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The Behavioral Divide with Hal Hershfield episodes
- Market Madness: How Emotions Can Lead Investors Astray and What to Do
Have you ever wondered why people spent millions on cartoon apes in the NFT frenzy? Beyond the obvious desire for profit, emotions likely played a role.
In this episode of The Behavioral Divide, Professor Hal Hershfield sits down with Alex Edmans, Professor of Finance at the London Business School, to discuss his new book, The Madness of Markets. Beyond the many fun, memorable stories found in his research (like cartoon apes), he examines the emotions and biases that can drive even smart investors to make suboptimal choices. Joining them is Jason Gentile, Chief Wealth Officer at Apella Wealth.
Together, they get at the importance of remaining tethered to your own objectives when others may be chasing quick wins, and why one of the hardest things in investing is being aware of what you know versus what you merely think you know.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
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Subscribe to The Behavioral Divide podcast:
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41 min - What’s the Money For? Lessons on Wealth, Happiness, and a Life Well Lived
Jonathan Clements was a prodigious writer on personal finance and investor behavior, well known for his long tenure writing the “Getting Going” column for the Wall Street Journal and for creating HumbleDollar.com. After receiving a terminal cancer diagnosis, he summarized much of his life’s work helping others pursue greater financial happiness in his final book titled Money and Me.
On this episode of The Behavioral Divide, Professor Hal Hershfield shares a special interview with William (Bill) Bernstein—a close friend of Jonathan’s and whose own financial writing and research was often cited in Jonathan’s columns. He’s also a co-founder of Efficient Frontier Advisors and has published several books on investments.
They share a wide-ranging discussion on key insights from Jonathan’s work and Bill’s own experience, including the value of understanding the purpose of one’s money, why retirees should think hard about what will give them fulfillment after their career, and the importance of identifying whether we will be content ending our lives with lots of money left versus a desire to spend it all before we’re gone.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
35 min - One Voice: Finding Financial Harmony in Couples with Loud and Silent Partners
When it comes to finances and couples, there’s often a louder voice within the relationship. At times, it may feel less like there’s a couple managing shared assets versus an individual making decisions on behalf of a couple.
On this episode of The Behavioral Divide presented by Avantis Investors®, Professor Hal Hershfield speaks with Indiana University’s Jenny Olson and Mark Johnsen of Wealth Architects to discuss the dynamics at play when it comes to couples and money. They cover strategies from the research and real-world experience to give each partner in a relationship a voice and help couples toward a shared vision.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
38 min - Beyond the Math, Part 3: The Importance of Framing with Annuities and Retirees
In Part 1 of our Beyond the Math miniseries, we spoke about the challenges investors can face with decumulation in retirement. In Part 3, we dig into a tool often proposed to help: annuities.
On this episode of The Behavioral Divide presented by Avantis Investors®, Professor Hal Hershfield interviews University of Illinois Professor Jeff Brown, author of the forthcoming book “Will My Money Last?”, who has studied annuities for three decades, along with David Busch, CIO of Trajan Wealth.
Their discussion focuses on what various types of annuities are really designed to do, why they are often misunderstood, and the investor psychology often at play when annuities are presented as a potential tool within a financial plan.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
35 min - Beyond the Math, Part 2: The “Fascinating History” and Psychology Behind Mortgages
For many, buying a home is the largest investment they’ll make, so it stands to reason that the decisions we make with mortgage loans matter. Yet, there are several persistent, predictable “mistakes” that are observed with mortgages.
On this episode of The Behavioral Divide presented by Avantis Investors®—and part two of our Beyond the Math miniseries—Professor Hal Hershfield interviews Columbia Business School Professor Eric Johnson and Lake Tahoe Wealth Management CEO, Debbie Grose, to examine the psychological drivers that affect mortgage decisions like choosing a type of loan, deciding whether to refinance, or evaluating whether to pay off or maintain a mortgage. They’ll discuss common pitfalls found in the academic research and from the perspective of a financial advisor, along with ways we might overcome them.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
35 min - Beyond the Math, Part 1: The Psychology of Decumulation and Social Security Claiming
On the surface, many financial decisions may appear as simple math problems, but the numbers alone don’t always provide the “right” answer for everyone. One domain this applies is an investor’s decumulation phase—the period where our focus is no longer on accumulating savings for the future and becomes about how to draw on the nest egg we’ve built and fund our income in retirement.
Social security claiming decisions are a prime example. How much you ultimately receive from social security is not only affected by when you claim but also how long you live. This leads to decisions that can be fraught with psychological factors.
On this episode of The Behavioral Divide, presented by Avantis Investors®, Professor Hal Hershfield discusses these psychological considerations that arise with decumulation and social security claiming decisions. To uncover the latest from the academic research and real-world advice, he speaks with an expert in decumulation decisions, Professor Suzanne Shu of Cornell University, and the CEO of financial advisory firm Define Financial, Taylor Schulte, CFP®.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
35 min - Risk and Reality: What the Research Says (and What Clients Do)
Risk can be complicated. One client’s views on risk might vary quite a lot from another. Just the same, one’s feelings about risk can vary from today versus next year. Advisors often aim to uncover client attitudes toward risk through questionnaires, but what has the research shown works (or doesn’t) with these tools? What has been found that might help advisors better understand what motivates how their clients feel about risk?
On this episode of The Behavioral Divide, presented by Avantis Investors®, Professor Hal Hershfield dives into these questions and more with Professor Terry Odean from the Haas School of Business at UC Berkeley and Jennifer Baick, who leads the financial planning group at Mercer Advisors.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
39 min - What the Academics Say Personal Finance Gurus (and Financial Advisors) Are Getting Wrong
Much of the popular personal financial advice that reaches the average person doesn’t come from economists or professors. It often comes from writers and radio hosts that in some cases have amassed millions of followers and risen to prominence through widely available, low-cost financial guidance.
On the next episode of The Behavioral Divide, Professor Hal Hershfield discusses this reality with James Choi, Professor of Finance at the Yale School of Management. Professor Choi has done extensive research examining the 50 most popular personal finance books to identify where their central themes match, and where they fail to align, with the academic literature. They discuss this work, as well as the most significant findings from academia that Professor Choi believes have failed to make it into the common practices of financial advisors and could potentially make a big difference for your clients.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMwSubscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe29 min - How to Help Others Change Their Behavior (Without Pushing Too Hard)
Change is hard. Helping others change isn’t always simple either. But we know, especially for folks like financial advisors, there will be times it’s important that you do. So, what can we do to make change easier, or to help others get where they want to go?
On this episode of The Behavioral Divide, we cover exactly that. Professor Hal Hershfield speaks with two outstanding guests. He interviews Professor Katy Milkman of The Wharton School at the University of Pennsylvania and author of How to Change: The Science of Getting from Where You Are to Where You Want to Be as well as Tiffany Rosetti who serves as a financial advisor for Wealth Enhancement.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Avantis Investors or American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
36 min - Process over Results: Tips to Improve Your Approach to Big Decisions
Not all bad outcomes result from bad decisions just like not all good outcomes come from good decisions. This simple thought speaks to the importance of the process of making decisions and not just their results, particularly when any amount of luck is involved. We probably don’t want to repeat bad decisions just because last time we got lucky and things worked out great!
On this episode of The Behavioral Divide, presented by Avantis Investors®, Professor Hal Hershfield speaks with two guests about the science of decision making and tips they’ve found effective for improving our approach to big decisions. Joining Hal for this discussion are former poker pro, best-selling author, and decision strategist Annie Duke along with Ben Felix, CIO of PWL Capital and one of the hosts of the popular Rational Reminder podcast.
They cover how to implement better processes for decision making, how to reduce the risk of behavioral bias in your decisions, how to judge the quality of your decisions, and more.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at [email protected].
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMwSubscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
53 min
About The Behavioral Divide with Hal Hershfield
From the publisher's feed
Financial decisions are endlessly complicated. There’s a huge body of academic literature that tries to study them to look for answers on how to improve decision making while a broad industry of financial advisors also work with investors every day on decisions that affect their financial futures. But there exists a divide between the two. On The Behavioral Divide, presented by Avantis Investors®, host and UCLA Professor Hal Hershfield examines this divide to find insights that may help advisors and investors make better financial decisions.
If you’d like to share your thoughts on the podcast or our episodes, send us a note at [email protected]. For other contact options, please visit avantisinvestors.com/avantis-contact.
The views expressed in this presentation are the speaker’s own and not necessarily those of Avantis Investors, a brand by American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.