This week, Ana Trujillo Limon talks with Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions, Julie Ragatz, Vice President, NextGen and Advisor Development Programs at Carson Group, and Erin Wood, Senior Vice President- Financial Planning at Carson Group.

They talk about behavioral finance, how past experiences can influence financial decisions, and how they help clients change their mindset toward a more favorable financial outlook.

You can find show notes and other information here.

Key Takeaways

  • Daniel, Julie, and Erin’s first big purchase.
  • How personal experiences can influence behavior toward money.
  • A powerful tool for understanding financial behavior.
  • How Daniel, Julie, and Erin help clients make the right financial decisions.
  • The four pillars of behavior change.
  • Why understanding your own money story can help you better understand your clients.
  • The impact of the pandemic on client behavior.
  • Trading as an expression of loneliness.
  • The importance of legacy.

“A lot of times, buying something can serve as sort of a buttress for our personality. It’s why I buy Jordans. I want to be associated with greatness. It’s why I buy expensive guitars because I want to be the kind of guitar player who deserves that guitar.” – Daniel Crosby

“When you have an alliance, you have kind of joint pursuit of a goal that you’ve accepted. It’s the formation of an alliance that says, ‘we are in this together and we are pursuing the same goal’. – Julie Ragatz

“”I believe that if you can make financial planning simpler, we can have a much bigger impact on everyone. We can bring financial service to not just the wealthy, but to the mass market. When we find a way to bring it into a scalable form, that can impact everyone.” – Erin Wood


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