Standard Deviations with Dr. Daniel Crosby

Tune in to hear:

- Where are we at, as an industry, in terms of the application of behavioral sciences to the world of work? Where does Jez see us headed next or what’s his outlook for the industry?

- Compared to something like tech, where does the financial industry fall on the adoption curve of behavioral sciences? 

- In what field might we have the next big, unexplored vertical jump for applied behavioral sciences?

- What was the case study about helping regular folks save more money and what practical things emerged from this study?

- Why is a degree of granularity so important when making a behaviorally-driven plan?

- How can we fight the idea that grand behavioral changes require grand behavioral interventions? 

- How did Jez help Mexico implement a country-wide campaign to tackle obesity using behavioral science? What can we learn from this example?

https://www.goodreads.com/book/show/49190518-ripple

https://www.cowryconsulting.com/consultants/jez-groom

Compliance Code: 0934-OAS-5/26/2022

Tune in to hear:

- What are some of the primary drivers of asset flows from a behavioral perspective?

- Soft factors account for a lot more of clients’ decision-making process about their assets - what is the takeaway, for asset managers and financial advisors, from this revelation?

- What are the three different types of trust that Herman breaks down in his book?

- Interpersonal trust might be the most important pillar of trust, as well as being the most within an advisor’s sphere of control. What can one do to build and fortify this with our client base?

- What is the number one most trusted profession in both the US and nearly globally? Why might this be the case?

- Why are financial professionals rated so low on the Edelman Trust Barometer? Could they ever be trusted at the same level as those in a medical profession?

- What are the “Big 5” personality traits and how can they be applied to deepen the understanding between clients and advisors?

https://www.thetrustmandate.com

https://www.prospectabriefings.com

Compliance Code: 0919-OAS-5/24/2022

Tune in to hear:

- Has Kurt ever noticed a problem that isn’t ostensibly behavioral in nature that ended up being behavioral?

- How can we craft a cohesive work culture without contributing to problems like group think?

- From a leadership perspective, how can we open ourselves up to new ideas and not fall prey to confirmation bias? Also, if we are the person that’s going to question the status quo of an organization - how can we do that in a way that it’s likely to get picked up?

- What is a when-then rule and how can it help us make better decisions?

- What is one thing that Kurt has learned from a guest on his podcast, Behavioral Grooves, that surprised him or that he has since applied in his own life?

- What is something he has changed his mind about since he began hosting the podcast?

- What are one or two behavioral changes the average person could make to improve their life?

https://twitter.com/whatmotivates

https://www.linkedin.com/in/kurtwnelson

Compliance Code: 0781-OAS-5/5/2022
 

Tune in to hear:

- How did Peter get started reviewing frozen pizzas?

- What is it that most people misunderstand about investing?

- How does Peter, as an advisor, go about crafting a vivid and salient personal vision for his clients?

- How can you bring clients back to a vision of their future selves in a difficult moment?

- How, practically, does Peter try to maximize anxiety-adjusted returns when creating a portfolio?

- What are some behavioral similarities between cake mixes and portfolios?

- Why did Peter dedicate an entire chapter of his book to market downturns?

- How does one educate their clients honestly about potential market downturns gently without scaring them off?

https://www.amazon.com/Making-Money-Simple-Complete-Financial/dp/1119537878

https://peterlazaroff.com/podcast/

Compliance Code: 0783-OAS-5/5/2022.

Tune in to hear:

- How does technology shape the way we act? Sometimes we don’t even know the water that we are swimming in with regards to technology - how can this induce us to make good or poor decisions?

- Is there a way that tech can facilitate some of the soft skills of client interaction (e.g. care, empathy and connection)?

- What role should self-care, self-work and introspection play in advisors being better behavioral coaches for their clients?

- When Natalie had realizations about personal shifts she needed to make to better serve her clients, what was the catalyst that spurred her personal growth?

- How can we as an industry help convey the fact that the soft skills and behavioral elements of a financial practice are critically important to its success?

- In Natalie’s experience, what does good goals-based planning look like?

- How can we make the advice we give our clients stickier?

https://www.linkedin.com/in/natalie-taylor-cfp%C2%AE-bfa%E2%84%A2-0822a7a

https://www.natalieanntaylor.com/

Compliance Code: 0729-OAS-4/28/2022
 

Tune in to hear:

- How has Meb’s world, and domestic, travel shifted the way he thinks about investment?

- What is Meb’s least popular idea about investing?

- Why is it so important to codify and pre-commit to your own sell strategy?

- What is Meb’s “red light, green light” approach? How does he think about market timing and tactical asset allocation?

- Meb likes to give out free business ideas that he doesn’t have the bandwidth to take on himself. Has anyone ever run with one of these ideas and what is his latest and greatest business idea?

- What lessons has Meb learned across his experiences as an angel investor?

https://www.cambriafunds.com/

https://mebfaber.com/

Compliance Code: 0671-OAS-4/22/2022

Tune in to hear:

- What are some of the flimsy tethers in peoples’ lives that keep them from achieving financial greatness?

- If an advisor’s number one job is not to make you money, what might it be?

- What are the 11 different dimensions of wealth that Seth’s firm lays out? How did he arrive at these?

- How do these provide a helpful framework for clients during times of crisis?

- How do you balance giving your children a great amount of access without spoiling them or diminishing their self-reliance?

- Should we talk with our children about our income level and our net worth?

- Is it a reality for anyone other than those who are already wealthy to switch from a job that’s making them miserable to a more fulfilling, but potentially lower paying, position?

- How can advisors best support their clients during divorce and other hard times? What is the appropriate level of intervention or closeness in these cases?

https://missionwealth.com/

https://www.youtube.com/watch?v=qHNhNjNwGVY

Compliance Code: 0561-OAS-4/4/2022

Tune in to hear:

- How does Dr. Bookstaber think about and define risk in the most practical terms possible?

- Does the way people like us talk about risk differ in an overly academic way from how people in the street think about it?

- Which of the sort of commonly discussed current risks seem legitimate to Dr. Bookstaber and which might loom larger in peoples’ minds than they should?

- Why aren’t geopolitical conflicts  more catastrophic to the market than they are with how intertwined the global economy is?

- How should we think about a world where you have to take risks to keep up with inflation but where asset prices seem stretched by some measures?

- Do we now live in a world that’s high-risk in theory but where governments and regulatory bodies keep the scales from tipping too far in a catastrophic direction? Were the FEDs actions during Covid-19 a singular response for a singular time in history?

- How can we be skilled risk managers when we have an asymmetry in the way we weight pessimistic vs. optimistic outcomes?

https://fabricrisk.com

https://www.amazon.com/End-Theory-Financial-Economics-Interaction/dp/0691169012

Compliance Code: 0570-OAS-4/5/2022

Tune in to hear:

- Dr. Portnoy says we’ve created a “Behavioral Finance entertainment complex that does very little to help real people make real decisions.” What does he mean by this?

- Do you think we overlook the good behavioral finance has done because the good is subtle and simple?

- What does he see as the good, the bad and the ugly of “nudging?” How can or can’t it be applied to the field of wealth management?

- How can we make the distinction between normalizing clients’ maladaptive behaviors without condoning the actions?

- What are some tips on how to move towards a more empathic practice and what does empathy look like in the context of an advisor-client relationship?

www.shapingwealth.com

Twitter: @brianportnoy

Compliance Code: 0534-OAS-3/29/2022

Tune in to hear:

- Are various addictive behaviors (e.g. gambling, drug abuse) potentially symptoms of a larger societal issue?

- What percentage of people in standard therapy might benefit from a finance-centric therapeutic approach?

- What are some of the most common, or universal, expressions of financial dysfunction that Dr. Lutter sees in her work?

- Are there some cases where having financially dependent adult children is an appropriate course of action because of cultural or other differences?

- How does Dr. Lutter operationalize happiness?

- The four elements of happiness that Dr. Lutter lays out are heightened in those who work with financial advisors. Do what does she attribute this sizable happiness gap?

- Those who work with financial advisors are shown to have much better communication with their romantic partner or spouse. Why might this be the case?

- High net-worth individuals without financial guidance are less happy than those with financial guidance. Why might this be true?

- What are some of the most counterintuitive or surprising findings Dr. Lutter has encountered over the course of her career?

www.angieherbers.com

https://twitter.com/sonyalutter

Compliance Code: 0482-OAS-3/21/2022