Dan Egan, Director of Behavioral Finance at Betterment, shares key insights on the psychology behind financial decisions. He explains why despite simple wealth-building principles, many still struggle to become millionaires. Egan emphasizes the dual role of behavioral science in managing temptations and setting achievable financial goals. The conversation also touches on the impact of technology in personal finance and the balance between rational investment strategies and emotional insights. A refreshing discussion on ‘Coast Fire’ and practical budgeting tips rounds out the chat.

Dan Egan, VP of Behavioral Finance and Investing at Betterment, dives into the hidden conflicts of interest within robo-advisors. He explores how these automated platforms may compromise unbiased financial advice, discussing payment for order flow and its implications. Egan emphasizes the necessity for transparency in investment management, urging clients to be cautious of seemingly free services that may come with hidden costs. He also highlights the importance of personal engagement alongside technology in making sound financial choices.