127: Preparing Your Clients and Practice for Behavioral Finance 3.0 with Meir Statman
Meir Statman, a trailblazer in behavioral finance, says: “Financial well-being underlies life well-being.”
Advisors know their clients want to feel happy and fulfilled and make decisions aligned with their values.
But weaving that into financial advice? That’s the challenge.
And, that’s the next frontier for behavioral finance.
Meir has witnessed every generation of behavioral finance up to this point.
And, in this episode, he shares how advisors can prepare their clients and their practice for the shift to Behavioral Finance 3.0.
What You’ll Learn:
- Why every client needs a diversified “life” portfolio
- The 3 benefits people derive from spending money
- Why your neighbor’s finances impact your own well-being
- The journey from “standard” finance to Behavioral Finance 3.0
- The #1 way to improve well-being (That has nothing to do with money)
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Resources:
- “Thinking, Fast and Slow” by Daniel Kahneman
Connect with Brendan Frazier:
Connect with Meir Statman:
- LinkedIn: Meir Statman
- “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance” by Meir Statman
- SSRN
About Our Guest:
Meir Statman is a leading behavioral finance authority and a finance professor at Santa Clara University. His groundbreaking research bridges traditional finance with psychology, offering insights into how emotions and biases impact financial decision-making. Meir’s work encourages advisors to focus on client well-being and life satisfaction, making him a pioneer in helping people use their finances to support meaningful and fulfilling lives. He’s also the author of A Wealth of Well-Being, where he explores the role of behavioral finance in guiding financial choices that promote happiness.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
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