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Hi, and welcome to The Longview. I'm Christine Ben's, Director of Personal Finance and Retirement Planning for Morningstar.

And I'm Jeff Patak, Chief Ratings Officer for Morning Star Research Services. Our guest on the podcast today is Dan Egan.

Dan is Director of Behavioral Finance and Investing at Betterment, and he has researched behavioral finance topics extensively over his career.

Prior to joining Betterment, he was a behavioral finance specialist for Barclay's wealth.

He received his bachelor's in economics from Boston University

and his Master of Science degree in Decision Science from the London School of Economics.

Dan, welcome to the Longview.

Thank you for having me. Well, thanks for

being here. In your bio, you say a key goal in your job at Betterment is to help make

good behavior automatic and bad behavior difficult. And you note that Betterment's customers have

one of the lowest behavioral gaps of the digital platforms.

Explain what a behavior gap is, as well as how Betterment has aimed to close it.

So I think mostly for myself, I think of a behavior gap as against some ideal benchmark,

like an index fund might have an index,

which is some platonic ideal at checks.

A behavior gap is a difference between kind of like the outcome that could have occurred with less effort or less mistakes.

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