In this 123rd episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Dr. Daniel Crosby, Founder of Tulip, Chief Behavioral Officer at Brinker Capital, and Best-Selling Author. He is known for figuring out ways to take behavioral finance theory and implement in real life. Dr. Daniel Crosby speaks about his new platform, Tulip which puts that process into action. 

Episode Highlights: 

● 00:16 – Jason Pereira introduces Dr. Daniel Crosby. 

● 01:03 – Dr. Daniel Crosby explains what Tulip is. 

● 01:53 – He shares his career history. 

● 05:33 – Where did he start when tasked with this effort with Tulip? 

● 09:01 – How does he account for the advisor buffer with Tulip? 

● 11:01 – What are the three forms of risk? 

● 15:48 – What does the Tulip user experience look like from start to finish? 

● 25:42 – Is there any contextual change with Tulip based on dollar amount? 

● 30:14 – How does Tulip deal with a differentiating context of risk? 

● 33:22 – What does the output to the advisor look like? 

● 37:34 – What would Dr. Daniel Crosby change in his business or industry? 

● 38:17 – What have been the biggest challenges that Daniel has faced? 

● 39:04 – What has kept Dr. Daniel Crosby excited about the work he is doing? 

3 Key Points 

1. One of the best predictors of future behavior is past behavior. 

2. Tulip looks at past behavior, uses a gamified simulation of 30 years of market history that allows the client to sort of pre-experience what markets are like to try out different decisions within 5-6 minutes. 

3. Some data points that Tulip looks at include frequency of inbound contact, how often do they log in, and the gamified simulation itself. 

Tweetable Quotes: 

● “Tulip is a behavioral analytics platform for financial advisors. So, it all operates from the premise that the highest value that a financial advisor adds to her or his clients’ lives comes through behavioral coaching.” – Dr. Daniel Crosby 

● “One of the first things you learn as a psychologist is that self-reported behavior is a horrible measure of actual behavior.” – Dr. Daniel Crosby 

● “One of the critiques of other measures of risk-taking behavior is that they’ll ask questions in a vacuum, like, ‘if you lost $10,000, would that be a big deal or not?’ If you have $10 million, it is not a very big deal.” – Dr. Daniel Crosby 

Resources Mentioned: 

● Facebook – Jason Pereira’s Facebook 

● LinkedIn – Jason Pereira’s LinkedIn 

● FintechImpact.co – Website for Fintech Impact 

● JasonPereira.ca – Sign up for Jason Pereira’s newsletter 

● Linkedin – Dr. Daniel Crosby’s Linkedin 

● The Behavioral Investor by Dr. Daniel Crosby – Book by Dr. Daniel Crosby 

● The Laws of Wealth by Dr. Daniel Crosby – Book by Dr. Daniel Crosby 

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