Key Takeaways
- • Jeff Kreisler, global head of behavioral science at J.P. Morgan Chase & Co., argued at the opening keynote of Pensions & Investments' Defined Contribution West 2026 conference that the advantage for financial professionals in an AI-driven environment will come from understanding people, particularly emotion.
- • Kreisler said trust in adviser relationships rests on honesty, ability and benevolence, with benevolence weighted most heavily, citing J.P. Morgan research; clients who believe an adviser is serving its own interests rarely forgive it.
- • Kreisler recommended two trust-building shortcuts: "WIFT" (ask "what's in it for them?") and "Take 10" (spend 10 seconds learning who the other person is apart from their money, title or technical needs).
- • Kreisler contended that organizations over-rely on extrinsic motivators such as money and time, citing a daycare whose late-pickup fines increased late arrivals, and that recognition of effort is as essential as avoiding its dismissal.
- • Kreisler advised professionals facing clients who arrive with AI chatbot-sourced ideas to be "curious, not judgmental," and identified accountability, security, accuracy and individualized treatment as four advantages over chatbots.
Summary
As artificial intelligence makes information and technical expertise widely accessible, the competitive edge for financial professionals will increasingly rest on understanding people, according to Jeff Kreisler, global head of behavioral science at J.P. Morgan Chase & Co. Speaking at the opening keynote of Pensions & Investments' Defined Contribution West 2026 conference, Kreisler, a managing director at the bank, said emotion is the domain where humans retain an advantage that AI cannot match. "I know how you feel. They don't. We do," he said. "That is our superpower."
Kreisler defined behavioral science as the study of how emotion and psychology shape decisions, including decisions that undermine people's own goals. He built his remarks on two premises: good decisions are difficult for everyone because they require acting now for an uncertain future, and human nature cannot be changed, only understood. Rather than lecturing, he argued, professionals should work with people's habits. He cited his own exercise routine, in which he lays out gym clothes the night before and does not expect perfection, and applied the same logic to AI, saying people should not feel pressure to match machine precision. "Let the machines do what they do perfectly and you be the best person you can be," he said.
On trust, Kreisler presented J.P. Morgan research identifying honesty, ability and benevolence as the foundations of adviser relationships, with benevolence the most important. According to his account, a small lapse in honesty or performance can be overcome, but clients who perceive an adviser as pursuing its own interests seldom forgive it. He offered two practical tools: asking "what's in it for them?" before any interaction, and spending 10 seconds learning about the other person without reference to their money, job title or technical needs.
Kreisler also addressed motivation, arguing that organizations overemphasize what he called extrinsic motivators, time and money, while neglecting purpose, meaning and connection. He cited a daycare that introduced late-pickup fines and saw more parents arrive late, because the fee replaced the social cost of appearing selfish. Grounding his view in self-determination theory, which holds that people need community, competence and control, he said the IKEA effect explains why involving clients and employees in change makes it durable. He also stressed recognition, describing a study in which people whose work was ignored were as discouraged as those whose work was shredded.
Finally, Kreisler addressed the growing scenario of clients arriving with ideas generated by AI chatbots. He advised being "curious, not judgmental," distinguishing "I hear you" from "you're right," and asking where the information came from, why it matters to the client and what the client intends to do with it. He identified four professional advantages over chatbots: accountability, security, accuracy ("sounding right is not the same as being right") and treating clients as individuals rather than demographic averages. Asked during Q&A which human strengths matter most, he named empathy, learning about empathy and listening.
Kreisler defined behavioral science as the study of how emotion and psychology shape decisions, including decisions that undermine people's own goals. He built his remarks on two premises: good decisions are difficult for everyone because they require acting now for an uncertain future, and human nature cannot be changed, only understood. Rather than lecturing, he argued, professionals should work with people's habits. He cited his own exercise routine, in which he lays out gym clothes the night before and does not expect perfection, and applied the same logic to AI, saying people should not feel pressure to match machine precision. "Let the machines do what they do perfectly and you be the best person you can be," he said.
On trust, Kreisler presented J.P. Morgan research identifying honesty, ability and benevolence as the foundations of adviser relationships, with benevolence the most important. According to his account, a small lapse in honesty or performance can be overcome, but clients who perceive an adviser as pursuing its own interests seldom forgive it. He offered two practical tools: asking "what's in it for them?" before any interaction, and spending 10 seconds learning about the other person without reference to their money, job title or technical needs.
Kreisler also addressed motivation, arguing that organizations overemphasize what he called extrinsic motivators, time and money, while neglecting purpose, meaning and connection. He cited a daycare that introduced late-pickup fines and saw more parents arrive late, because the fee replaced the social cost of appearing selfish. Grounding his view in self-determination theory, which holds that people need community, competence and control, he said the IKEA effect explains why involving clients and employees in change makes it durable. He also stressed recognition, describing a study in which people whose work was ignored were as discouraged as those whose work was shredded.
Finally, Kreisler addressed the growing scenario of clients arriving with ideas generated by AI chatbots. He advised being "curious, not judgmental," distinguishing "I hear you" from "you're right," and asking where the information came from, why it matters to the client and what the client intends to do with it. He identified four professional advantages over chatbots: accountability, security, accuracy ("sounding right is not the same as being right") and treating clients as individuals rather than demographic averages. Asked during Q&A which human strengths matter most, he named empathy, learning about empathy and listening.
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