ELSE Happy
An advisor often supports relationships that go beyond just the client themselves.
- To Receive Encouragement
An advisor can provide the emotional support and encouragement, serving as someone to talk to about financial challenges that can’t be talked about with anyone else.
- To Save Time
Even if the individual was going to arrive at the “right” answer on their own, an advisor can help someone save a lot of time going through the process.