Ep 55: Behavioral Finance and the Psychology of Wealth

Episode 55: Behavioral Finance and the Psychology of Wealth

Guest: Dr. Daniel Crosby

Overview

Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance.

Today, I’m joined by Dr. Daniel Crosby, a psychologist, behavioral finance expert, and author who explores the intersection of psychology and markets. Educated at Brigham Young and Emory, he created the “Irrationality Index” to track market sentiment and recently released The Soul of Wealth, featuring 50 essays on wealth and happiness.

Key Takeaways:

✅ Purpose Matters – Advisors and clients who define a clear "why" behind their financial goals achieve better outcomes. Named accounts and purpose-driven planning reinforce commitment.
✅ Advisors Have Bias Too – Financial professionals are not immune to behavioral biases. Recognizing and managing these biases is key to better decision-making.
✅ Women as Investors – Women consistently outperform men in investing due to biological and sociological factors, yet this strength is often underestimated.
✅ Consistency Wins – Success in wealth-building and personal growth is about small, repeatable actions, not dramatic, one-time changes.
✅ Money as a Means – Wealth is a tool, not an end goal. Aligning financial plans with personal values leads to greater fulfillment and well-being.

Connect with Daniel

🌐 LinkedIn
🎙 Podcast: Standard Deviations
📖 The Soul of Wealth (Book)

Connect with Catherine

🔗 LinkedIn
📅 Book a Coffee Chat: Schedule a Call
📩 Newsletter: Sign Up
🌐 Website: Dominion Enterprise Services
📧 Email: admin@dominiones.com

‍