Integrating Behavioral Finance and Wealthtech Solutions with Daniel Crosby

Advisor-client relationships are multifaceted, influenced by various factors ranging from market conditions to the client’s circumstances. The ability to provide holistic financial advice requires an understanding of psychological influences that affect decision-making.  In this episode, George and Ryan talk with Daniel Crosby, Ph.D., Chief Behavioral Officer at Orion Advisor Solutions. Daniel is a psychologist and behavioral finance expert who helps organizations understand the intersection of the mind and markets. He co-authored a New York Times best-selling book titled, “Personal Benchmark: Integrating Behavioral Finance and Investment Management”.  Daniel talks with George and Ryan about how behavioral finance impacts advisor-client relationships, why behavioral finance will be the next big thing in financial planning, and what people look for in a financial advisor. Key Takeaways [02:34] - How behavioral finance impacts advisor-client relationships. [05:08] - What Orion's Protect Live Dream is all about. [09:54] - The River Jordan effect in financial planning. [15:53] - Why it's better to ask about values before goals. [17:16] - Why behavioral finance will be the next big thing in financial planning. [20:08] - Some of the exciting new projects Daniel is working on for Orion. [23:35] - What people look for in a financial advisor. [28:26] - Why clients fire their advisors. [29:55] - How Daniel helps clients apply behavioral finance to their businesses. [32:02] - Daniel's key takeaways from the Fuse Conference. [37:50] - Daniel’s upcoming events. Quotes [03:11] - "People who work with an advisor tend to do better financially. And psychologically, they are happier, have better marital communication, have higher levels of resilience, and are more prepared for an emergency. People with a long-term relationship with an advisor had 2.7 times the wealth of their same-salary peers who were DIY investors." ~ Daniel Crosby [19:26] - "Behavioral finance lets you be more of who you are and connect with your clients in a way that's truly differentiating and always will be." ~ Daniel Crosby  [24:46] - "The number one predictor of whether or not a client follows through on their advisor's advice is whether or not they like them." ~ Daniel Crosby Links  Daniel Crosby on LinkedIn Orion Advisor Solutions Standard Deviation Podcast The Laws of Wealth: Psychology and the Secret to Investing Success Protect Live Dream | Orion Brinker Capital Ashvin Chhabra Personal Benchmark: Integrating Behavioral Finance and Investment Management Connect with our hosts Ryan Donovan George Svagera Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1835-OAT-10/3/2022