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BUSINESS Monday 25 March 2019
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Liz Weston: How to give money advice that sticks

By LIZ WESTON one hasn’t asked for your been in the same position, they confirm they’ve done
NerdWallet opinion, or even if they you’ve undoubtedly made that, she asks them to get
Associated Press have, a good first step is mistakes with money, so online access to all their
Unsolicited money advice making sure they want it, you can tap into that to un- bank accounts. When
is like stale fruitcake: Most Somers says. derstand how they might that’s done, she asks them
people wish the givers For example, you could feel. to start reviewing their
would just keep it to them- say, “I’ve been watching “People need to feel en- transactions each day. This
selves. you struggle, and I have a couraged and buoyed,” 1-2-3 approach works a lot
Still, those who are “good few ideas for some things Somers says. better than telling people
with money” often want that might help. If you ever REDUCE THE FRICTION they have to track their ex-
to help friends and family want to hear them, let me Many people with money penses for a month.
who struggle. Many of us know,” Somers suggests. problems are cognitively Supervision or support also
remember the timely mon- WATCH YOUR LANGUAGE overwhelmed, Somers says. can help people follow
ey tip that made all the dif- Some celebrity money gu- They may be too paralyzed through. A parent worried
ference: when a co-worker This April 2017, file photo rus revel in shaming the to take action. Good ad- about an adult child’s debt
suggested we contribute provided by NerdWallet people who turn to them visers ask questions to bet- may offer to go with them
shows Liz Weston, a columnist
to the company’s 401(k), for personal finance website for advice. Blaming people ter understand the barriers to see a credit counselor,
for example, or that time NerdWallet.com. for their money problems their clients face, she says. or set up an appointment
a relative warned us off an Associated Press is popular sport on inter- “People can ask curious with an empathetic finan-
investment that really was YOUR ADVICE net forums, as well. But questions like, ‘That’s some- cial adviser , Somers says.
too good to be true. Even people who pay for blame and shame rarely thing that you seem to be In fact, leading someone to
So I turned to neuropsy- money advice can have succeed in getting people putting off. What about this the right professional may
chologist and executive trouble following it. Somers to change their behavior, is hard for you? How can I be the best move of all, she
coach Moira Somers, au- learned about something Somers says. be of help?’” Somers sug- notes. Friends and family
thor of “Advice That Sticks: called “non-adherence” “That leaves the person gests. may reject even your best
How to Give Financial Ad- while working in health feeling trapped or disem- Once you know their chal- advice because there are
vice That People Will Fol- care, and she now trains fi- powered, or really, really lenges, you can look for things they don’t want to
low.” Her book was written nancial planners in some of bad about themselves,” ways to reduce the friction share with you, or they sim-
for financial planners, but the same techniques doc- she says. So they shut down, that keeps them stuck. ply need a more neutral
the techniques she sug- tors use to help patients fol- and your advice — like that That could mean breaking third party to guide them.
gests, backed by behavior- low treatment plans. fruitcake — is quickly dis- a task down into simpler “They may not be able to
al finance research, could A key principle: The per- carded. steps. To help overspend- hear the advice from you,”
be helpful for anyone who son being treated needs Warmth, encouragement ing clients, for example, Somers says. “But you can
wants to give effective to “buy in,” or agree that and empathy are better Somers first asks them to say, ‘I know somebody that
money counsel. the suggested treatment is ways to reach people, she turn off one-click ordering might be able to help you
MAKE SURE THEY WANT right for them. When some- says. Even if you haven’t on all their devices. When with this.’”q

From dollars to bytes: Digital payment tech companies merge

Fidelity, or FIS as it is known, Conan Leon. It has grown across more than 120 cur-
is a more traditional pay- quickly as the companies rencies. Combined, World-
ment service provider, that it services have grown, pay and FIS would have
supporting more staid and that makes it an at- had 2018 revenue of $12.3
practices such as banks tractive acquisition target. billion. The deal represents
transactions. Worldpay is Worldpay processes more the biggest acquisition for
the “crown jewel” of the e- than 40 billion transactions FIS since it spent more than
commerce niche, said Insti- a year and supports more $5 billion for SunGard in
net analysts Dan Dolev and than 300 payment types 2015. q

In this Tuesday, July 16, 2013, file photo, an ATM is displayed
at a Wells Fargo bank, in Atlanta. Fidelity National Information
Services is buying Worldpay for about $35 billion with financial
transactions increasingly move online.
Associated Press

By SARAH SKIDMORE SELL when those transactions
AP Business Writer took place in person with
Fidelity National Informa- a swipe of a card. But
tion Services is buying transactions have largely
Worldpay for about $35 moved online and grown
billion to combine forces in complexity, forcing those
as financial transactions in- background players to
creasingly move online. deal with multiple curren-
The payment service in- cies, various forms of pay-
dustry works behind the ment and more at lightning
scenes to help complete speed. The industry also
the process for purchases. faces a growing base of
It was a simpler exercise startup competitors.