Robert Powell, the editor of Retirement Daily at The Street, interviews Daniel Crosby, Ph.D., Chief Behavioral Officer, Orion Advisor Solutions, on his vision for the future of behavioral finance and why it should be "baked into" the advisory practice. This episode also explores "why you're not that great," the biggest impediments to sound investment-decision making, and the specific types of biases that impact decision-making.

E72-Baking Behavioral Finance Into the Advisory Practice w/Daniel Crosby, Ph.D.

Jeff Bush, the principal of Washington Update, discusses the debt ceiling crisis and the possible outcomes, as well as potential reforms to Social Security, and what actions advisers might consider given that many  the provisions of the&nbsp;Tax Cuts and Jobs Act are set to expire at the end of 2025.

Unraveling the Latest in Politics, Retirement, and Social Security

Todd A. Finkle, author of&nbsp;Warren Buffett: Investor and Entrepreneur, discusses the life and career of Warren Buffett,  one of the most accomplished investors of all time. Finkle,&nbsp;an expert on all things Buffett, provides a deep dive into the origins of Buffett's success,  the ways behavioral biases can affect investors and how to overcome them.

Warren Buffett: Investor and Entrepreneur

Danielle Labotka, a behavioral scientist with Morningstar, and Samantha Lamas, a senior behavioral researcher with Morningstar, discuss their latest research, "Why Do People Hire Their Financial Advisors?," which points to the importance of addressing a client’s emotional needs during beginning conversations. According to their research, how you explain your services can have an impact on a person’s hiring decision. And if you focus only on the cold, hard facts, you may be deterring some investors.

Why Do People Hire Their Financial Advisor?

In this podcast, content creator Shane Snow discusses the importance of diverse perspectives in teamwork. He shares insights from his book Dream Teams, which explores how cognitive diversity can lead to better decision-making and innovation.

The Importance of Diverse Perspectives in Teamwork

Bob Powell and David Alan Macchia discuss the implications of artificial intelligence (AI) for the financial advisory profession. Macchia highlights AI's potential advantages, such as cost-efficiency and a unique user experience, but also acknowledges its current limitations in providing accurate advice. He predicts the rise of "digital humans" that merge vast financial knowledge with a human-like interface. The conversation underscores the importance of trust in the advisory profession and debates whether AI can achieve a similar trust level. Both participants emphasize the need for human advisors to adapt and integrate AI into their practices to stay competitive in the future.&nbsp;

Why AI Poses a Mortal Threat to Financial Advisors

In episode 117 of the Exceptional Advisor Podcast guests Dan Otter and Scott Dauenhauer of 403bwise discuss the issues with 403(b) retirement plans commonly used by teachers and the opportunities for financial advisors to help teachers save adequately for retirement.

What Financial Advisors Need To Know About 403(b) Retirement Plans

Rashmi Badwe, COO of TIAA Wealth Management, discusses how technology like AI can enhance client service and the convergence of capabilities across financial domains.

Transforming Wealth Management with Technology

In this roundtable discussion, experts Anna Rappaport, Rob Austin, and Michael Doshier provide insights on key retirement issues including spending patterns, debt levels, housing costs, family support, and using products like annuities and reverse mortgages.   &nbsp;   Key takeaways:   - Retiree spending declines on average 2% per year, but is often "lumpy" with large one-time expenses   - Housing represents the biggest expense for retirees, but many fail to incorporate home equity into financial plans   - More retirees carry debt and support adult children financially than in the past   - Annuities and reverse mortgages remain underutilized due to complexity, lack of advisor expertise &nbsp;   &nbsp;   The experts emphasize the need for holistic planning that accounts for healthcare, housing, family obligations, and other qualitative factors - not just portfolio returns. They advise financial advisors to take an expansive view when working with retiree clients.

Retirement Trends and Challenges

In this podcast, Dalbar founder Lou Harvey discusses the history of his firm, which pioneered research into quantifying the impact of investor behavior on returns. He reflects on key initiatives like the Quantitative Analysis of Investor Behavior (QAIB) report, which revealed the significant performance gap between mutual fund investors and the funds they invest in. Harvey also shares his perspective on current industry trends and the future outlook. He sees artificial intelligence playing a bigger role in financial advice, with humans focused more on interpreting AI recommendations versus specialized expertise. Harvey argues asset allocation should be highly personalized based on an investor's specific situation and needs. He advocates for a fiduciary standard across the advice industry. Throughout, Harvey emphasizes the importance of a personal approach in understanding clients and serving their best interests. He urges advisors to go beyond purely investment considerations to incorporate critical lifestyle factors impacting financial decisions.

DALBAR's Lou Harvey Reflects on Pioneering Investor Behavior Research and the Evolution of Financial Advice

Steve Gresham, managing principal at Next Chapter, discusses in this Exceptional Advisor podcast with host Robert Powell  delves into the complexities and challenges of retirement planning in the modern era. Gresham discusses the evolving nature of retirement, emphasizing the gap between people's expectations and their level of preparation.&nbsp;He highlights the importance of planning and adapting to changing needs, both financially and emotionally. The conversation also touches on the role of financial advisors in guiding clients through these challenges, stressing the need for improved communication, understanding of aging, and comprehensive approaches to managing retirement finances and health considerations.  Learn more at&nbsp;

The Retirement Wake-Up Call is Here

Since 1985, the Institute has established and enforced high standards for advanced practitioners, delivering premier education that offers a unique blend of Ivy League level expertise and practical application.

E72-Baking Behavioral Finance Into the Advisory Practice w/Daniel Crosby, Ph.D.

Investments & Wealth Institute

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