Standard Deviations with Dr. Daniel Crosby

Michael Finke, Chair of economic security research at the American College of Financial Services, dives into the intricacies of behavioral finance in retirement planning. He discusses how fear during market downturns can lead to impulsive decisions and the importance of proactive advising. Finke reveals the necessity for personalized investment strategies and elaborates on mean reversion's role in market dynamics. Additionally, he explores how tracking savings can positively and negatively influence financial habits, emphasizing a balanced approach to managing personal finances.

Greg Davies, a leader in behavioral finance, shares his innovative insights on the evolving landscape of this field. He discusses how emotional factors heavily influence financial decision-making and warns against over-relying on intuition. The integration of AI with behavioral finance is also highlighted, revealing opportunities for hyper-personalized financial advice. Plus, Greg provides valuable perspectives on navigating risk preferences within households and the historical shifts in behavioral finance, particularly after the 2008 crisis.

Tune in to hear:What was Megan’s favorite finding in the deep research she did for this book?Learn about Truman’s financial anxiety and how this impacted him.Why is it harder to pivot and recover from financial pitfalls than it used to be?What advice did Calvin Coolidge get from his stock broker?How did George Washington make his money and what differentiated him from his peers?Why does Megan find Hoover’s money story so captivating?Learn more about Jimmy Carter’s financial story.Which president was the best money manager and which was the worst and what can we learn from their examples?How much should a candidate’s personal finance skills impact our vote, if at all?LinksMegan Gorman on LinkedInChequers Financial ManagementAll the Presidents’ MoneyConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionThe Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.Compliance Code: 2008-OAS-8/8/2024

Tune in to hear:Did Cady’s recent book, The Art of the Sabbatical, come from a place that was very personal and meaningful to Cady? If so, what was it that made this project so personal for her?In Cady’s experience, are many of those hoping to take a sabbatical doing so to just take a break from work or are they in search of a deeper, transformative end goal?How should one start to think about the financial realities of preparing for a sabbatical and how will they know when they’re ready?Is there an optimal length of time, on average, for a sabbatical to be?What would Cady say to someone who fears using FMLA, for reasons of burnout, for fear of stigma or a reputational shift at their place of work?Why is there such a big stigma around taking breaks from work? Where did the paradigm come from that we should work for decades and then have decades of leisure, rather than a more integrated process of taking breaks throughout our working life?What are a couple fundamental do’s and don’ts of putting together a successful sabbatical?What can be done to minimize career harm upon re-entry post sabbatical?Are there any stories from Cady’s clients’ lives that illustrate really transformative experiences that happened over a sabbatical?For those with a few weeks vacation time, what might be a productive way of thinking about how to best use that time?LinksCady North on LinkedInNorth Financial AdvisorsCady NorthThe Art of the SabbaticalConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionThe Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.Compliance Code: 1993-OAS-8/7/2024

Tune in to hear:What is the disconnect between selling an advisory business, as it is popularly conceived, and as it usually goes down in the real world? What should people know about the process that they may not currently understand?What are the big things that are missing from the “highlight reel” version of selling a business and how can people become more aware of this?If Emily could give advisors just one tip on maximizing their saleability, and standing out in a very crowded field, what would she say?Is there anything advisors can do to avoid a “cult of personality” trap that could make the business hand-off harder than it might otherwise be?How can we humanize this transaction from every angle, including the client side of things, and what role does talent play in getting a premium for what you’ve built?How do we better prepare advisors for the psychological loss of their business?For those doing due diligence on an M&A, how can they make the cultural piece more practical and straightforward? Also, what parts of company culture are more malleable and what parts are more immutable?How do people sometimes get in their own way when they are trying to make this big transaction happen?LinksEmily Blue on LinkedInHue PartnersConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionThe Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.Compliance Code: 1973-OAS-8/6/2024

Tune in to hear:What got Dr. Eckhart into Psychology in the first place, and how did he end up moving into family wealth consulting?What are some of the significant differences in family dynamics among upper middle class families and ultra high net worth families?What does Dr. Eckart mean, exactly, when he refers to family mythology and how might future generations struggle to perpetuate these mythologies at times?What are the psychological complexities of “The Great Wealth Transfer” that are often overlooked in standard industry discussions?What are some potential signals that an advisor is over their head and that it is time to call in help?What clinical skill set does Dr. Eckhart wish he could impart to listeners of the show?LinksDr. Charles Eckhart on LinkedInCathexis GroupJames Hughes - Family WealthDr. James Grubman - Strangers in ParadiseConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1904-OAS-7/31/2024

Tune in to hear:What does Clare and her team at Essentia Analytics focus on specifically?How can one score the decision making skill involved in stock picking when so much is relative to timing? How does Essentia Analytics score all 7 data points they lay out on their website?One of the trick things about behavioral investing is you can get a good result for a bad reason and vice versa. How does Clare’s team think about this and try to account for it?Recent research Clare and her team did shows that decision making hygiene is 1.5x more predictive of beating a benchmark in a subsequent year. Can she tell us more about this study and its implications?Why does the above correlation/relationship lose predictive power after 3 years on average?Could greater awareness, using tools like this, make fund managers more aware of issues like style drift?How can we make a compelling case that gets people to focus more on process and less on outcomes?LinksClare Flynn Levy on LinkedInBehavioral AlphaEssentia AnalyticsConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1385-OAS-5/31/2024

Tune in to hear:How should we think about the “presidential election cycle pattern” as a forecasting tool? Does it have much merit and how is it playing out so far in 2024?How should we think about time effects in an election year? Also, what is the trend for election year market performance like as you move through the year?What would Tim tell clients who want to invest based on their political views?Research has found that when investors’ political candidate of choice is not elected, they invest more internationally and are less bullish on the US. In addition, they are more averse to risk for that period of time and that there is a 2.7, annualized, under performance for those investors. What does Tim think about these findings?Why is having a contentious Congress potentially not that bad?What is Tim’s counsel for those worried about the 2024 election, as it relates to investing?Connect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1569-OAS-6/24/2024OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC.

Tune in to hear:What can Elton John’s stage name teach advisors about how to make and set goals?What can Weezer teach advisors about workflows?What is the DICE acronym that can help advisors create a process around their practice?How can advisors find a partner best suited for their practice and how can this power growth? Also, how should advisors approach due diligence when selecting a partner?What are some “comfort traps” advisors might fall into and what can The Beatles teach us about avoiding these?What will it take to make people more proactive and thoughtful about succession planning and what can Lynyrd Skynyrd teach us about this?LinksMatt Ackermann on LinkedInCenter Stage: How to Become the Star of Your PracticeIntegrated PartnersConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1373-OAS-5/30/2024

Tune in to hear:How did Phil pivot from a financial advisor position to roles focused on marketing?Why is a clearly established marketing strategy so critical as a starting point and what does this look like, practically?How important is it to have an affinity for, or direct tie with, the niche client group you may serve (e.g. first responders or dentists)?What should be top of mind for content creators as they strive to stand out in a world inundated with content?What does the path look like from someone realizing they need an advisor to landing on your webpage and even filling out a contact form? What can be done to facilitate this process for would be clients?What can advisors do to have a better digital presence, aside from the obvious of having a well-crafted website?Why does Phil suggest advisors share knowledge freely on LinkedIn and elsewhere?Can marketing help with client retention for next gen and widowed clients?LinksPhil Bray on LinkedInThe Yardstick AgencyConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1350-OAS-5/29/2024