Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making. Daniel was named one of the “12 Thinkers to Watch” by Monster.com, a “Financial Blogger You Should Be Reading” by AARP and a member of InvestmentNews prestigious "40 Under 40". When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.

SHOW NOTES

Tune in to hear:

  • Why do so many ultra-high net worth individuals feel that their heirs are ill-prepared and what is to be done about this? Also, why do so many families put off the difficult conversation of succession?
  • Why is The Great Wealth Transfer, at its root, a behavioral problem and not a fiscal one?
  • What are five psychological barriers that keep families from talking about money and succession planning? What are some of the ways advisors can work with their clients to overcome these barriers? 
  • Why is status quo bias a potent obstacle in succession planning?
  • Why does perceived inequity in inheritance create such a charged emotional reaction among children? What is the deeper issue it betrays?
  • What are the five conversations that parents should have with their heirs as a part of the psychological and emotional work required for effective succession planning?
  • How can advisors automate the succession planning process as much as possible? What are the 6 steps of this process?

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