Broadening the influence of asset managers through the six principles of persuasion

Abstract

Asset managers (AMRs) have long struggled to influence others within their organisations to support Asset Management (AM) practices. This dilemma was further highlighted with the issuance of the AM suite of standards, ISO 55000. This paper explores an alternative approach to existing influence and change management approaches. Social psychology, and more specifically Robert Cialdini’s ‘six principles of persuasion’, have benefited advertisers, lawyers, and even waiters in their respective professions, by helping them to influence others and induce compliance. Fortunately, AMRs can now do the same. Implementing these principles offers numerous advantages and requires small, practical, and often costless changes that can make a large difference to their ability to influence and persuade others in an ethical way.