ROUTES: IVASS - CONSOB UPDATE
Ivass Thematic Area: CONTRACTUAL AND PRODUCTS
Ivass Area Module: 9. Ability to listen and decode customer needs
ESMA criteria point V.III: Letters C - E - K - L

OBJECTIVES

The course aims to provide information on how to manage the "irrational" customer in investment, insurance and pension decisions, and on what the role of the consultant in providing financial information can be.

It also analyzes what investment, insurance and alternative pension choices derive from, and what are the factors that influence investor decisions and psychology.

Finally, the financial culture of the Italian investor and the role of the consultant are analyzed.

DURATION

3 hours

CONTENTS

PART 1

Module 1 - Behavioral Finance

  • Screenwriting
  • Irrational factors in the financial markets
  • Rational and irrational choices
  • The normative approach and the theory of expected utility
  • The descriptive approach and prospect theory
  • The clinical approach and experimental research
  • Dr. Jekyll and Mr. Hyde
  • Learning Stop

 

Module 2 - The basics of consulting and data analysis

  • Screenwriting
  • The CO.CO.CO of trust
  • The role of the consultant
  • The risk and uncertainty
  • Financial Disclosure
  • Heuristics and behavioral biases
  • Learning Stop

 

Module 3 - Investment choices

  • Screenwriting
  • Economic contextual factors
  • Behavioral factors
  • Learning Stop

 

Module 4 - The phases of the investment process

  • First stage: poor diversification
  • First phase: conditioning of the past
  • First stage: lack of knowledge
  • First phase: Information overload
  • Second phase: investment management
  • Third phase: closing of the investment
  • Learning Stop

 

PART 2

Module 1 - Social security choices

  • Screenwriting
  • Changes in the system and supplementary pensions
  • Behavioral anomalies
  • First step: choice of membership
  • Second step: contribution rate
  • Third step: asset allocation
  • Fourth step: annuity or capital
  • The contribution of neuroscience
  • Learning Stop

 

Module 2 - Insurance choices

  • Screenwriting
  • Pure and financial risk
  • Economic and behavioral reasons
  • The prospect theory
  • Have our initial assumptions been confirmed?
  • Bias in the insurance sector 1/3
  • Ease of recall bias
  • Base rate neglect
  • Sample size neglect
  • Bias in the insurance sector 2/3
  • Choice Overload
  • Value of zero
  • Confirmatory strategies
  • Bias in the insurance sector 3/3
  • Endowment effect
  • Status quo bias
  • Learning Stop

 

Module 3 - The role of the consultant and de-biasing techniques

  • Screenwriting
  • Paternalistic approach and de-biasing though law approach
  • Indicator of the financial culture of Italians
  • Some questions
  • Financial education improvement tools
  • Debiasing programs
  • Type and methods of presentation of information
  • Customer service enhancement tools
  • Actions of consultants
  • Mediation of the consultant between "excellent" and "desired"
  • In-depth knowledge of the customer
  • In conclusion
  • Learning Stop

TECHNICAL REQUIREMENTS:

Acrobat Reader

PDF documents are exported for version 5 but are compatible with later versions of Acrobat Reader released up to the date of update of this file.

Browser

  • Internet Explorer 10
  • Internet Explorer 11
  • Mozilla Firefox
  • Google Chrome

JavaScript enabled

Pop-up blocker disabled

Minimum video resolution

The courses are optimized for a 1024 × 768 display on PCs and tablets of at least 7 inches.

Speakers or headphones (in case of multimedia products)

DATA TRACKING METHOD: SCORM 1.2

Certification / Certificate:

Final reports and certificate of use compliant with the provisions of the IVASS Regulation.

DEVELOPMENT TECHNOLOGY:

HTML5

PRODUCED BY:

PIAZZA COPERNICO

Content edited by: Assoreti Training

Teaching: Nicoletta Marinelli

COURSE CODE:

0071_19_07