- As someone who works in practice management and as a trainer, how does Penny get advisors to embrace the power of practice management when there are plenty of advisors who are financially successful who are violating all the best practices?
- If Penny created her own top 25 advisor list, what criteria would she choose to decide who belongs on that list?
- What are some practical means of gaining psychographic insights into clients’ and is there a framework one can use when thinking about clients’ psychology?
- Have the psychographics of the average client changed over the past 18 months? How have they shifted if so?
- In a sea of 300,000 advisors, what are some pragmatic ways you can stand out from that pack?
- What is Penny’s spiciest take on how the industry will change in the coming years?
- People really struggle to confront their own mortality. With such a great psychological hurdle at the crux of the conversation, how do you get anyone to plan for succession?
Compliance Code: 2643-OAS-10/13/2021
Więcej odcinków z kanału "Standard Deviations with Dr. Daniel Crosby"
Emily Guy Birken - Your Super Serious Guide to Modern Money Management
44:44Tune in to hear- Why did Emily feel the need to include elements of humor in her new book ‘Stacked: Your Super Serious Guide to Modern Money Management?’- What is “the one magical idea to rule them all” that Emily and Joe lay out in their book?- Do we ever need to do more digging to ensure that our financial goals are personal and authentic enough that they give us the fuel to take on the tough parts of saving and investing for our future?- Should we try to maximize our earning potential or crank up our thriftiness?- Since you can’t frugal your way to wealth - what practical tips does the book offer for increasing income or for diversifying income streams?- How do we educate folks about market histories and managing expectations without scaring them off from investing?- What is a money script? Why is understanding our own personal money script such an important step in getting started with investing? - How do we illuminate our money scripts if they are indeed unconscious?- In the process of researching and writing this book, did Emily change her mind about anything?www.emilyguybirken.comCompliance Code: 0147-OAS-1/24/2022
James Fletcher - ESG and EM with Ethos Invest
44:16Tune in to hear:- Of all times to start a boutique fund, why would James start one in the current climate where the 3 largest asset managers control more of the market share than ever before?- What edge does a small, boutique asset manager have in a world where there are such well-resourced competitors?- How are ESG like suggestions typically met by the companies that James invests in?- What’s it like to run a high conviction fund? How does James think about conviction and diversification and what lead him to take this unusually concentrated approach?- Why does James think ESG screening is important and how, specifically, does he incorporate it into his process at Ethos?- How does James think about ESG and investing in countries where the bar for ESG is set very low?- What makes him think emerging markets, which have been priced attractively for many years now compared to the US and which have underperformed, are poised to do well in the future?https://ethosinvest.com/https://yis.org/ Compliance Code: 3115-OAS-12/15/2021
Brendan Frazier - The Fuel and Friction Model of Behavioral Finance
47:43Tune in to hear:- Behavioral Coaching is one of the most important things a financial professional can do for their client, yet surveys show that clients don’t put a lot of value on it. How can we bridge this gap and help our clients see how much value we can deliver here?- Brendan claims that many advisors are creating “reverse rapport” in their first client meetings. What does he mean by this and how are they getting it wrong?- How do we help our clients prepare for an uncertain future when not only the markets themselves, but also the market participants, are both so subject to change?- Might we be too focused on “igniting the fuel” of a client’s investment plan? Can removing friction be an equally, if not more, effective strategy to help them achieve their goals?www.wiredplanning.comCompliance Code: 3123-OAS-12/16/2021
Phil Huber - The Case for Alternative Investments
52:53Tune in to hear:- What are some potential arguments against a traditional 60/40 portfolio and how do they hold up?- How would Phil define alternative investments? Also, is their bad reputation deserved for any reason and where did this reputation originate from?- What are 2-3 potential criteria to help discern the which alts can act as legitimate diversifiers in your portfolio vs. those that might have some bad actors or ulterior motives?- What is one of the alternative investment strategies in Phil’s book that is often overlooked?- How should one think about a percentage allocation to alts in light of everything we’ve discussed? What does it take to really begin to see they difference they can make in your portfolio?- How does Phil think about things such as wine, art, cars and trading cards among the other alternative investment vehicles?- How should folks think about whether or not to invest in crypto at all? If they are committed to, and interested in investing in, crypto - which particular crypto alts should they consider buying?- How is Phil incorporating alts into his own portfolio?Twitter: @bipsandpiecesWeb: www.savantwealth.comCompliance Code: 3117-OAS-12/15/2021
Kristin Shea - The Six Pillars of Neuromarketing
54:59Tune in to hear:- What exactly is Neuromarketing and what makes it so powerful?- There are more brands and advertisements vying for our attention every year. How does Nueromarketing fit into this picture and help brands really stand out?- What are the six pillars of Neuromarketing that Kristin eventually settled on and where did she source these ideas from?- Why is making marketing highly personal so important and what might a concrete example of this look like within financial services?- What does it mean to make your marketing “contrastible” and what is a practical example of this?- How do those in knowledge fields take their somewhat ethereal offerings and make them more tangible?- Does being memorable necessarily mean that you will alienate some people?- How can we make our brand visually stand out above and beyond our graphic design and branding?- When creating emotional ad content, do we have to be sure that it speaks to who the company/brand really is? Does this ever backfire?Compliance Code: 3110-OAS-12/15/2021
Dr. Mary Bell Carlson - The Lessons of Financial Therapy
45:05Tune in to hear:- What are some unique financial considerations for those with high-level government security clearances?- What role does financial instability often play in cases of corporate and governmental espionage?- Financial instability is often at the root of why people participate in espionage. What implications does this tendency have for the broader population?- We often have very different subjective realities than our partners regarding personal finance. How can we better bridge this experience gap, and are there times when one party is just objectively in the wrong?- How common are issues of “financial infidelity” in romantic or professional relationships?- Should financial professionals act as more of a blank slate, making space for each client’s unique values, or should they lead with their own personal values?- How can financial advisors take better note of their clients’ body language and appropriately use this information?- What are some pragmatic steps advisors can take to take their client relationships to the next level?https://chieffinancialmom.comCompliance Code: 3025-OAS-12/1/2021
Robert Sofia - The Five Principles of Marketing Psychology
36:14Tune in to hear:- Robert says in marketing “you must get past the mental filter.” If we are going to get past the mental filter, how can we do it in a way that doesn’t land flat on its face or go too far?- How can one evoke an emotional response in a nuanced way without seeming corny or disingenuous? Are there certain business for whom this approach may not be effective?- How can a marketing approach build familiarity without becoming overly repetitive, rote or in your face?- Irresistible offers are one of the five principles of effective marketing. How can you craft an offer your client can’t refuse?- What is one big promise that financial professionals can tell their clients they will deliver on?- Signaling trustworthiness is a crucial aspect of advertising. What steps can advisors take to both be trustworthy and to convey this to their target market?- Why is merely being trustworthy often not sufficient to scale your business?Twitter: @RobertSofiaCompliance Code: 3017-OAS-11/30/2021
Brad Johnson - Investing in Trading Cards
51:01Tune in to hear:- How did Brad originally get into the finance industry and how did he get into trading cards?- What are some of the draws, or compulsions, that get people into card collecting?- What time period was referred to as “the junk wax era” in Baseball Cards and why was this such a poor time to collect?- Are there any big takeaways that we can learn about broader capital markets from the ebbs and flows of sports trading card history?- "Fanatics" is taking over Topps long held spot as the MLB’s licensed provider of trading cards. What does this shift signal for trading cards as an asset class and what are the other implications at play here?- What sense, if any, can be made of the explosion of value in collectibles and trading cards during a time where they seemed particularly peripheral to what mattered?- Do trading cards, as a class, tend to rise and fall together? Can diversifying between various sports and other collectibles, such as Magic or Pokemon cards, actually make a real difference?- In the era of NFTs and blockchain technology, is the future of trading cards still cardboard or will this fall out of favor with the rise of these technologies?- If one is new to collectible markets, such as baseball cards, what is a way they could dip a toe into these investments and limit their risk?www.bradleyjohnson.comCompliance Code: 2959-OAS-11/22/2021
Emilie Hill - “The Market is Uncertainty Distilled”
41:26Tune in to hear:- Is the market always crazy or does it go through long periods of predictability in many peoples’ lifetimes? Is uncertainty implicit in capital markets?- There’s always going to be a reason to fear, there’s always going to be a reason not to invest. What pragmatic steps can we take to invest thoughtfully in the face of this?- Why might concentrated, active portfolios make more sense for some subset of the population?- What are some potential catalysts that could bring active management back in favor?- How does Emilie think about active management from an angle of creative destruction?- Financial wellness is a term that is thrown out there a lot, but it is rarely elucidated in depth or operationalized. What does financial wellness really look like?- Has Emilie noticed patterns of how clients’ behaviors and concerns differ between those with varying tiers of wealth?- What’s a financial concern for women that men are largely oblivious to?Instagram @emiliedayanhillCompliance Code: 2928-OAS-11/17/2021
Dr. Julie Ragatz - Empathy and the History of Behavioral Economics
53:27Tune in to hear:- What might the lay person, who is enthusiastic about behavioral economics, not know about its historical origins?- What was the larger zeitgeist that gave rise to an envy of physics, and hard science, within economics?- Are there commonly used methods in the world of financial planning that may be rooted in some unexamined assumptions?- When consulting clients, how do we strike a balance between realizing that our theories and knowledge will always be imperfect while we also know that giving our clients something to hang on to is useful?- Where does empathy come from in the client advisor relationship? Is this an innate trait or can one teach themselves to be empathetic?- Dr. Ragatz is in charge of Carson's next generation initiatives. What has she noticed in this role? How does the next generation differ, what do they value and how might they go on to shape the industry?https://www.linkedin.com/in/julie-ragatz-ph-d-2a40b826/Compliance Code: 2830-OAS-11/5/2021