Standard Deviations with Dr. Daniel Crosby

Standard Deviations with Dr. Daniel Crosby

The Standard Deviations podcast is a weekly production that looks at money, mind and meaning, all through a psychological lens. Each week, psychologist and New York Times bestselling author Dr. Daniel Crosby interviews a fascinating new guest, experts in everything from finance to literature to wellness. Each guest provides listeners with three concrete ways to apply what was learned that week, ensuring that weekly listening becomes part of a path to a richer life. Episodes are brief, research-based, and designed to fit perfectly within your commute time. So, tune in for practical news that will help you make more, think more and be more. Learn more by following Dr. Daniel @danielcrosby or visit the website at www.standarddeviationspod.com/ Standard Deviations is presented by Orion.

52 minutes 5 seconds

Megan Gorman - All the Presidents’ Money
Tune in to hear:
- What was Megan’s favorite finding in the deep research she did for this book?
- Learn about Truman’s financial anxiety and how this impacted him.
- Why is it harder to pivot and recover from financial pitfalls than it used to be?
- What advice did Calvin Coolidge get from his stock broker?
- How did George Washington make his money and what differentiated him from his peers?
- Why does Megan find Hoover’s money story so captivating?
- Learn more about Jimmy Carter’s financial story.
- Which president was the best money manager and which was the worst and what can we learn from their examples?
- How much should a candidate’s personal finance skills impact our vote, if at all?
Links
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The Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.
Compliance Code: 2008-OAS-8/8/2024
19 September 2024, 4:00 am
36 minutes 10 seconds

Cady North - The Art of Sabbatical
Tune in to hear:
- Did Cady’s recent book, The Art of the Sabbatical, come from a place that was very personal and meaningful to Cady? If so, what was it that made this project so personal for her?
- In Cady’s experience, are many of those hoping to take a sabbatical doing so to just take a break from work or are they in search of a deeper, transformative end goal?
- How should one start to think about the financial realities of preparing for a sabbatical and how will they know when they’re ready?
- Is there an optimal length of time, on average, for a sabbatical to be?
- What would Cady say to someone who fears using FMLA, for reasons of burnout, for fear of stigma or a reputational shift at their place of work?
- Why is there such a big stigma around taking breaks from work? Where did the paradigm come from that we should work for decades and then have decades of leisure, rather than a more integrated process of taking breaks throughout our working life?
- What are a couple fundamental do’s and don’ts of putting together a successful sabbatical?
- What can be done to minimize career harm upon re-entry post sabbatical?
- Are there any stories from Cady’s clients’ lives that illustrate really transformative experiences that happened over a sabbatical?
- For those with a few weeks vacation time, what might be a productive way of thinking about how to best use that time?
Links
Connect with Us
The Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.
Compliance Code: 1993-OAS-8/7/2024
12 September 2024, 4:00 am
44 minutes 47 seconds

Emily Blue - Humanizing the M&A Process
Tune in to hear:
- What is the disconnect between selling an advisory business, as it is popularly conceived, and as it usually goes down in the real world? What should people know about the process that they may not currently understand?
- What are the big things that are missing from the “highlight reel” version of selling a business and how can people become more aware of this?
- If Emily could give advisors just one tip on maximizing their saleability, and standing out in a very crowded field, what would she say?
- Is there anything advisors can do to avoid a “cult of personality” trap that could make the business hand-off harder than it might otherwise be?
- How can we humanize this transaction from every angle, including the client side of things, and what role does talent play in getting a premium for what you’ve built?
- How do we better prepare advisors for the psychological loss of their business?
- For those doing due diligence on an M&A, how can they make the cultural piece more practical and straightforward? Also, what parts of company culture are more malleable and what parts are more immutable?
- How do people sometimes get in their own way when they are trying to make this big transaction happen?
Links
- Emily Blue on LinkedIn
- Hue Partners
Connect with Us
The Advisor Academy is Orion’s free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.
Compliance Code: 1973-OAS-8/6/2024
5 September 2024, 4:00 am
38 minutes 47 seconds

Dr. Charles Eckhart - Family Wealth Dynamics
Tune in to hear:
- What got Dr. Eckhart into Psychology in the first place, and how did he end up moving into family wealth consulting?
- What are some of the significant differences in family dynamics among upper middle class families and ultra high net worth families?
- What does Dr. Eckart mean, exactly, when he refers to family mythology and how might future generations struggle to perpetuate these mythologies at times?
- What are the psychological complexities of “The Great Wealth Transfer” that are often overlooked in standard industry discussions?
- What are some potential signals that an advisor is over their head and that it is time to call in help?
- What clinical skill set does Dr. Eckhart wish he could impart to listeners of the show?
Links
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Compliance Code: 1904-OAS-7/31/2024
15 August 2024, 4:00 am
34 minutes 7 seconds

Clare Flynn Levy - Good Behavior, Good Returns?
Tune in to hear:
- What does Clare and her team at Essentia Analytics focus on specifically?
- How can one score the decision making skill involved in stock picking when so much is relative to timing? How does Essentia Analytics score all 7 data points they lay out on their website?
- One of the trick things about behavioral investing is you can get a good result for a bad reason and vice versa. How does Clare’s team think about this and try to account for it?
- Recent research Clare and her team did shows that decision making hygiene is 1.5x more predictive of beating a benchmark in a subsequent year. Can she tell us more about this study and its implications?
- Why does the above correlation/relationship lose predictive power after 3 years on average?
- Could greater awareness, using tools like this, make fund managers more aware of issues like style drift?
- How can we make a compelling case that gets people to focus more on process and less on outcomes?
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Compliance Code: 1385-OAS-5/31/2024
8 August 2024, 4:00 am
35 minutes 48 seconds

Tim Holland - The Election and Your Money
Tune in to hear:
- How should we think about the “presidential election cycle pattern” as a forecasting tool? Does it have much merit and how is it playing out so far in 2024?
- How should we think about time effects in an election year? Also, what is the trend for election year market performance like as you move through the year?
- What would Tim tell clients who want to invest based on their political views?
- Research has found that when investors’ political candidate of choice is not elected, they invest more internationally and are less bullish on the US. In addition, they are more averse to risk for that period of time and that there is a 2.7, annualized, under performance for those investors. What does Tim think about these findings?
- Why is having a contentious Congress potentially not that bad?
- What is Tim’s counsel for those worried about the 2024 election, as it relates to investing?
Connect with Us
Compliance Code: 1569-OAS-6/24/2024
OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC.
1 August 2024, 4:00 am
35 minutes 30 seconds

Matt Ackermann - Center Stage: What Music Can Teach Advisors About Practice Management
Tune in to hear:
- What can Elton John’s stage name teach advisors about how to make and set goals?
- What can Weezer teach advisors about workflows?
- What is the DICE acronym that can help advisors create a process around their practice?
- How can advisors find a partner best suited for their practice and how can this power growth? Also, how should advisors approach due diligence when selecting a partner?
- What are some “comfort traps” advisors might fall into and what can The Beatles teach us about avoiding these?
- What will it take to make people more proactive and thoughtful about succession planning and what can Lynyrd Skynyrd teach us about this?
Links
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Compliance Code: 1373-OAS-5/30/2024
18 July 2024, 4:00 am
47 minutes 47 seconds

Phil Bray - Effective Marketing in a Noisy World
Tune in to hear:
- How did Phil pivot from a financial advisor position to roles focused on marketing?
- Why is a clearly established marketing strategy so critical as a starting point and what does this look like, practically?
- How important is it to have an affinity for, or direct tie with, the niche client group you may serve (e.g. first responders or dentists)?
- What should be top of mind for content creators as they strive to stand out in a world inundated with content?
- What does the path look like from someone realizing they need an advisor to landing on your webpage and even filling out a contact form? What can be done to facilitate this process for would be clients?
- What can advisors do to have a better digital presence, aside from the obvious of having a well-crafted website?
- Why does Phil suggest advisors share knowledge freely on LinkedIn and elsewhere?
- Can marketing help with client retention for next gen and widowed clients?
Links
- Phil Bray on LinkedIn
- The Yardstick Agency
Connect with Us
Compliance Code: 1350-OAS-5/29/2024
11 July 2024, 4:00 am
43 minutes 21 seconds

Andy Baxley - The Power of Financial Purpose
Tune in to hear:
- Why do humans seem to have such limited access to understanding what they want, from a financial perspective?
- Andy believes that the ethos of financial planning is the marriage of capital and purpose. What, specifically, does he mean by this and why does he think it is so critical?
- Should we try to expand our clients’ notion of capital and what might be the broader impact on their lives if we were to do so?
- How would Andy tease out the subtle differences between goals, values and purpose and is one of these more fundamental than the rest of them?
- Does Andy often see dissonance between clients’ professed values and how they spend their money and time? How can we help our clients achieve better alignment with their values?
- How can advisors take a client’s values and transmute that into a statement of financial purpose?
- What would Andy say to clients who want an advisor who is effectively just a stock picker and not a guide to fulfilling their financial purpose?
- Why is a purpose-centered portfolio a great “regret minimization tool?”
- How often should clients revisit their financial purpose thesis?
- What are some of the benefits that accrue to both clients and advisors who go with a more bespoke, meaning-centered financial plan?
Links
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Compliance Code: 1304-OAS-5/23/2024
4 July 2024, 4:00 am
59 minutes 15 seconds

Nuala Wash - Ten Steps to Better Decision Making
Tune in to hear:
- What drove Nuala to write her new book, Tune In: How to Make Smarter Decisions in a Noisy World ?
- In her book, Nuala talks about four factors that amplify the risk of noise, obscuring our ability to arrive at the truth. What are these factors and why are they so important?
- How do we overcome the very entrenched obstacles we face when trying to make informed decisions?
- What does Nuala’s “PERIMETERS” mnemonic stand for and how can multiple layers of bias combine, making us sub-optimal decision makers?
- What is the role of power in our decision making process, and how can it confound our best efforts?
- What is the correct stance to take, with regards to power or status, when making decisions?
- How does memory differ from the “filing cabinet” stereotype that many of us have?
- What is the “peak end rule” and how does it apply to our decision making process?
- When can emotion be additive to the decision making process and when is it a distraction that should be avoided?
- How has Nuala changed as a result of having written her book?
- What are one or two practical, actionable things listeners can do today to become a better decision maker?
Links
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Compliance Code: 1359-OAS-5/30/2024
20 June 2024, 4:00 am
51 minutes 14 seconds

Shawn Sparks - The Advisor Transformation
Tune in to hear:
- What was the message that Shawn felt compelled to get out there in his upcoming book, The Advisor Transformation?
- What distinction does Shawn draw between success and significance?
- How does Shawn bring vision into his work at Triad in a way that better synthesizes work and life?
- What is Martin Seligman’s PERMA Model and what can we learn about finding fulfilling work from this model?
- Among the advisors Shawn has encountered, what kinds of visions propelled them to great professional heights? Why is a vision that is “I” focused often doomed to fail?
- What has Shawn done to make the culture at Triad so unique and central to their ethos?
- What is the most effective way to hire and screen candidates who are a good culture fit?
- How can advisors better de-commoditize their advisory businesses?
Links
- Shawn Sparks on LinkedIn
- The Advisor Transformation
Connect with Us
Compliance Code: 0936-OAS-4/17/2024
13 June 2024, 4:00 am
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