Standard Deviations with Dr. Daniel Crosby

Tune in to hear:What were some of Nikola Tesla’s eccentricities?What is “The Spotlight Effect” that Morgan Housel observed when working as a valet at a high-end hotel in Los Angeles?What is Morgan Housel’s “Man in the Car Paradox” and what lessons can be learned from it?What is the psychological principle “The Anchoring Effect?”Why does ego driven spending do so little to sate our desire to belong?How social media may be playing a role in the loneliness epidemic.LinksThe Soul of WealthConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 0317-OAS-2/12/2024

Dr. Daniel Crosby, an expert in money and wealth, discusses the emotional impact of losing a friend on Alexander the Great, the true nature of wealth and its impact on happiness and fulfillment, the importance of relationships and the value of work, and the importance of accomplishment and fulfillment in life. He emphasizes the need to focus on various sources of fulfillment beyond financial goals.

Dr. Daniel Crosby, an expert in academic research on generosity, discusses the benefits of giving. He explores the concept that giving leads to abundance, highlights the positive effects of generosity on happiness and well-being, and explores the relationship between giving and wealth. Academic research supports the idea that generosity makes us happier and can also make us feel wealthier.

Tune in to hear:- With all of the possibilities out there, why has Jon landed on his current path and why does he think that pro bono work is so vital?- Jon’s organization just completed a very comprehensive study on pro bono financial planning. Were there any results that really stood out or surprised him?- What did Jon’s research unearth about the moral case for doing financial planning?- What case can be made for doing pro bono financial planning from a business perspective?- What accounts for the delta between how many advisors want to do this work and how few firms are offering it?- What professional development opportunities does pro bono work open your firm up to?- From a behavioral perspective, how do we ensure that pro bono clients have skin in the game and are proactive about changing their financial circumstances?- Can pro bono financial planning begin to chip away at the racial wealth gap?- If listeners are excited by the prospect of getting involved with the pro bono movement but their firm doesn’t currently support this path, what is the best way for them to get started?www.ffpprobono.orgCompliance Code: 0124-OAS-1/17/2024

Richard Shotton discusses human behavior and decision-making, exploring habits, friction in behavior, accountability in goal setting, and the impact of framing on appeal. The podcast uncovers the psychology behind communication strategies, the importance of likability in financial advising, and insights on behavioral books and courses.

Stacy Havener, The Scientist and the Storyteller, discusses the importance of engaging storytelling, differentiation, simplicity, audience awareness, and finding the balance between simplicity and complexity in creating compelling backstories. Learn how to stand out in a crowded market and captivate your audience with authentic and engaging narratives.

Tune in to hear:- Why will AI, automation and algorithms likely lead to an increase in human centered connection in the financial services industry and beyond?- What is one of Thomas Hobbes’ most famous remarks and how do people take it out of context?- Why loneliness has far reaching implications for longevity that exceed even obesity.- How did Volvo make their cars more safe for women in particular?- How did France address the problem of people peeing in their metro stations?- How have behavioral scientists addressed the problem of poor hand washing compliance among children in India and Africa?- What are some small things advisors can do in their practice that have an outsized effect?https://orion.com/behavioral-financeCompliance Code: 2129-OAS-8/2/2023

Tune in to hear:- Why do only 13% of American millionaires describe themselves as wealthy? Why don’t we recognize our abundance for what it is?- What is wealth confidence and what are its broader implications within portfolio management?- Wealth confidence is definitely somewhat correlated with portfolio performance, but why is net worth alone not a sufficient measure for one’s wealth confidence?- Is there a sense in which $1,000,000 doesn’t actually get you that far with the rapidly increasing costs of living an upper-middle class lifestyle?- When there’s a disconnect between composure and capacity, should you accommodate the personality preference, the facts on the ground or land somewhere in the middle?- If we want to be content and confident with our money, what type of environment should we cultivate for ourselves from a social comparison standpoint?- Does Anthony have any other practical takeaways from his research for those looking to increase their wealth confidence?https://www.td.com/behaviouralfinanceCompliance Code: Code: 3239-OAS-12/5/2023

Tune in to hear:- Why does Daniel Staker call his new book “a book from a breakdown?”- Why is behavior such a fundamental building block of marketing?- How do we get to the bottom of what our clients really want when they are often so bad at articulating it for themselves?- What does Daniel Staker mean when he says that “people often fail to respect reality?”- How can we get people to accept reality when emotions are so powerful at distorting one’s perspective?- What is Daniel Staker’s chapter on “accepting the long haul” about in particular?https://www.danielstaker.com/book-on-amazonCompliance Code: 3159-OAS-11/21/2023

Tune in to hear:- We frequently hear the term “emotional intelligence” thrown around pretty loosely, but what is a deeper dive into its definition?- Does Dr. McCarthy see people frequently using emotional intelligence towards Machiavellian ends or is this quite uncommon in her experience?- Why is EQ so important for leaders and individuals more broadly and why is it extra important in the context of financial services?- What did Dr. McCarthy focus on in her dissertation work and what were her findings around referrals and emotional intelligence?- To what extent is emotional intelligence an inherent vs. a learned trait? What roles do nature and nurture play in EQ?- How do the didactic and experiential combine to inform emotional intelligence?- In the age of AI, what is the place of the human-first financial advisor?https://amplifyyourvoice.studioCompliance Code: 3009-OAS-11/2/2023