Standard Deviations with Dr. Daniel Crosby

Tune in to hear:- What does Ashvin propose as a better measure of investor success above risk adjusted returns?- What are the two main reasons why we invest? Ashvin thinks that, with a traditional portfolio, we will be disappointed with at least one of these two dimensions at any given moment - why is this the case?- What is the three-tiered investment approach that Ashvin came up with and how does it help ameliorate some of the disappointment implicit in investing?- How does this bucketing approach help clients in both bear and bull markets?- How does everything we’ve discussed today, with respect to the wealth allocation framework, improve investor behavior?http://www.aspirationalinvestor.comCompliance Code: 1118-OAS-6/27/2022

Tune in to hear:- Why is it often complicated to offer a simple and elegant solution for the common behavioral dilemmas that advisors face?- Why might psychological shortcuts potentially lead to gender bias in asset allocation?- Are there any salient differences between men and women, on average, in regards to risk tolerance?- How can we systematize the information gathering process during client intake in order to give more equitable advice?- Why is there often a discrepancy between where clients perceive value in working with an advisor and where the advisors themselves perceive they are adding value?- What are some ways that advisors can prime their clients for more effective goal setting?- If Samantha could offer just one small behavioral intervention to make life a little better for each of us, what would she suggest?https://twitter.com/SamanthaLamas4Compliance Code: 1116-OAS-6/27/2022 

Tune in to hear:- What role does positive psychology play in financial planning? More broadly, what is positive psychology and how is it differentiated from the popular conception of behavioral finance as the study of bias?- What is the “three good things” intervention and why does it work? Is it applicable in a financial context as well?- What do you do when someone attributes the best things in life to happenstance or luck? How can you potentially reorient this into something with a more internal locus of control?- Why is money uniquely ripe for conflict and why are advisors well-positioned to help?- What are the primary stages of financial conflict resolution?- Is neuroticism the main personality trait, of the “Big 5,” that advisors would want to be aware of in their clients or do other personality traits play a big role in making sound investment decisions as well?https://www.linkedin.com/in/sarahasebedophdcfpCompliance Code: 1117-OAS-6/27/2022

Tune in to hear: - As one of the founders of the discipline of financial therapy, what light can Dr. Archuleta shed on the origin story of this unique discipline?- What are the lines of demarcation between financial planning, financial therapy and traditional therapy? Should financial planners look to make referrals, when necessary, for financial therapists or is this a largely academic discipline?- What’s a concrete example of a concern that is out of the scope of a traditional financial advisor’s practice but not necessarily appropriate for a psychologist either?- What is solution-focused therapy and why did Dr. Archuleta find it to be particularly instrumental in a study she was doing?- How can we encourage people to be a little more thoughtful about their goal setting process?- What is “fuzzy trace theory” and what is its relationship to risk tolerance?https://www.linkedin.com/in/kristy-archuleta-ph-d-lmft-cft-i-tm-273a5722Compliance Code: 1047-OAS-6/15/2022

Tune in to hear:- How did Nick land on a kinder, more gentle approach, to personal finance?- What is the least conventional bit of financial advice that a reader may come across in Nick’s new book?- Nick’s new book states that most savings advice is problematic - where does he differ from the conventional wisdom with respect to savings advice?- How should we think about lifestyle creep from a data driven perspective?- How should people think about investing at a time when inflation is rising this dramatically and when the market is not keeping pace?- A sub chapter of Nick’s book says that “not even God can beat dollar cost averaging.” Why, historically, has waiting for a more opportune time to enter the market not been an effective strategy?- How do you buy in a crisis and why shouldn’t we fear volatility?- Did Nick change his mind about any major issue as he did the research for his new book?https://twitter.com/dollarsanddatahttps://ofdollarsanddata.com/justkeepbuyingCompliance Code: 1022-OAS-6/13/2022

Tune in to hear:- If Tim could personify himself as a guitar, what type of guitar would he be?- Tim thinks that engagement, performance and persuasion all begin with behavioral science and that behavioral science begins with the unconscious. What does this mean from a scientific perspective and how can we tap into these unconscious motivations?- The unconscious is pretty intensely guarded, and sometimes for good reason - how can we push through this and access information below the deck that is useful for behavioral change?- What is the EAST framework for thinking and what does this acronym stand for?- What does Tim consider to be the three keys to making something easy?- Sometimes needlessly complicating a process can lead people to esteem it more highly - how can we decipher when this principle is going to be more persuasive or if ease will be more persuasive?- How do we make something like finance, which is so fear inducing, more attractive to people?- How can we use social cues to help herd people in a positive direction rather than one with selfish or malicious intent?- How can we make our behavioral interventions more timely?https://www.behavioralchemy.comhttps://behavioralgrooves.comCompliance Code: 1019-OAS-6/13/2022

Tune in to hear:- When we narrow down the financial advisors to those who we would trust to manage our spouse’s or parent’s finances, Steve thinks that we do so largely on behavioral factors alone. Which behavioral considerations make someone a trusted advisor?- From the outside looking in (i.e. if you don’t personally know an advisor beforehand), how can one make a determination about whether an advisor is going to be one of the handful of advisors that another advisor might entrust with their family’s finances?- Where does Steve think we are headed as an industry? How might we communicate the broader value we can offer to the investing public when they still largely think of us as “stock pickers?”- What has Steve seen that really knits clients and advisors together?- What is one thing, from a productivity standpoint, that Steve sees advisors failing to do or a place where they’re leaving value on the table?- What’s an example of a common high effort, low impact advisor behavior?- How can we begin to combat inflation at a time like this?https://podcasts.apple.com/us/podcast/the-admired-advisor-podcast/id1519857134https://books.google.com/books/about/27_Principles_Every_Investor_Should_Know.html?id=C6yGxgEACAAJCompliance Code:  0994-OAS-6/8/2022

Tune in to hear:- Jeff is known on Twitter for his complex deep dives into the world of tax legislation - what got him interested in this in the first place?- What is keeping us from a more simplified tax code? Is it really as complicated as it appears or is there some subterfuge here where the complexity is just a feature and not a bug?- When Jeff hears politicians and everyday people talking about tax schemes - which ideas sort of make him cringe and which ideas around taxation does he find to be widely misrepresented?- How does Jeff see the conversation around “taker states” vs. “maker states” playing out? Does this cause infighting and strife and is there anything that can be done to address this?- If Jeff could wave a magic wand and become president, what immediate changes would he make to the US tax code?- What are some common sense steps the average person can take to minimize their tax burden?- What are a couple of the strangest things he’s ever seen written off?- What can advisors do, with the respect to tax, to set themselves apart from the crowd without taking on excessive risk?https://twitter.com/CPAPlannerhttps://www.linkedin.com/in/jeff-levineCompliance Code: 1020-OAS-6/13/2022

Tune in to hear:- What was Drew’s experience studying under Richard Thaler like?- Drew thinks that you have to hold a willingness to be right and to be wrong in equal measure at all times - is this something that Thaler modeled in his behavior and how does he think about this in the context of his own firm?- What’s an analogy we can draw between Hank Aaron’s batting behavior and the act of picking stocks?- What are a few techniques Drew has discovered to de-bias his thinking a bit?- Drew is great at distilling highly complex concepts into easily understandable ideas - is this an important part of getting his institutional clients on the same page?- What are "unknown knowns" and what do they have to do with confirmation bias? Why is the market so averse to ambiguity?https://www.albertbridgecapital.comCompliance Code: 0983-OAS-6/6/2022 

Tune in to hear:- Where are we at, as an industry, in terms of the application of behavioral sciences to the world of work? Where does Jez see us headed next or what’s his outlook for the industry?- Compared to something like tech, where does the financial industry fall on the adoption curve of behavioral sciences? - In what field might we have the next big, unexplored vertical jump for applied behavioral sciences?- What was the case study about helping regular folks save more money and what practical things emerged from this study?- Why is a degree of granularity so important when making a behaviorally-driven plan?- How can we fight the idea that grand behavioral changes require grand behavioral interventions? - How did Jez help Mexico implement a country-wide campaign to tackle obesity using behavioral science? What can we learn from this example?https://www.goodreads.com/book/show/49190518-ripplehttps://www.cowryconsulting.com/consultants/jez-groomCompliance Code: 0934-OAS-5/26/2022