The BeFi Advantage Behavioral finance, aka BeFi, can help advisers increase client satisfaction and deliver more effective client experiences. Nearly half of firms use behavioral finance for more than 50% of client interactions. Total firms using BeFi: Firms using BeFi saw 3.3 x 81% Firms with <$250mm 82% Firms with >$250mm Source: Charles Schwab, " Insights from the 2023 RIA Benchmarking Study " 88% Top-performing firms more new assets from existing clients in 2022.* *Median results for firms with $250mm or more in assets under management. Put It in Writing Firms with referral plans achieved stronger results via those channels last year than did firms without them. Although referrals account for most new clients, less than half of firms have formally documented their plans. Firms with an existing client referral plan Firms with a businesspartner referral plan 1.6 x more new clients generated from existing client referrals 1.6 x more new client assets generated from existing client referrals Source: Charles Schwab, " Insights from the 2023 RIA Benchmarking Study " 4.0 x more new clients generated from business partner referrals 5.1 x more new client assets generated from business partner referrals Practice Management | Fall 2023 | planadviser.com 7http://www.planadviser.com