The Behavioral Divide with Hal Hershfield

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The Behavioral Divide with Hal Hershfield

Financial decisions are endlessly complicated. There’s a huge body of academic literature that tries to study them to look for answers on how to improve decision making while a broad industry of financial advisors also work with investors every day on decisions that affect their financial futures. But there exists a divide between the two. On The Behavioral Divide presented by Avantis Investors®, UCLA Professor Hal Hershfield examines this divide to find insights that may help advisors and investors make better financial decisions. If you’d like to share your thoughts on the podcast or our episodes, send us a note at BehavioralDivide@AvantisInvestors.com. For other contact options, please visit avantisinvestors.com/avantis-contact. The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.

Season 1

  1. EPISODE 1

    How Can Couples Better Manage Money?

    There are many sources of conflict among couples, but money may be one of the biggest. In this episode of The Behavioral Divide with Hal Hershfield, we discuss how financial decisions are made within couples and explore ideas on how we might improve them. We first speak with Scott Rick, Ph.D., a professor of marketing at The University of Michigan’s Ross School of Business and author of Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships (planned release January 2024). We talk about his research into couples and what seems to work well and not so well when it comes to their finances. Next, we talk with financial advisors Stuart Vick Smith, PFS, CPA of Maxwell Locke & Ritter and Elizabeth Shabaker, CFP, CDC of Versant Capital Management on the common pitfalls they’ve encountered in managing wealth for couples. We also discuss strategies they’ve found to be successful for righting the ship to keep couples on track towards their shared goals. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of managing money among couples. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.  Hal Hershfield is not affiliated with American Century Investments. The book Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships is not affiliated with, sponsored by, or endorsed by Avantis Investors or American Century Investments.

    23 min
  2. What’s the Best Way to Budget?

    EPISODE 2

    What’s the Best Way to Budget?

    We’ve all likely dealt with budgeting in one form or another, but is there any well-tested advice on how best to budget? And how does it fit into making progress toward longer-term goals like saving for retirement? In this episode of The Behavioral Divide, we get two perspectives. First, we interview wealth advisor Lowell Parker, CFP of Merriman Wealth Management, to discuss the role of budgeting within the financial plans he establishes with his clients. What we uncover on the importance of the details of those budgets may surprise you. In our second discussion, we speak with Abby Sussman, Ph.D.—a professor at the University of Chicago Booth School of Business—who has done a great deal of research into how individuals budget and why. Abby speaks to her findings on where people often go wrong with budgeting and what they can do about it. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of budgeting. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.

    22 min
  3. How Can We Spend to Enhance Meaning?

    EPISODE 3

    How Can We Spend to Enhance Meaning?

    While most would be happy to have more money, the reality is that more money may not lead to greater happiness for everyone. For many, living a fulfilled life goes beyond finances, so can we increase happiness and meaning in life through the decisions we make with our money today? To explore this question, we speak with UCLA Professor Cassie Holmes and an accomplished financial advisor, Joseph Janiczek, MSFS, ChFC, Chief Executive Officer of Janiczek Wealth Management. In our discussion with Cassie, we discuss her book, Happier Hour: How to Beat Distraction, Expand Your Time, and Focus on What Matters Most, and her research into how wellbeing is affected by how much time we have and how we use it. We talk about how our decisions with our money may help us use our time in more meaningful ways for greater lasting happiness. Joseph speaks to how his firm has found ways to evolve client discussions towards a more holistic view of their clients’ lives. Joseph shares that, through the use of creative tools, client meetings feature topics that go well beyond a client’s financial picture to include aspects that matter to each individual’s overall happiness. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of enhancing meaning through how we choose to spend our money. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments. The book Happier Hour: How to Beat Distraction, Expand Your Time, and Focus on What Matters Most is not affiliated with, sponsored by, or endorsed by Avantis Investors or American Century Investments.

    25 min
  4. How Does Age Affect Our Financial Decisions?

    EPISODE 4

    How Does Age Affect Our Financial Decisions?

    Age is a topic many prefer to avoid. But, when it comes to financial decisions, age may be something we should be thinking about. Age can certainly play a role at different stages of our financial journey. On this episode, we look to the literature as well as speak with a long-tenured financial advisor to gain a firmer grasp on how exactly the choices we make are affected by age and understand what types of mistakes we are prone to both earlier and later in life. Our first discussion is with Duke University Professor Greg Samanez-Larkin—one of the world’s experts on how financial decisions change as we age. Greg speaks to his own research along with other breakthrough studies on this topic of aging. Greg highlights where younger and older adults tend to face the greatest challenges and what we might be able to do to overcome them. We also speak with financial advisor and founder of Constitution Wealth, Christopher Van Slyke, CFP. Christopher speaks to what he’s observed among his client base along, in particular speaking to the value of experience and the difficulties that come with addressing cognitive decline. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of age and financial decision making. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.

    22 min
  5. How Can We Keep Our Financial Resolutions?

    EPISODE 5

    How Can We Keep Our Financial Resolutions?

    Have you ever failed to stick with a New Year’s resolution? Chances are that’s a ‘yes’. The truth is that most only last a few months. And just like those resolutions to go to the gym three times a week or cook more often, setting financial goals, such as saving more or spending less, can be difficult to maintain. Achieving our goals typically requires self-discipline. But what can we do to increase self-regulation and resist temptation when it comes to our financial decisions? That’s the topic of this episode. In search of insights, we speak with Professor Johanna Peetz of Carleton University, who has done fascinating research on self-regulation tactics with respect to financial goals. She offers her findings on what seems to work best. We also talk with Max Kayajanian, CFP, a wealth advisor with the Wealth Enhancement Group. He shares tactics he offers to his clients, both younger and older, to help them stay on course with their financial plans. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on this topic of age and financial decision making. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com.

    28 min
  6. How Can We Overcome FOMO?

    EPISODE 6

    How Can We Overcome FOMO?

    Fear of missing out, or FOMO, is something we can face in many different aspects of our lives. Whether it’s our investment portfolio, our social lives, our career status, and so on, we often compare ourselves against others and feel regret or fear when it seems like they are doing better than we are. On this episode, our focus is on why we face FOMO as investors and what we might be able to do about it. First, we speak with Professor Shai Davidai of Columbia Business School on his work into different forms of regret that may arise when we feel we are missing out and how this can ultimately affect what we learn and the decisions we make in the future. Our second discussion is with Blaine Lourd, a veteran of the financial advisory business and founder and CEO of LourdMurray. Blaine takes us through how he’s witnessed FOMO in his clients and how he goes about helping them through it. If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you on the topic of FOMO in investing. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.

    26 min
  7. Making the Most of Financial Legacy Decisions

    EPISODE 7

    Making the Most of Financial Legacy Decisions

    On this episode of The Behavioral Divide, presented by Avantis Investors®, host Hal Hershfield speaks with Duke University Professor Kimberly Wade-Benzoni, an expert in intergenerational decision making, and Matt Hall, Co-Founder and CEO of Hill Investment Group, to examine what we can learn from both the academic research and real-world advisor-to-client experience to help us make better financial legacy decisions.

    30 min
  8. Why Financial Literacy Might Matter Today More than Ever

    EPISODE 8

    Why Financial Literacy Might Matter Today More than Ever

    On this episode of The Behavioral Divide, host Hal Hershfield speaks with renowned financial literacy expert and Stanford University Professor Annamaria Lusardi along with Tom Cock, Partner and Regional Director at financial advisory firm Apella Wealth, to shed light on the current state of financial literacy, why it bears our attention today more than you may realize, and what these two perspectives can offer as a guide to better outcomes for ourselves, our clients, and society at large.

    26 min
  • 8 Episodes

5
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28 Ratings

About

Financial decisions are endlessly complicated. There’s a huge body of academic literature that tries to study them to look for answers on how to improve decision making while a broad industry of financial advisors also work with investors every day on decisions that affect their financial futures. But there exists a divide between the two. On The Behavioral Divide presented by Avantis Investors®, UCLA Professor Hal Hershfield examines this divide to find insights that may help advisors and investors make better financial decisions. If you’d like to share your thoughts on the podcast or our episodes, send us a note at BehavioralDivide@AvantisInvestors.com. For other contact options, please visit avantisinvestors.com/avantis-contact. The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.

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