Daniel Crosby, a psychologist turned behavioral finance expert, shares insights on transforming how clients set and stick to financial goals. He emphasizes that most goals stem from social influence rather than personal values. The conversation highlights the significance of understanding individual motivations and forming sustainable habits. Crosby introduces the EAST framework for effective goal-setting and discusses the power of social accountability in improving financial decisions. Discover actionable strategies that empower both advisors and clients in navigating financial success!
49:20
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
Habits Trump Willpower
Willpower is overrated and insufficient for goal achievement.
Creating lasting habits and making good behaviors easy, and bad behaviors hard, are key successes.
question_answer ANECDOTE
Habit from Daily Routine
Daniel formed a habit of going to the gym by tying it to taking his daughter to early Bible study every morning.
This removed the decision from willpower and made exercise automatic.
insights INSIGHT
Mimetic Financial Goals
Many financial goals are mimicked from others and lack true personal meaning.
This mimetic behavior leads to goals that clients don't truly care about, hindering progress.
Get the Snipd Podcast app to discover more snips from this episode
In 'The Soul of Wealth', Dr. Daniel Crosby presents 50 short essays that delve into what wealth really is, emphasizing that true wealth encompasses friends, family, health, vocation, time, leisure, and other important aspects of life. The book offers practical advice on how to balance monetary wealth with soulful wealth, covering topics such as how spending reveals values, the role of money in buying happiness, creating a good financial plan, the limitations of willpower, and mastering delayed gratification. It is designed to challenge readers' thinking, rekindle forgotten truths, and empower them to adopt a new relationship with money.
Understanding human behavior is key to financial success, both for advisors and their clients. In this episode, Daniel Crosby, a psychologist turned behavioral finance expert, dives deep into why traditional goal-setting often falls short and how to create meaningful, lasting change. If you’ve ever wondered why clients set arbitrary financial goals—or why sticking to your own habits is so hard—this conversation is for you!
What you’ll learn in this episode:
Why most financial goals are based on social influence, not personal values
How to help clients set goals that actually resonate with them
The science behind forming long-term habits and staying committed
Why rules and automation are more effective than willpower alone
How social accountability can dramatically improve financial decisions
So many advisors focus on the numbers, but real success comes from understanding the psychology behind money decisions. Tune in for actionable strategies that will transform how you and your clients approach financial planning! 🎧
Check out Daniel’s Book, The Soul of Wealth, HERE!
Learn more about Asset-Map financial planning software HERE!
Learn more about our sponsor Beemo Automation HERE!
Learn more about the Group Coaching & Mastermind HERE!
Check out the Efficient Advisor YouTube Channel HERE!
The Efficient Advisor: Tactical Business Advice for Financial Planners 
