As we navigate fallout from the global pandemic, it can be easy to focus on the short-term pain we feel from market volatility instead of the potential rewards of sticking with a long-term financial plan. Join President and Global CIO Daniel Needham and Head of Decision Sciences Ryan Murphy, who will discuss key messages to consider for mid-year check-ins and ideas to help clients stay focused on what really matters in times like these.
Overconfident? Cognitively Rigid? How Investors Can Make Better Decisions by Dealing With Emotions and Biases
Sarah Newcomb, director of behavioral science at Morningstar, Inc., discusses emotions brought on by market loss, talks about how they can affect decisions, and offers some ways to cope. Ryan Murphy, head of decision sciences at Morningstar Investment Management, discusses cognitive biases to watch out for and ways investors can make better decisions.
Most of the content published on this topic explains what behavioral finance is, its significance, and the definitions of various biases that plague investors. Here are four actionable steps advisors can take right now to implement behavioral finance concepts.
Conversations with investors about risk is often muddled with industry jargon they often find unrelatable. Redefine the risk conversation to better align with the way investors think about risk-- the pain of losing money.
Special Covid-19 Series: Ways for Advisors to Manage and Inspire Newly Remote Teams –– With Kelli Cruz
Could you use some tried-and-true advice to help your team adapt to remote work? In this episode, Kelli Cruz of Cruz Consulting Group discusses how to engage, manage, and inspire your team while working remotely and how to set up your advisory practice for growth that can continue outside of the COVID-19 crisis.
How should you advise clients who are going into a fight, flight, or freeze response to the market volatility? In this episode, Laura Gregg and David Partain are joined by Dr. Sarah Newcomb, director of behavioral science at Morningstar and talk about productive client conversations.
The worldwide protests calling for racial justice and equity have been a wake-up call for us all and the lack of diversity in the wealth management space has been noted for years. In this episode, Connie Lindsey, Head of Corporate Social Responsibility and Global Diversity, Equity, and Inclusion for Northern Trust talks about the importance of better educating people on the important difference between equality and equity and what leaders can do to provide support and drive change.
Do you know how to show your clients that you’re present and at their service? Do you know how to approach questions about portfolio performance right now? In this episode Mark LaVoie, Vice President at Prosek Partners, discusses communication strategies for advisors to adopt during the pandemic. Mark shares which conversations to have –– and not have –– with clients right now along with ways to use email, video, and social media.
Ep. 22: Partnering with Community Foundations to Strengthen Client Relationships In Uncertain Times - Elena
In this episode, Elena Pullen-Venema, the Director of Gift Planning at the Community Foundation of Snohomish County (Greater Seattle Area) explains the foundation’s growing commitment to Racial Equity and how grants during the Coronavirus pandemic are being focused on supporting communities of color. She also describes how some foundations are partnering with advisors as they continue to manage clients’ charitable investments.
Shundrawn Thomas, President of Northern Trust Asset Management discusses the role of leaders in DE&I. He also talks about his recent open letter – Breaking the Silence – in which he shares some of the experiences he has encountered as an African-American man in the hopes of giving a voice to the silent pain that many of our collective colleagues, friends and neighbors are currently experiencing.
For advisors, podcasting has become a great way to build relationships with ideal and existing clients, all the while maximizing the advisor-client relationships and ROI. In this episode, podcasting professional Matt Halloran shares his expertise in podcasting and how his company is helping advisors find their voice using this medium.