Episode 013: Behavioral finance has been gaining traction in the wealth management industry as more advisors recognize its potential to provide better advice and improve client outcomes. The enthusiasm for its adoption has grown, and the value it brings to clients is undeniable. As technology continues to advance, embedding behavioral finance into an advisor's workflow will become increasingly important. 

In today's episode of Connected, Kyle talks with Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions. They discuss the importance of behavioral finance in the wealth management industry. A psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets, Dr. Crosby shares his insights on adopting behavioral finance by advisors and the value it adds to their practices. 

Dr. Crosby also shares his favorite books, his writing process, and his thoughts on the nicest cities for people, food, art, and sports and the importance of experiencing a city through the eyes of someone who loves it.

Join us as we discuss:

Key Takeaways

Quotes

"The enthusiasm for behavioral finance has never been greater. But to take it to the next level, we need tools and technology that can exist on an advisor's desktop." ~ Dr. Daniel Crosby

"People who intentionally and explicitly used behavioral finance in their practices last year had three times the wallet share capture of those who didn't. So they got three times more assets from existing clients than people who didn't." ~ Dr. Daniel Crosby

"Behavior is the last stand of the advisor. If you look at what tech does well, it does speed and precision stuff well. What it doesn't do well is selling and connecting and empathizing." ~ Dr. Daniel Crosby

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