Transtheoretical Model of Behavior Change
As we all know, most people are naturally resistant to change. You can gain insight on potential reasons why clients may be resistant to suggestions, advice, or tasks you ask them to complete by understanding The Transtheoretical Model of Behavior Change (TTM), developed by researchers James Prochaska and Carlo DiClemente in 1983. This model can apply to both prospecting – and motivating clients to follow your advice.
See the TTM phases in the chart below. Financial advice is meant to work with those in the action stage, but at most, only 20% of clients are ready to make a change today1. The remainder of clients need help to work their way through earlier stages of change before they can take action.
As we all know, most people are naturally resistant to change. You can gain insight on potential reasons why clients may be resistant to suggestions, advice, or tasks you ask them to complete by understanding The Transtheoretical Model of Behavior Change (TTM), developed by researchers James Prochaska and Carlo DiClemente in 1983. This model can apply to both prospecting – and motivating clients to follow your advice.
See the TTM phases below. Financial advice is meant to work with those in the action stage, but at most, only 20% of clients are ready to make a change today1. The remainder of clients need help to work their way through earlier stages of change before they can take action.
Overview of the Stages of the TTM2
1. Precontemplation
Clients do not feel ready for change and do not intend to make any changes.
Reasons they may not be ready for change may include:
– Unawareness that there is a problem
– Downplay of consequences due to problematic behavior
– Belief is that the effort needed to change is just too much
In this stage, you should create emotional appeals to the client to help them recognize the positive outcomes that will occur if they make changes. After all, they aren’t actively resisting anything, they just don’t know what needs to be done.
2. Contemplation
Clients want to make changes but are experiencing ambivalence. They are aware of the problem and recognize the benefit of the change, but some underlying belief, anxiety, or insecurity is holding them back. Clients in this phase may say they are going to make a change, but it may be “in the next year” versus today. At this point, typically status quo bias will have clients resisting change.
In this stage, you need to focus on improving the balance between the pros and cons of changing and create more confidence that the clients can make and maintain changes. Lasting change needs to come from intrinsic motivation. It is possible to convince someone to do something with extrinsic motivators, such as research, data, logic, persuasion, or warnings, but these motivators alone are not likely to create lasting change.
3. Preparation
Change involves intrinsic motivators such as desire, ability, reasons, and need. Clients who talk about these type of things are almost ready to make a change. Scales tip and clients come to the realization that they have more reasons to change than reasons to stay the same.
In this stage, you will help them create plans that will make them feel more confident they can make the change. It is also really useful for them to have a support system of accountability partners, including their holistic wealth planner. In this stage, you may explore alternative plans and what-if scenarios, which immunize clients against relapse or when Plan A does not go as well as expected.
4. Action
Clients are now ready to take action and begin to do so.
In this stage, clients heed your advice and actively implement the steps they need to take. People in this stage may be your ideal clients, likely to be motivated on their own and with which you will likely have great working relationships.
5. Maintenance
In this stage, the clients are trying to maintain the change they have decided to make.
You serve as an accountability partner for your clients and encourage them to reward themselves occasionally for staying on track.
6. Relapse
This is the stage where mistakes and setbacks can happen and people must decide whether to keep going. This is a normal part of the behavior change process.
If this occurs, support and encourage your clients to continue working toward making the change a regular part of their lives.
For Use with the General Public. Financial Planning and Advisory Services offered through Vicus Capital, Inc., a federally Registered Investment Advisor.
