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Interactive Workshop: How "Save More Tomorrow" Can Help You Grow AUM Today

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Toronto Region Board of Trade

100 King St. W., First Canadian Place

Toronto, ON M5X 1C1

Canada

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The financial advice industry isn't growing like it was a decade ago. Regulatory constraints, margin compression and technology change are all making it harder to do business. One factor has the power to jumpstart the industry’s growth like no other - saving. Study after study has shown that Canadians aren’t saving enough, and if Canadians aren't saving, your business is flying into a brisk headwind to grow AUM.

Last month, Dr. Richard Thaler won the Nobel Prize in Economics for his contributions to Behavioural Economics. Thaler's study of retirement saving habits offers financial institutions an entirely new toolkit for influencing consumer behaviour. One of the most famous examples was a pension program called "Save More Tomorrow." The program offered employees the option to save a portion of future pay raises. Targeting money that people weren’t yet accustomed to spending had powerful results. In one mid-sized US firm, 78% of employees who said they couldn't afford to save money today signed up; three years – and four pay increases – later, most of them were still in the program, and had thus, socked away a bunch of money they wouldn't otherwise have been able to.

This workshop will help you put Thaler’s principles to work in your business. Your firm can have a big impact on saving - and accelerate growth - if you use behavioural economics principles to design your products and channels a little differently. This interactive workshop will show you how and get you started on the path.

Here’s what we’ll do:

  • Learn: We’ll outline the behaviours you need to target to help your customers save, and how to activate them

  • Explore: Have a front-row seat to a focus group where real Canadians will share their experiences, thoughts and feelings about saving

  • Ideate: Collaborate with peers from all parts of the industry to reflect on these consumer insights and define new ways to approach the saving opportunity

  • Create: Bring your ideas to life by building a prototype of your next opportunity

In order to derive the maximum impact from our consumer panel, we are thrilled to be collaborating with master moderator Mr. Rick Wolfe. Rick has spent over twenty years crafting conversations that inspire trust and authenticity. His provocative findings have been the cornerstone of service design for countless leading brands.

Join us for this special opportunity to explore ideas that will accelerate the growth of your business. Please share this invitation with colleagues who may also benefit.

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Date and Time

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Toronto Region Board of Trade

100 King St. W., First Canadian Place

Toronto, ON M5X 1C1

Canada

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