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Why did Derick Kinney leave behind his career as a financial advisor to become an author and public speaker? What does Derick think money reveals about people that we may be slow to admit? How does Derick suggest people get started with philanthropy if they’ve been hesitant for whatever reason? As people try to reorient their relationship with money, what are some rain clouds or obstacles they might run into and how can they better prepare for these? What is a belief about money that’s ostensibly responsible but that might lead us away from self-actualization and generosity?Links
Derrick Kinney Derrick Kinney on LinkedIn Good Money RevolutionConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 1952-U-26181
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What gives money such immense emotional power over us? Does Neil think that some of the problems people have with money come from them trying to treat it as this utilitarian thing rather than tapping into the deeper subtext of it? What does Neil think is the biggest mismatch between the brain we’ve inherited from our ancestral predecessors and the world we find ourselves navigating in the present day? What are one or two high-level tips for helping our old brains thrive in this new world? Why does Neil describe the brain as a prediction machine rather than a thinking machine? What are the implications of this on peoples’ financial decision making? What role does Neil think emotion should play in financial decision making? Should we ignore or embrace emotion? It also seems true that letting emotion lead our financial decision making too much is a mistake, so how do we strike a balance between emotion and rationality? Why does the human brain do such a poor job of relating to its future self? If Neil could correct one misunderstanding that financial advisors have about human behavior, what would it be?Links
Neil Bage Substack LinkedInConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 1954-U-26181
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How can we make the lessons of market history feel salient to present day investors? Is the South Sea Bubble Ben’s favorite historical anecdote around investing and money? What is the “now show Japan” mindset and how does it steer people awry? Both from the advisor perspective, and also the end-investor perspective, how do we get people to realize the value of doing nothing and passive investing? When Ben says there are two types of Bear Markets, what does he mean and how do they differ? What is Ben’s analogy about winning points versus winning matches between tennis and financial markets? Ben lays out the 20 things he believes about investing in the Epilogue of his new book. What is the 1 of these 20 things that he thinks is most important for investors and advisors to understand?Links
A Wealth of Common Sense Ben Carlson on Twitter Ben Carlson on LinkedIn Animal Spirits PodcastConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.
Compliance Code: 1730-U-26156
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This week on Standard Deviations with Dr. Daniel Crosby, Dr. Crosby is joined by Clare Flynn Levy, CEO and Founder of Essentia Analytics. Prior to founding Essentia, Clare spent 10 years as a fund manager, both active equity (running over $1B of pension funds for Deutsche Asset Management) and hedge (as founder and CIO of Avocet Capital Management, a specialist tech fund manager). She ultimately “went native” into the software space as President of Beauchamp Financial Technology, a market-leading provider of portfolio management systems to hedge funds, which was acquired by Linedata Services S.A. Clare’s vision for Essentia is based on years of being the customer, followed by years of listening to the customer.
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Why do people so desperately overvalue being right, even in environments where payoff matters more than accuracy? How do we begin to get comfortable with being wrong and not being overconfident when the discomfort of being wrong is so poignant for us as humans? How do we convince everyone, from mom and pop investors to hedge fund managers, that rules are the most reliable thing when intuition tells us that it should be personal intelligence? How does Clare think about knowing when Alpha has decayed versus just holding on to a true principle that has fallen out of favor momentarily? What boxes did one need to tick to become a stock market maestro in Clare’s new book? Also, what were some of her favorite rules or quirks that reflect how these maestros did things a bit differently? How does true investment skill, as Clare measures it, differ from investment skill in the popular imagination? How does Clare apply the lessons she has learned from Wall Street around quality decision making to her parenting and her personal life?Links
Clare Flynn Levy on LinkedIn Stock Market Maestros Behavioral Alpha Essentia AnalyticsConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.
Compliance Code: 1718-U-26155
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Was there anything that Doug and Heather learned about each other, in the process of writing their book, that surprised them? What are some common disagreements among couples that are ostensibly about money, but in actuality are about something much deeper? How do Heather and Doug suggest that people begin to examine their money stories to begin to understand their beliefs about money that are often subconscious and inherited? Why is the idea that “there is no normal” when it comes to money an empowering message for advisors and investors to internalize? How should couples think about value and contribution when one person’s contributions may not show up on a paycheck? What are some of the common myths around fairness and contributions? Also, how can couples work together to create a sense of fairness when the world doesn’t necessarily award all types of work equally? If Doug and Heather could eliminate one piece of financial advice that’s commonly given to couples, what would it be and why?Links
Money Together The Joint Account Douglas Boneparth on LinkedIn Heather Boneparth on LinkedInConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.
Compliance Code: 1716-U-26155
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Why is spending our own money so psychologically difficult and have we as an industry scared people into thinking that they can’t spend their money and enjoy their lives? How can we, as advisors, help spending stop feeling like a loss for people in retirement? What are some practical tips for advisors and individuals to help them make the switch to spending thoughtfully in retirement? What structures or advice helps give individuals the peace of mind and permission to spend in retirement? Why does Jamie use the metaphor of a sketchbook for retirement, instead of a blueprint, and how does this metaphor apply to how retirement unfolds in real life? What does Jamie think folks could be doing to better prepare for the emotional component of retirement? What’s the most surprising thing Jamie has learned about happiness in retirement that has nothing to do with money? When it comes to the intersection of retirement and wellbeing, do high net worth individuals struggle differently or face unique challenges? What is the “FIRE” movement and what does Jamie think it gets right and wrong? If someone listening is 5 years from retirement, what is something non-financial that they should do to better prepare for what is to come?Links
Jamie Hopkins on X Jamie Hopkins on LinkedIn Your Retirement SketchbookConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionDisclosures:
These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 1676-U-26153
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After studying 300 years of history, what is Dr. Moore’s current view with respect to the American Dream? Is it maybe simultaneously true that it’s easier to get ahead than ever for the average American, but that there is also rampant corruption and nepotism at a high level? How does the current U.S. housing crisis compare in severity to those in our past? What are some common misconceptions about what works and what doesn’t work when it comes to building wealth? Why does Dr. Moore think of real estate as an active investment? What was the conceptual shift that led us to start valuing net worth so much? What lessons did Dr. Moore learn from creating his own cryptocurrency? What are some of the other financial experiments that Dr. Moore undertook while writing his new book? What distinction does Dr. Moore make between “fast time” and “slow time?”Links
Dr. Joseph Moore on LinkedIn Dr. Joseph Moore on Twitter How to Get Rich in American History (Book Pre-order)Connect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionCompliance Code: 1007-U-26086
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Where do people consistently misperceive their own behaviors and their own financial tendencies? Also, what are the forces that drive those blindspots? Why do so many financial planning tools optimize for all the wrong things and how can we make client services better center the client and their goals? What are Marla’s hopes for the world of tech when it comes to minimizing the “knowing-doing gap?” Do people need more financial literacy or self-literacy/self-awareness? In the medium term, how does Marla see the role of the financial advisor changing with respect to AI? What’s the place of behavioral coaching in this new world? How does Marla think about the “creep factor” in her own business and how can we see clients for who they are without overreaching? What lessons, as an entrepreneur and business owner, has Marla learned from introspection about how to uplift herself after a hard day?Links
Marla Sofer on LinkedIn Knowing Me, Knowing You Podcast KnomeeConnect with Us
Meet Dr. Daniel Crosby Check Out All of Orion’s Podcasts Power Your Growth with OrionCompliance Code: 1005-U-26086
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What does Swiss-born British author Alain de Botton have to say about Macbeth’s cynical soliloquy on the brevity and meaningless of life? Why does he state that despair and hope are two sides of the same coin?How does storytelling make a truth durable in our minds by linking an idea to an ego?Why is our internal dialogue one of the most important stories that we tell? How can we go about making it a more productive dialogue and less self-depricating?How can Albert Ellis’ “ABC Model” help us counteract irrational thoughts and cognitive distortions?What is an exercise you can work through to help correct detrimental self-speak?What is The Significant Objects Project and what can it teach us about the importance of narrative as it relates to valuation?Links
The Soul of WealthOrion’s Market Volatility PortalConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 3328-U-25338
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What mindset differences does Brad notice between advisors who are barely getting by and the ones who are 2-4xing their business?Why is focusing on talent acquisition and having a convincing growth story such an important part of growing your business?What is the baseline mindset that Brad often has to move advisors away from to encourage their growth?What distinguishes high-growth cultures from mediocre cultures and what are some actionable ways a company can improve their culture?What’s the psychology behind closing the knowing-doing gap for advisors?What are two actionable things listeners can begin practicing today to grow themselves or their business?Links
The Soul of WealthOrion’s Market Volatility PortalBrad Johnson on TwitterConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 2721-U-25279
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What is Rudyard Kipling’s poem “If –” about and what can it teach us about remaining poised in the face of chaos?What are some qualities of the investors who fare best in turbulent markets?What roles does EQ (Emotional Intelligence) play in investment decision making?What are some practical steps for remaining calm in a churning world?Why is “sleeping on it” such powerful advice when it comes to investment decision making?How can we anchor to non-financial metrics to regain a measure of control during market downturns?Links
The Soul of WealthOrion’s Market Volatility PortalConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 1048-U-25099
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What insight did Joe have that prompted him to start applying Behavioral Finance in practical ways while much of the industry was focused elsewhere?Why are so many firms relying on the old-fashioned educational approach when building client-centric tools and technology seems to be the way forward?What is an example of a compelling promise a wealth management firm could make to their clients?Is it time for those who entered the business because they love picking stocks and crunching numbers to roll off, re-educate or learn new skills? Also, what can we do to attract the next generation of talent?When Joe looks at the RIAs he’d want to invest in vs. those he would pass on, what are the defining differences between them?How can Joe separate the wheat from the chaff during their vetting process?Links
Joe Duran on LinkedInRise Growth PartnersJoe Duran on TwitterConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 3066-OAS-11/27/2024
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What does Dimensional see about the future of the industry that encouraged them to launch something like ‘Life Invested.’Why does a “human first” investment model have the power to endure in a way that other investment models, such as those centered around sales, have not?How can we give the “human first” approach more definitional clarity for those who are new to the concept?What would Breanna say to those advisors who are nervous they are going to open a “Pandora’s Box of emotion” when they become more vulnerable with their clients?As someone who does a lot of self-reflection, what advice does Breanna have for advisors who want to use the things that we are discussing today as a window onto self-improvement?Links
Connect With Bre on LinkedInWatch Tune Out the Noise ~ Code: MARKETSWORKWork with DimensionalYou Know More about Investing Than You ThinkConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 3061-OAS-11/27/2024
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Examples of when emotional connection can play a decisive role in sales.How, practically, can advisors shift their focus a bit from the technical to fostering deep, emotional connections with their clients?What is motivational interviewing, what is based on and what does it look like in practice?Where does the discovery process often go wrong and what can we do to make it go right?How can silence be a powerful tool in client meetings?How can advisors help their clients’ goals become more vivid and salient for them?What is EQ, or emotional intelligence, and why does it matter so much for advisors? Also, what specifically is Dr. Lynn doing with her workshops and her scorecard?What is one sub facet of emotional intelligence that we could all stand to work on?Links
Dr. Christina Lynn on LinkedInMariner Wealth AdvisorsConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 2455-OAS-9/23/2024
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Get a better sense of the size and scope of the racial wealth gap problem in the US.Should financial advisors play a role in addressing these inequalities? Also, do historical factors, such as systemic discrimination and redlining, largely to blame for the genesis of this disparity?What sort of systemic inequities and injustices are we up against today and what can we do to combat these?What cultural differences, and attitudes, towards money, risk and investing should non-black practitioners be aware of when working with black clientele?What can we do as an industry to win some trust back and will part of that be through education and outreach?Does Adam see tech as a potential equalizer or exacerbator of the racial wealth gap?How can we best meet each client where they are at, as individuals?Citations
17 cents on the dollarInheritance likelihood and magnitudeBlack wealth holdings228 YearsLinks
Adam Tolliver on LinkedInAdam Tolliver on YoutubeArtisan Financial StrategiesThe Hidden Cost of Being African AmericanThe Black Tax: The Cost of Being Black in AmericaConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with Orion
The 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: 2356-OAS-9/13/2024
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What elements do “tulip mania,” the roaring twenties and the .com bubble share and what should be our biggest takeaway from these historic market events?What is the "affect heuristic" and how should we be thinking about it in relation to our investment decision making?How do the emotional states of euphoria and despair effect our risk tolerance? Do these emotions also effect how much we are willing to pay or sell an asset for also?What are somatic markers and how do they influence our decision making process?What can we learn from “circular techniques” in martial arts?What is the “Save More Tomorrow” Campaign and how does it exploit our status quo bias for good?How can goals based investing create more emotional buy in to your portfolio?Links
The Soul of WealthConnect with Us
Meet Dr. Daniel CrosbyCheck Out All of Orion’s PodcastsPower Your Growth with OrionCompliance Code: 2339-OAS-9/12/2024
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From Michael’s vantage point, what did he observe during this recent market downturn?How can those nearing retirement overcome the tendency to have knee jerk responses to major negative market events?How can we better inoculate people against volatility before it happens?During a significant financial downturn is it more effective for advisors to be proactively counseling their clients or should they wait for their clients to make the first move?Why is mean reversion such a powerful force, particularly in US markets in recent years?What has Michael’s research taught him about tracking and how has it refined the more popular, simplistic conception of tracking?Links
Michael Finke on LinkedInThe American College of Financial ServicesConnect with Us
Meet 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: 2332-OAT-9/11/2024
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Relative to all the other behavioral experts out there, what stands out about Greg and his work? How did he arrive at this unique point of emphasis?How has Behavioral Finance come full circle in recent years?What have been the biggest shifts in Behavioral Finance in the past decade? Also, how does he anticipate it might change in the decade to come?What can Behavioral Finance teach us about risk and how widely implemented are these learnings in the field today?How does Greg think about the problem of multiple risk preferences within a household?What is Greg’s understanding of the role of emotion in financial decision making? When is it useful and when is it not?Where does Greg see Behavioral Science intersecting with AI as we move forward in finance?Links
Greg Davies on LinkedInOxford RiskConnect with Us
Meet 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: 2327-OAS-9/10/2024
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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?Links
Megan Gorman on LinkedInChequers Financial ManagementAll the Presidents’ MoneyConnect with Us
Meet 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
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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?Links
Cady North on LinkedInNorth Financial AdvisorsCady NorthThe Art of the SabbaticalConnect with Us
Meet 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
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