Familiarity breeds comfort not contempt.?

The title of a Psychology Today article from 40 years ago which is so true when it comes to describing our instinctive behavior and our species' resistance to change.  

As a species, it is a known fact that we resist change. We are programmed to resist it because change brings uncertainty and risk. As a species, our survival instinct is to conserve energy by doing what comes easiest and to avoid risk. Both are best served by doing the things we do, the way we always have.

Our minds are designed to reject change. They are wired with neural pathways which are formed through repetitious thoughts and actions which make it a real effort to develop an alternative point of view or take a new approach.[1] Our biology as well as our psychology works against us. Through a process called Homeostasis[2] we seek to create a stable environment necessary for survival which in turn, creates an inertia that fights any drive we may have to change.   Professor Kelvin Rodolfo of the University of Illinois writes[3] A society homeostatically maintains its stability despite competing political, economic and cultural factors.

The autumn event season is open, and I have spent the last 2 weeks in the company of 100’s of mortgage advisers, many of which confess to preferring to recommend a first charge, capital raising remortgage rather than considering a second charge. There are many reasons given as to why but in honesty, when those objections have been overcome; they often concede that it is a lack of familiarity with the products and the processes which puts them off. This is not laziness or cowardice but a genuine concern (and in response to a very natural instinct), that through a lack of understanding and experience, they could inadvertently provide the incorrect advice to a borrower and/or something could go wrong.

There are many occasions where a second would be better for a client than a first. It’s a no-brainer for borrowers like me who I describe as a 0.2% life-time base rate bragger and for those where their borrowing needs simply cannot be satisfied by a first. It can be less obvious for others.

There isn’t the opportunity to explore and debate all scenarios here but if you would value the opportunity to challenge your current thinking; for the benefit of your customers and yourselves please get in touch. And as for overcoming your fears, I am proud to be part of a team who are very hands on and will readily help you through your uncertainty with collaboration and confidence.

I look forward to you getting in touch.

[1] https://tinybuddha.com/blog/how-to-tackle-resistance-to-make-meaningful-life-changes/

[2] https://www.scientificamerican.com/article/what-is-homeostasis/

[3] https://www.scientificamerican.com/article/what-is-homeostasis/