Money, Mind And Meaning

Tune in to hear:- Why is it often complicated to offer a simple and elegant solution for the common behavioral dilemmas that advisors face?- Why might psychological shortcuts potentially lead to gender bias in asset allocation?- Are there any salient differences between men and women, on average, in regards to risk tolerance?- How can we systematize the information gathering process during client intake in order to give more equitable advice?- Why is there often a discrepancy between where clients perceive value in working with an advisor and where the advisors themselves perceive they are adding value?- What are some ways that advisors can prime their clients for more effective goal setting?- If Samantha could offer just one small behavioral intervention to make life a little better for each of us, what would she suggest?https://twitter.com/SamanthaLamas4Compliance Code: 1116-OAS-6/27/2022 

Tune in to hear:- What role does positive psychology play in financial planning? More broadly, what is positive psychology and how is it differentiated from the popular conception of behavioral finance as the study of bias?- What is the “three good things” intervention and why does it work? Is it applicable in a financial context as well?- What do you do when someone attributes the best things in life to happenstance or luck? How can you potentially reorient this into something with a more internal locus of control?- Why is money uniquely ripe for conflict and why are advisors well-positioned to help?- What are the primary stages of financial conflict resolution?- Is neuroticism the main personality trait, of the “Big 5,” that advisors would want to be aware of in their clients or do other personality traits play a big role in making sound investment decisions as well?https://www.linkedin.com/in/sarahasebedophdcfpCompliance Code: 1117-OAS-6/27/2022

Tune in to hear: - As one of the founders of the discipline of financial therapy, what light can Dr. Archuleta shed on the origin story of this unique discipline?- What are the lines of demarcation between financial planning, financial therapy and traditional therapy? Should financial planners look to make referrals, when necessary, for financial therapists or is this a largely academic discipline?- What’s a concrete example of a concern that is out of the scope of a traditional financial advisor’s practice but not necessarily appropriate for a psychologist either?- What is solution-focused therapy and why did Dr. Archuleta find it to be particularly instrumental in a study she was doing?- How can we encourage people to be a little more thoughtful about their goal setting process?- What is “fuzzy trace theory” and what is its relationship to risk tolerance?https://www.linkedin.com/in/kristy-archuleta-ph-d-lmft-cft-i-tm-273a5722Compliance Code: 1047-OAS-6/15/2022

Tune in to hear:- How did Nick land on a kinder, more gentle approach, to personal finance?- What is the least conventional bit of financial advice that a reader may come across in Nick’s new book?- Nick’s new book states that most savings advice is problematic - where does he differ from the conventional wisdom with respect to savings advice?- How should we think about lifestyle creep from a data driven perspective?- How should people think about investing at a time when inflation is rising this dramatically and when the market is not keeping pace?- A sub chapter of Nick’s book says that “not even God can beat dollar cost averaging.” Why, historically, has waiting for a more opportune time to enter the market not been an effective strategy?- How do you buy in a crisis and why shouldn’t we fear volatility?- Did Nick change his mind about any major issue as he did the research for his new book?https://twitter.com/dollarsanddatahttps://ofdollarsanddata.com/justkeepbuyingCompliance Code: 1022-OAS-6/13/2022

Tune in to hear:- If Tim could personify himself as a guitar, what type of guitar would he be?- Tim thinks that engagement, performance and persuasion all begin with behavioral science and that behavioral science begins with the unconscious. What does this mean from a scientific perspective and how can we tap into these unconscious motivations?- The unconscious is pretty intensely guarded, and sometimes for good reason - how can we push through this and access information below the deck that is useful for behavioral change?- What is the EAST framework for thinking and what does this acronym stand for?- What does Tim consider to be the three keys to making something easy?- Sometimes needlessly complicating a process can lead people to esteem it more highly - how can we decipher when this principle is going to be more persuasive or if ease will be more persuasive?- How do we make something like finance, which is so fear inducing, more attractive to people?- How can we use social cues to help herd people in a po

Tune in to hear:- When we narrow down the financial advisors to those who we would trust to manage our spouse’s or parent’s finances, Steve thinks that we do so largely on behavioral factors alone. Which behavioral considerations make someone a trusted advisor?- From the outside looking in (i.e. if you don’t personally know an advisor beforehand), how can one make a determination about whether an advisor is going to be one of the handful of advisors that another advisor might entrust with their family’s finances?- Where does Steve think we are headed as an industry? How might we communicate the broader value we can offer to the investing public when they still largely think of us as “stock pickers?”- What has Steve seen that really knits clients and advisors together?- What is one thing, from a productivity standpoint, that Steve sees advisors failing to do or a place where they’re leaving value on the table?- What’s an example of a common high effort, low impact advisor behavior?- How can we begin to combat

Tune in to hear:- Jeff is known on Twitter for his complex deep dives into the world of tax legislation - what got him interested in this in the first place?- What is keeping us from a more simplified tax code? Is it really as complicated as it appears or is there some subterfuge here where the complexity is just a feature and not a bug?- When Jeff hears politicians and everyday people talking about tax schemes - which ideas sort of make him cringe and which ideas around taxation does he find to be widely misrepresented?- How does Jeff see the conversation around “taker states” vs. “maker states” playing out? Does this cause infighting and strife and is there anything that can be done to address this?- If Jeff could wave a magic wand and become president, what immediate changes would he make to the US tax code?- What are some common sense steps the average person can take to minimize their tax burden?- What are a couple of the strangest things he’s ever seen written off?- What can advisors do, with the respec

Tune in to hear:- What was Drew’s experience studying under Richard Thaler like?- Drew thinks that you have to hold a willingness to be right and to be wrong in equal measure at all times - is this something that Thaler modeled in his behavior and how does he think about this in the context of his own firm?- What’s an analogy we can draw between Hank Aaron’s batting behavior and the act of picking stocks?- What are a few techniques Drew has discovered to de-bias his thinking a bit?- Drew is great at distilling highly complex concepts into easily understandable ideas - is this an important part of getting his institutional clients on the same page?- What are "unknown knowns" and what do they have to do with confirmation bias? Why is the market so averse to ambiguity?https://www.albertbridgecapital.comCompliance Code: 0983-OAS-6/6/2022 

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-ripplehttps://www.cowryconsulting.com/consultants/jez-groomCompliance 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.comhttps://www.prospectabriefings.comCompl

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/whatmotivateshttps://www.linkedin.com/in/kurtwnelsonCompliance 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/1119537878https://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%A2-0822a7ahttps://www.natalieanntaylor.com/Compliance Code:

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=qHNhNjNwGVYCompliance 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 ou

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.comTwitter: @brianportnoyCompliance 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 mo

Tune in to hear:- How does non-compliance with advice, and the gap between knowing and doing, present on a macro level and impact our lives?- Is the financial services industry, as a whole, guilty of delivering advice without much regard for how it is retained and implemented?- How is the term non-compliance potentially problematic?- What are some individual characteristics of advice givers that helps their advice be stickier?- What are some of the big drivers that cause professionals to use too much jargon?- What are some potential resources for financial advisors who are hoping to be more culturally sensitive?https://moneymindandmeaning.comCompliance Code: 0430-OAS-3/9/2022 

Tune in to hear:- As a student of great advisory practices, what are some of the consistent themes that Jackie encounters across the board? - Are there specific examples of advisors who have created a unique experiential piece for their clients. If so, what did these experiences look like?- Where do we get it wrong as an industry around some of the most discussed buzzwords?- What is a common misunderstanding about next generation investors?- How can one resolve the catch 22 of being intentional about crafting themselves as a brand while remaining authentic?- What exactly is human capital beyond its obvious connotations? What benefits can teams accrue by really focusing in on this?- How are advisors able to effectively standout and differentiate themselves when the services they offer are, realistically, quite similar to many of their competitors? - What is it that has allowed First Trust to build a successful business in the world of asset management at a time when many of the broader industry trends are goin