Getting Clients To Visualize Themselves When They're Older Boosts Their Saving Activity
- Created: Tuesday, 03 May 2011 06:41
A professor at Northwestern's Kellogg School of Management took photos of his students and doctored them to look like they'd aged 40 years, then showed them to the kids again.
On average, the kids then allocated twice as much money to their retirement than they would've ordinarily.
So far, advisors are using this technique for their personal clientele.
But if you also advise retirement plans, think of how this could help boost participation and contributions.