Standard Deviations with Dr. Daniel Crosby

This week, Dr. Crosby is joined by fellow behavioral finance geek Neil Bage. Neil is passionate about helping people make safe and informed choices and is a specialist on behavioral drivers of financial decisions. In this episode, we turn the tables and Neil interviews Daniel in celebration of the 2nd Edition release of Dr. Crosby's book 'The Laws of Wealth.' Tune in to hear: - How does one go about controlling the controllable in their personal and financial life and what does one do if something that they have no control over matters a great deal to them? - How do financial advisors go about laying the right foundations for dealing with the emotional aspects their clients will inevitably encounter? - How do people maintain their composure and not get overly excited by, or attached to, a particular investment opportunity. Does this require a kind of courage? - What proactive steps can advisors take to factor into the human and behavioral element of investment advice? - Why might your average US citizen believe that investing in real estate is more fruitful than investing in the stock market? Web: www.neilbage.com Twitter: @NeilBage Compliance Code: 1002-OAS-03/24/2021

JC Parets launched the All Star Charts Research Platform in September of 2014 to provide technical analysis commentary across all asset classes to investors worldwide. He also has his own podcast, Technical Analysis Radio, which helps others grow their knowledge of technical analysis. JC grew up in Miami, FL and is a big sports fan. When he’s not looking through charts, he’s probably cooking, eating or watching a game. JC is also a certified sommelier and sake expert. Tune in to hear: - What’s case can be made for technical analysts being the ultimate behavioral investors? - Why is it that price action is the first and final word for technical analysts and how can they be so confident in purchases when they know nothing about their fundamentals, business or commodity? - How do you manage risk with technical analysis and how do you differentiate between a daily dip and a true sell signal? - What is something that JC was wrong about and how did he come to realize this and change his mind? - How can being “agnostic” about a particular stock or asset class be in your favor? - What is a widely ignored asset class that JC is excited about? Web: www.allstarcharts.com Twitter: @allstarcharts Compliance Code: 0989-OAS-03/24/2021

Johnny Sandquist is the Founder & CEO of Three Crowns Marketing. He's focused on supporting RIA firms and advisor technology companies for over a decade now. He has a wife and three kids and is a huge Star Wars geek. Tune in to hear: - Does Johnny advise his marketing clients to avoid or pursue engaging their target market by taking a stance on divisive, political issues? If so, what might be the most prudent way to approach this? - In such a painful and tumultuous time, like Coronavirus, how can you keep your business top of mind and promote yourself while staying sensitive to the fact that you might not be offering an essential service? - The Oatly Superbowl commercial seemed to be the most universally hated ad that night. Is all of this attention potentially productive for them, or is will it potentially come back to bite them? - What are some common themes among the most effective advertisement campaigns? - How do we balance the, seemingly, conflicting values of self-care, “being a brand” and being authentic? - What might be the most overhyped trend in wealth tech and what is one that has a lot of potential and should get more attention? Web: www.threecrownsmarketing.com Twitter: @JohnEllert Compliance Code: 0988-OAS-03/24/2021

Lindsey Bell is Ally Invest’s Chief Investment Strategist, responsible for shaping the company’s point of view on investing and the global markets. She is also President of Ally Invest Advisors, responsible for its robo advisory offerings. Lindsey has a broad background in finance, with experience on the buy-side and sell-side, in research, and in investment banking, and has held roles at JPMorgan, Deutsche Bank, Jefferies, and CFRA Research. Lindsey holds a passion for teaching individuals how to become successful long-term investors. She is a contributor at CNBC, and frequently shares her insights with various publications including the Wall Street Journal, Barron’s, MarketWatch, Business Insider, etc. She also serves on the board of Better Investing, a non-profit organization focused on investment education. Callie Cox is a senior investment strategist for Ally Invest. In her role, she helps educate Ally Invest customers about the financial markets through engaging content and strategic initiatives. Callie has worked in financial research for her entire career, with stints at LPL Research, TABB Group and Bloomberg. Her work has been featured in Bloomberg, the Financial Times, Yahoo Finance, and Barron’s (among other publications). You can also find her on Twitter at @callieabost. Tune in to hear: - Are investors primed for both fear and greed based on their experiences with crises such as the tech bubble, great financial crisis and Coronavirus? - Some think we are about to enter into a “second Roaring Twenties.” What do Lindsey and Callie make of this thesis? - Was the collectivist approach of Wallstreet Bets driven by a combination of loneliness and interconnectedness on the internet, or was it potentially just a fad? - Are people really learning about markets and getting engaged about markets in a meaningful, discerning way on Wallstreet Bets? - By most estimates, institutional money accounts for 70-75% of the volume in the markets. Are we overstating the impact of retail investors? - What are the mechanics of a short squeeze? - What are some of the potential use cases of options trading and what are some of the dangers associated with it? - Whether we are in a bubble or not, prices are quite high across the board. How might we position ourselves for success in the next decade? Web: www.ally.com Twitter: @justLBell & @callieabost Compliance Code: 0943-OAS-03/19/2021

In 2010, Stacy Havener founded Havener Capital Partners, an independent third party marketing firm, to provide sales and marketing services to a select group of high quality managers. Well recognized for her expertise in the Registered Investment Advisor and wealth management channel, Stacy has significant experience in product development as well as raising assets through successful distribution strategies. Previously, Stacy was a co-founder of third party marketing firm Candlewood Advisory Partners and worked with institutional marketing firm Arrow Partners. Her career in third party marketing began in 2000 when she joined Sincere & Co., LLC as the first employee. Prior to her 7 years at Sincere, she served as Marketing Manager for Grand Prix Funds (Wilton, CT). In her investment sales career, Stacy has raised over $5 billion dollars. Active in the industry, Stacy is currently on the board of the Third Party Marketers Association (www.3pm.org) after serving as the association President for 6 years. She is also the former chairperson of the Financial Planning Association’s Corporate Resource Counsel. Stacy holds her Series 6, 7, 24, 63, 66, and 79 licenses and is a registered representative of Compass Securities Corporation. She received her Bachelor of Arts in English Literature from Western Connecticut State University, graduating summa cum laude in 1998. Stacy was named to both the NCAA and the GTE/CoSida Academic All-American team for Division III Women’s Soccer and subsequently nominated for NCAA Woman of the Year in 1998. Based in Newport, RI, Stacy balances her career with her love of travel, passion for cooking, and an addiction to crossword puzzles. Tune in to hear: - What role does well-crafted storytelling play in making an effective sale? - Many sales organizations focus around measurable, quantative goals (e.g. how many calls did you make). What might they gain from focusing more on psychological variables, such as “behavioral IQ?” - How do Stacy’s conversations differ from someone further down the adoption bell curve and how does she go about personalizing her communications? - Which of the “Big 5” personality traits might early adopters share? - How is owning up to your quirks a powerful approach, and why are we so scared to do this in a sales context?

Nathan Astle is the founder of Relational Money LLC where he offers training to financial advisors and money coaches on basic financial therapy skills. This will help them be better at their jobs, retain more clients, and improve the quality of care. Tune in to hear: - What are some of the key differences and similarities between financial therapy, clinical psychology and behavioral finance? - While we fixate on money and wealth in popular culture and in the media, Americans are also really reluctant to be direct about their personal financial matters. What accounts for this juxtaposition of obsession and secrecy in American financial matters? - When considering happiness, we often ascribe money with significance above and beyond the elements of personal success. Why is this the case? - What are some common money themes, or “scripts,” that one might find themselves within? - If someone identifies a money script, that’s negatively impacting their personal and financial wellbeing, how difficult is it for them to change and how does one go about rewriting a money script that has become engrained? - When should one enlist the help of a financial therapist instead of someone with social work or psychology background? - Are soft skills more important now than ever before for financial professionals, or is the industry, as a whole, just pulling its head out of the sand? - What soft skills are often underdeveloped in the average financial advisor? - How do advisors empathize adequately, but not so fully that they are taking it home with them? - There’s such a large chasm between knowing the right thing to do and actually doing it.

Tim Holland is the Chief Investment Officer at Orion Advisor Solutions, where he oversees the investment management and strategies for Orion Portfolio Solutions and Brinker Capital Investments. Prior to his current role, Tim was the Global Investment Strategist at Brinker Capital where he worked with senior members of the investment team to develop and deliver Brinker Capital’s macroeconomic and capital markets outlook, including the company’s investment views and portfolio positioning. Tim has over 20 years of investment experience. Prior to joining Brinker Capital, Tim was a Portfolio Manager at TAMRO Capital Partners, where he directed overall portfolio construction on two long-only, US equity strategies based on fundamental company and industry analysis and understanding the potential impact of economic, industry, and political trends on portfolio holdings.Tim received his Bachelor of Arts in political science from Drew University. He holds a FINRA Series 65 designation and is a CFA® charterholder. Tim’s investment commentary can be found in various business media, including CNBC, Fox Business, Bloomberg TV, Bloomberg Radio, The Wall Street Journal, Investor’s Business Daily, and Financial Times. Tune in to hear: - Though market performance and the economy aren’t one in the same, and the market is forward looking in nature, it is still surprising how much it rallied in 2020 in spite of the year’s struggles. What sense can we make of this? - The Fed and The Federal Government’s response to the pandemic may account for why the market is in the position it is. What do you say to critics of the government’s enormous response? - What are Tim’s expectations of the market moving into 2021? - What is Tim’s take on emerging markets and international stocks in a post-covid world? - Bonds and fixed income used to act as a ballast in one’s portfolio. With their rates so low, and even negative at times, where can we look for a ballast in a portfolio now? - What is some behavioral advice for investors living through this taxing moment? What practical steps can they take to ensure they don’t sabotage their investments? Web: blog.brinkercapital.com Compliance code: 0691-OAS-02/26/2021

Rusty Vanneman serves as the Chief Investment Strategist for Orion Advisor Solutions, where he is responsible for overseeing the investment strategies at Orion Portfolio Solutions (turnkey asset management program) and at Orion Advisor Technology (financial technology). Previously, Rusty was the Chief Investment Officer for Orion Advisor Solutions and prior to that was the President and Chief Investment Officer of CLS Investments. Before joining Orion in 2012, Rusty served as the Chief Investment Officer and Managing Director for a multi-billion RIA in the greater Boston area. His 11-year tenure at the RIA included a five-year span when the firm was owned by E*TRADE Financial where he also served as the Senior Market Strategist for E*TRADE Capital. Prior, Rusty was a Senior Analyst at Fidelity Management and Research in Boston.  Rusty received his Bachelor of Science in Management from Babson College in Wellesley, Massachusetts where he graduated with high distinction. He holds the Chartered Financial Analyst (CFA®) designation and is a member of the CFA Institute. He is also a Chartered Market Technician® (CMT) and is a member of the Market Technician’s Association (MTA). Additionally, Rusty authored the book “Higher Calling: A Guide to Helping Investors Achieve Their Goals,” and was named one of the Top 10 Portfolio Managers to Watch by Money Management Executive in 2017.* Rusty is also a host of Orion’s The Weighing Machine. https://open.spotify.com/show/7k80G94zq4W2fiAUmsuKAq *RUSTY VANNEMAN MONEY MANAGEMENT EXECUTIVE AWARD Chief Investment Strategist of Orion Advisor Solutions, Rusty Vanneman, CFA, CMT, was selected as a “Top 10 Fund Managers to Watch” in 2017 by Money Management Executive, while serving as Chief Investment Officer of CLS Investments (CLS), now a division of Brinker Capital Investments, which is a subsidiary of Orion Advisor Solutions. Money Management Executive is an unbiased, third-party publication covering the asset management industry. Money Management Executive chose the list of managers to watch by screening Morningstar data from funds with a single manager, ranked as having the best three-year annualized returns in their respective categories. The list of managers was published March 27, 2017. Money Management Executive is not affiliated with CLS. Ratings and awards may not be representative of any one client’s experience and are not indicative of CLS’s future performance. The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org. The CMT Program demonstrates mastery of a core body of knowledge of investment risk in portfolio management. The Chartered Market Technician® (CMT) designation marks the highest education within the discipline and is the preeminent designation for practitioners of technical analysis worldwide. To learn more about the CMT, visit https://cmtassociation.org/. Tune in to hear: - What does the collective mindset of investors look like coming out of such a difficult year? - In a time with elevated stock valuations and potentially depressed fixed income returns, should we get a little weird with our asset allocation or stick to a traditional 60/40 portfolio structure? - What are some takeaways from Rusty’s investing experience in 2020? - What might the future of asset management look like in a landscape where markets are shifting so quickly? - How is the process of selecting a good investment akin to the process of finding a good life partner and how is it different? - If Orion was a band, what band would they be? Web: https://open.spotify.com/show/7k80G94zq4W2fiAUmsuKAq Twitter: @RustyVanneman Compliance code: 0708-OAS-3/1/2021

Phil is widely regarded as a thought leader in the asset management industry. As Founder & CEO of Exponential ETFs Phil raised $1.8 Billion in AUM in just over three years after launching the company from scratch. As Managing Director at NYSE Phil exceeded 90% market share of ETF listings. Phil is the author of two patents on innovative ETF structures, has led market structure enhancements that have become industry standard and pioneered new investment strategies into the market. Phil is featured regularly on top-tier media outlets such as the Wall Street Journal, Bloomberg, CNBC, Financial Times and Reuters. Phil holds the Chartered Alternative Investment Analyst (CAIA) designation and is the host of the ETF Experience and the Phil Bak Podcast. Tune in to hear: - Why might the market be rallying in spite of the Coronavirus being worse than ever, unemployment rates at an all time high and political divisiveness is explosive? - When is the right time to “check the math” on how enduring a factor is or something like discounted cash flows or fundamental analysis? How do we know when the world may have shifted so fundamentally, that certain market principles are no longer viable? - The dangers of tying yourself entirely to quantitative and empirical methods of investing and what role “faith” might play in a successful investment strategy - What are some potentially immutable principles of good investing? - How humility plays a key role in a sound investment plan, regardless of your preferred approach to investing - What are some potential upsides to reverse weighted ETFs? - Phil started an ETF shop that he has since exited - what are some of the lessons he learned / takeaways and why does he consider it both a success and a failure? Web: www.signaladvisors.com Twitter: @philbak1 Compliance code: 0637-OAS-2/23/2021

An economist by trade, Hoda manages her company’s successful flagship portfolio. She also applies behavioral economics, data journalism and storytelling to their product development. Before starting her own company, Hoda worked as a strategist at Sony, Aimia and Symantec. Outside of the world of work, Hoda is a certified wine specialist who loves Rottweilers. Tune in to hear: - What was Hoda’s “aha” moment that lead her to become a Fintech CEO? - When did Hoda realize that awareness of behavioral bias is at the heart of sound investment strategies? - What are some benefits to keeping an investment journal? - If we’re playing devil’s advocate - what might a Fintech, that encouraged the worst possible practices, look like? - As technologists, what responsibility do we have to maximize shareholder value vs. maximize value for the larger populace? - How can technology be used to help us overcome our worst behavioral impulses? - In investment, one can make a terrible decision, based on the information available and probabilities, and still come out on top. How can we entangle, or account for, those who make good decisions and get bad results and those who make bad decisions and get good results? - Many active DIY traders show little aptitude in the market and often shoot themselves in the foot. What hope do DIY traders have and why did Hoda decide to focus on this niche within the greater market? Web: stockcard.io Compliance code: 0639-OAT-02/23/2021

Jean-Michel Pailhon is Vice-president at Ledger, the leading company in security solutions for crypto-assets, where he’s heading the company’s product initiatives. He joined Ledger in early 2017 when the company had 20 employees initially leading the finance, strategy and corporate development initiatives. Before that, Jean-Michel spent 15+ years in the financial industry, working for Euronext and then the New York Stock Exchange, where he held various management positions covering finance, strategy, fund management, M&A and IPO. Jean-Michel is a founding member of the French Fintech Startups Association (https://francefintech.org/en/) and is a lecturer in finance and strategy at ESSEC Business School and Pantheon Assas University (France). Tune in to hear: - Why compelling use cases might be more critical than the price action for the healthy growth, and widespread adoption, of bitcoin and other crypto currencies - 5 to 10 years from now might volatility in Bitcoin look more like US equities or is it more likely to remain a volatile asset throughout its lifetime? - What does Jean-Michel see as the primary use case for Bitcoin? - Bitcoin’s slow processing speed is one of its main drawbacks. Might there be something to remedy this, or will Bitcoin always be slow? - Bitcoin is the most famous and popular cryptocurrency - is it likely that we will improve upon its design, ultimately being replaced, or is it likely to remain on top in a decade? - What are some of the biggest looming threats to the growth of Bitcoin? Are regulatory risks among them? - How interconnected are the fates of blockchain technology more broadly and Bitcoin and can one succeed without the other? - What is DeFi (Decentralized Finance) and how can it add value? Compliance code: 0622-OAS-2/22/2021

Eric Clarke serves as CEO for Orion Advisor Solutions (Orion), helping advisory professionals operationalize their vision for success by delivering cutting-edge financial technology and investment management solutions through the organization’s brand entities: Orion Advisor Tech, Orion Portfolio Solutions, CLS Investments and Brinker Capital Investments. Prior to his current role, Eric was the founding CEO of Orion Advisor Tech, which he continues to lead, and previously served as COO for CLS Investments. As an industry-recognized though leader and advocate for advisory professionals, Eric has written numerous articles that have appeared in InvestmentsNews and The Journal of Financial Planning. Eric has received numerous industry awards including ThinkAdvisor’s IA25 in 2012 and 2019, and InvestmentNews’ Icon & Innovators Award in 2019. Eric earned his Bachelor of Science in Accounting from Brigham Young University and Master of Business Administration from the University of Utah. As an avid runner, Eric uses the solitude of his runs to think through business strategies and plan new scenarios to help advisors increase functional efficiencies and improve their businesses. Tune in to hear: - How Orion grew from a family business in middle America to a huge player in the Fintech space - Is asset management a largely solved problem, and where might future innovations take place in the world of asset management? - What unique role will the social sciences play in informing investment strategies? - What might be the role of advisors in the coming years if investment management is a solved, or at least simplified, problem? - In a company with so many moving parts, how does Eric decide where to focus spending to grow? - What is an underdog trend in Fintech with lots of potential? - Do fintech companies have an ethical obligation to focus on UI that lead to prudent client outcomes? - How can CEOs create a culture and maintain both cohesion and influence in the current work from home reality? Web: www.orion.com Compliance code: 0613-OAS-2/22/2021

Kelly is a Wealth Management Advisor at WestPac Wealth Partners. Kelly works with her clients in all aspects of financial wealth advisory including: asset protection, wealth accumulation and financial coordination. Kelly previously worked in Institutional and Portfolio Management. Her experience in the corporate world provided her a deep financial foundation but left her wanting to help people in a more personal way. After some personal experiences, Kelly made the switch to helping individuals, families and business owners and feels deeply rewarded by helping and coaching them onto a better financial path. Kelly graduated from Cornell University with a degree in Business Management. She has her CFA Designation, Investment, Life and Health licenses. In her free time, you will find her eating all types of cuisines, traveling domestically and internationally, spending time with family and friends and dancing salsa. Lynsey Freeman’s passion is to teach her clients the art of money management - how to protect it, save it, invest it, spend it wisely and enjoy it through every stage of life. She provides a simple yet highly effective method of approaching finance - in a fun, personalized, compassionate, relatable and realistic way. Lynsey is a Managing Director at WestPac Wealth Partners based out of the Las Vegas office. She was born and raised in Las Vegas, Nevada and later finished her Bachelor’s Degree in Business Finance from the University of Nevada, Las Vegas. In addition to her career, Lynsey is focused on putting her passions and skills to good use by supporting local organizations and projects. In her spare time, you can find her on the golf course, yoga studio or spending time with her puppies. Tune in to hear: - What are some of the advantages of being a woman that make them uniquely suited to financial advising? - How might some of women’s strengths, when overextended, become weaknesses or impediments to investing? - In spite of women’s outperformance, surveys show that the general public believes men are better money managers. How can the financial industry begin to remedy this misunderstanding? - Women, on average, are less confident in their ability to manage money than men. How can we narrow this confidence gap while still retaining women’s aptitude for care and research in investing? - How can the financial services industry better meet the unique needs of women, both as investors and as clients? www.westpacwealth.com

Chau Lai first found her passion for finance as an Economics Major at the University of California San Diego. At the advice of her professors to “invest early,” Chau pooled her savings to invest half and the rest independently at the age of 17. Real-world experiences and early childhood struggles taught Chau important lessons regarding building and preserving wealth. They inspired her to craft her own unique investing methodology and personally redefine the meaning of success. She established her business in June 1997. Since then, she has enjoyed working with accomplished business owners and their families to create legacy and help protect wealth for future generations. Her progressive mindset and strong work ethic provide focus and direction for her clients to help accomplish their financial goals with an emphasis on wellness and balance. Chau helps her clients find their true purpose for money and to redefine the meaning of success. Tune in to hear: - How to keep your clients grounded in the present while making space for dreaming about future possibilities? - Some takeaways from someone who grew up with conflicting money scripts / parental examples - Ways we can become self-aware of detrimental financial habits that we take for granted - Should financial professionals be candid about their personal history and relationship to finance or might this hinder their ability to serve their clients’ interests? - Are financial professionals trending towards a more holistic, personalized approach to wellness? - Ways in which financial professionals can compete with machine learning and AI www.chaulai.com

Samantha Russell is the Chief Marketing & Business Development Officer at Twenty Over Ten. Utilizing her background in Public Relations, Marketing and Client Relations, Sam focuses on helping new clients understand the value of their online presence and connecting them with the marketing tools and digital solutions they need to effectively manage their brand. Samantha was featured on Wealth Management’s “10 to Watch” and Investment News “40 Under 40” 2020 lists. Apart from her job, Sam enjoys cooking, running, hosting dinner parties and keeping up with her favorite podcasts - This American Life, Radiolab and Serial. Tune in to hear: - Do marketers have an ethical obligation to use their powers for good? - What is social marketing and what are some ways it can educate + help create a better world? - What are some of the “pillars of success” shared by many timeless marketing campaigns? - How true is the contemporary adage that “everyone is a brand?” If this holds true, how do we balance this reality with authenticity and candor? - Are brands framing themselves more like personalities or trying to humanize themselves? How can brands navigate the thin line between being topical + seizing a moment vs. abusing their influence and taking advantage of a bad situation? - What are the upsides and drawbacks to brands taking a particular political stance? www.twitter.com/samanthatwenty www.linkedin.com/in/samanthacrussell blog.twentyoverten.com