Why Smart Investors Make Emotional Decisions | Dr. Daniel Crosby on Behavioral Finance (#15)

Описание: Why are we wealthier than ever — but more miserable? 🤔

In this episode of Building Better Portfolios, hosts Paisley Nardini, CFA, CAIA and Josh Flade, CFA sit down with Dr. Daniel Crosby — psychologist, bestselling author, behavioral finance expert, and Chief Behavioral Officer at Orion — to unpack the hidden psychology behind our money decisions.

Dr. Crosby reveals why money is the #1 emotional trigger in the human brain (yes, more than sex, politics, or death), how your childhood "money scripts" are silently driving your financial choices, and what the research says actually makes life worth living. Whether you're a financial advisor looking to deepen client relationships or an investor trying to avoid emotional traps, this conversation will change the way you think about wealth, happiness, and building a meaningful life.

📖 Dr. Crosby's Books:
• The Soul of Wealth
• The Behavioral Investor
• The Laws of Wealth
• Upcoming: The Meaning Manifesto (est. 2027)

🎙️ Dr. Crosby's Podcast: Standard Deviations (now in its 8th year!)

⏱️ TIMESTAMPS:
0:00 – Introduction & welcoming Dr. Daniel Crosby
1:09 – Daniel's career journey: from psychology PhD to behavioral finance
3:29 – The emotional toll of clinical therapy & finding a new path
5:48 – How a comment from his father changed everything
6:04 – The intersection of psychology and financial advising
8:24 – Daniel's favorite book & why The Soul of Wealth is the most personal
10:19 – The shocking stat: global poverty fell but happiness didn't
12:49 – What is the PERMA framework? The 5 pillars of a meaningful life
18:17 – Why retirees are some of the unhappiest people on the planet
19:29 – Why financial advisors need to plan beyond the portfolio
20:37 – How advisors can justify their fees through behavioral coaching
22:00 – Men, retirement & loneliness: how to build friendships outside of work
24:15 – The "Cars and Coffee" life hack for social connection
25:00 – The IQ vs. EQ paradox: why you're more emotional than you think
27:45 – Money scripts: the hidden stories driving your financial behavior
29:01 – What do couples really fight about when they fight about money?
31:36 – The Excitement Rule: if you're excited about an investment, watch out
33:03 – Day trading, IPOs & the danger of overconfidence
34:36 – Steel man vs. straw man: how to test your own investment thesis
35:02 – Daniel's worst investment (it's not what you'd expect)
37:23 – Why you have to think about risk across your entire financial life
38:12 – Shoutouts: Eric Clark, the founder of Orion & Daniel's wife
40:20 – Where to find Daniel's books, podcast & what's next

🔑 KEY TOPICS: behavioral finance, psychology of money, investor psychology, emotional investing, financial advisor tips, PERMA model, retirement planning, money scripts, wealth and happiness, portfolio construction, Daniel Crosby interview, financial planning, behavioral coaching

💡 Who is this episode for?
✅ Financial advisors who want to add more value beyond portfolio management
✅ Investors looking to understand their own behavioral biases
✅ Anyone curious about the connection between money and happiness
✅ Professionals navigating retirement transitions — their own or their clients'

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🎧 Building Better Portfolios is hosted by Paisley Nardini, CFA, CAIA (Managing Director, Simplify Asset Management) and Josh Flade, CFA. Each episode dives into portfolio construction, alternative investments, and the insights that help financial professionals build smarter portfolios.

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