Standard Deviations with Dr. Daniel Crosby

Joe Duran - Humanizing Wealth Management: How Personalization is Shaping the Future of Financial Services

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Dec 12, 2024

Join Joe Duran, founder of United Capital and Rise Growth Partners, as he brings a human-centric approach to wealth management. He shares insights on why many firms stick to outdated educational methods instead of embracing client-centric tools. Joe discusses the importance of aligning financial planning with clients' life goals and the need for wealth managers to adapt their skills. He also highlights how to differentiate between promising RIAs and those to avoid by focusing on values and behaviors rather than just numbers.

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ANECDOTE

Money as Fuel

Joe Duran felt dissatisfied talking only about money and investments in his first business.
Grad school at Berkeley and interviews with 100 entrepreneurs revealed a focus on money as a means, not an end.

INSIGHT

Embedded Behavioral Finance

Clients don't explicitly seek behavioral finance but love it when applied.
Embedded behavioral finance, like tools within client-facing apps, is more effective than mere education.

ADVICE

Compelling Promises

Wealth management firms should focus on a compelling promise beyond basic services.
Consider clients' deeper motivations for wanting to achieve financial goals, like maximizing life experiences.

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