Barron's Advisor

Dr. Daniel Crosby: The Psychology of Client Decision-Making Explained

Jun 17, 2025
Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions and author of 'The Soul of Wealth', dives into the emotional landscape of finance. He discusses how fear and bias influence clients' decisions and offers strategies to build rapport. Crosby highlights the role of 'useful delusions' in aligning investments with clients' emotional needs. He also examines the impact of social media on mental health and financial well-being, urging mindful consumption. Finally, he reflects on bridging material wealth with true personal significance, shifting the focus from accumulation to meaningful relationships.
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ADVICE

Build Rapport Before Facts

  • Establish rapport and care before presenting factual information to clients.
  • Clients need to feel changing their mind aligns with their purpose to accept new facts.
INSIGHT

Emotion Drives Belief Formation

  • Most opinions are formed emotionally rather than rationally.
  • Reasoning often acts as a justification for beliefs we already want to hold.
ADVICE

Pause Decisions During Emotion

  • Avoid making financial decisions when feeling strong emotions like anger or fear.
  • 'Sleeping on it' for 36 to 48 hours helps prevent impulsive money decisions.
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