NY Times Best Selling Author, Dr. Daniel Crosby: Behavioral Finance, Food & The Norwegian Underworld

In this episode, Rory and Diane Young, Managing Director at Arrowroot Family Office, are joined by Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions, a leading turnkey Asset Management Platform that serves over 2100 Firms. He has a Ph.D. in Psychology from BYU, and he recently co-authored a New York Times Best-Selling Book titled Personal Benchmark: Integrating Behavioral Finance and Investment Management. In this episode, Daniel talks about the 3 E’s that finance professionals need to use when advising clients: Education, Environment, and Encouragement. As advisors, we need to educate our clients, set up the right environments and offer encouragement like personal trainers and nutritionists do. Find out why he believes we are working with an iPhone 1 brain in an iPhone 13 world since it’s been 150,000 to 200,000 years since our brains have been upgraded. We were designed to keep ourselves from scarcity and starvation but live in a world where, at least in the West, more people die of obesity than starvation. Daniel also touches on the importance of making financial decisions when in the right state of mind and uses the Acronym HALT to communicate how people make statistically worse decisions when they are (Hungry, Angry, Lonely, or Tired). Find out how research on criminals in the Norwegian Underworld has shown how people spend, save, and invest their money differently based on how they generate it. Don’t miss out on this exciting episode to learn more about the human condition and how we view and interact with money.