210: The Science Behind Financial Decisions with Dan Egan
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 10 May 2021
⏱️ 64 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Today, I'm speaking with Dan Egan. He's the Director of Behavioral Science and Investing at Betterment, where he integrates behavioral finance and passive investment management to help customers achieve their goals. The Betterment platform is designed to help make good behavior automatic and bad behavior difficult, and it's helped his customers avoid reduced returns as a consequence of bad trading.
Using his background in Decision Science from the London School of Economics and deep knowledge of programming and statistics, he uses his work to explore the psychology of design, money, investing, spending, and randomness.
Dan was introduced to me by Brian Portnoy, one of my previous guests, and I'm excited to have a chance to speak to another expert in this unique field. Today, we talk about what behavioral finance is (and why it matters), why it's human nature to make bad financial decisions, and who benefits the most from working with Robo-advisors as they grow their portfolios at any age.
Show Notes: Howardbailey.com/210
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Transcript
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| 0:00.0 | Welcome to the Retire with Purpose podcast, a show specifically designed to help pre-retirees and retirees maximize their financial confidence. |
| 0:14.4 | Casey Wheat is a certified financial planner and president of Howard Bailey Financial. |
| 0:18.3 | His newest book, Job Optional, is a Wall Street Journal |
| 0:21.5 | bestseller and is available now on Amazon and at Retirewithpurpose.com. He's your host on |
| 0:27.9 | retire with purpose. Hey, I'm Casey, and I believe in retirement strategies that are driven by |
| 0:34.0 | meaning and purpose. Join me this week and every week as we discuss thoughts and ideas |
| 0:40.3 | with some of today's foremost experts in the field of finance and retirement, as well as discussing |
| 0:46.2 | trending topics that could impact your bottom line. These discussions can help you make |
| 0:51.7 | better financial decisions so you can live the lifestyle you've always imagined and deserved. |
| 0:57.9 | Welcome to the show. |
| 1:00.1 | Today's guest is Dan Egan. |
| 1:03.1 | Dan is the Director of Behavioral Science and Investing at Betterment. |
| 1:07.7 | One of the worlds, and arguably actually, maybe the world's largest robo advisory firm, |
| 1:13.6 | where he integrates behavioral finance and passive investment management to help clients and |
| 1:19.2 | customers achieve their goals. The Betterment platform is designed to help make good behavior |
| 1:25.3 | automatic and bad behavior difficult. And it's helped his clients and |
| 1:30.1 | customers avoid reduced returns as a consequence of bad trading. Using his background in |
| 1:36.5 | decision science from the London School of Economics and deep knowledge of programming and |
| 1:41.8 | statistics, he uses his work to explore the psychology of design, |
| 1:46.3 | money, investing, spending, and randomness. Dan was introduced to me by the author of the |
| 1:53.2 | Geometry of Wealth, Brian Portnoy, one of our previous guests and one of our top downloaded |
| 1:59.0 | podcast. I'm excited to have a colleague of his on as we discuss |
... |
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