In this episode, we discuss how to reframe uncertainty into a strength rather than a liability, how advisors and leaders can build resilience for market shocks, how advisors can better integrate investing well with living well, why repairability trumps compatibility in teams and relationships and much more.

• Learn more about Naomi’s research and her role at Orion Advisor Solutions.
• How should a high-performing investor, or leader, reframe uncertainty so that it becomes a strength rather than a liability?
• What does Naomi see as the most common de-railers for investors when markets turn volatile and how can advisors and leaders build resilience for upcoming shocks?
• How can we get people to become more comfortable sitting with uncertainty without rushing to coping strategies and quick fixes?
• What are some of the key levers that advisors can use to move their clients from feeling like they are just invested to feeling that they are living well?
• What role does vulnerability play in decision making and how does it map onto investment behaviors in a world that celebrates confidence?
• Why does Naomi think repairability trumps compatibility in relationships and how does this manifest in investment teams?
• What can firms do to engineer better investor behavior and better decision-making behavior?
• What behavioral tools or frameworks does Naomi recommend to close the gap between what clients say they want and what they actually want?
• When an advisor is growing their firm, how should they weave in some of these behavioral questions into their work on prospecting and during the onboarding process?
• What role does advisor self-awareness play in forging trust with clients?
• In Naomi’s view, how do habits in physical fitness, social connection and mental health connect with investment behaviors?
• What are some emerging tools, from the standpoint of behavioral science and wealth technology, that Naomi recommends advisors look into?
• What is one behavioral bias that kills long-term investing discipline and what's one actionable fix Naomi has used with clients to deal with that?

Quote

“Uncertainty being treated as if it’s just naturally a liability would be like saying ‘being alive is a liability,’ which is entirely correct but not necessarily helpful. So, if we think about uncertainty in terms of how we break it down psychologically…we want to embrace space to make meaning in that. If something is ambiguous, that can be a little scary and also it gives us space to make meaning.” - [02:30] Naomi Win

Links

• Naomi Win on LinkedIn
• “My World Is You” by ESG

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss Bob’s ilustrious and varied career, what he remembers about growing up in Germany during WWII, his thoughts on the role of central banks and crypto currency, why he believes Keynesian Economics is fundamentally flawed and much more.

• What did growing up in Germany during WWII teach Bob about risk, scarcity and humility, both professionally and personally?
• What was Bob’s experience like moving to the US as a German immigrant? What cultural or psychological adjustments did he make and how did this prepare him for later high-stakes professional roles?
• What were some of the hardest parts of Bob’s major career transitions and were there skills that were acquired in one realm that turned out to be surprisingly useful in another?
• Is there a moment or decision from his tenure at The Federal Reserve that still gives him pause and what did he learn from it?
• As a Fed Governor, how did Bob manage times of stress or friction on the governor’s board?
• Why did Bob describe Visa as torn between chaos and order and how did he strike the balance during his time there? Also, what’s a tough decision he made to preserve innovation there?
• From Bob’s vantage point as a former Fed Governor, how does he see the evolving role of central banks today and where does crypto currency fit into all of this?
• What does Bob believe are the characteristics that separate financial systems that survive crises from those that don’t?
• What are some of the warning signals that Bob looks for in financial markets or financial institutions that may signal they’re too fragile?
• Why does Bob believe that Keynesian Economics is fundamentally flawed?
• What mental framework did Bob utilize when making large decisions, often with limited information?
• How did Bob manage his work life balance during his high pressure career?
• What was a failure or misstep, either professional or personal, that taught Bob an enduring lesson?

Quote

“Having grown up in Europe, where they have what the Europeans called universal banks, for me it was a natural thing to have investment banks and commercial banks together. The advantage obviously was that they were more stable institutions, because they had the possibility to diversify more. They had more diversified portfolios, they had different ways to earn money, they had more capital and as a result you had, overall, more stable organizations.” - [18:18] Bob Heller

Links

• Bob Heller on LinkedIn
• Bob’s The Authentic Class Interview with Fernando Rincon
• The Unlikely Governor (Book)
• Elvis Presley - "My Way" (Live From Hawaii, 1973)
• Black Fooss - Ich möch zo Foß noh Kölle jon

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

In this episode, we discuss the problem Parti Pris is solving for advisors and their clients, the non-negotiable principles of wise investing, how to achieve true diversification at a household level, the most crucial risk management tools, how Joe’s entrepreneurial journey has shifted the way he thinks, how the ETF and Direct Indexing landscape may evolve in the coming five years and much more.

• What is the exact problem that Parti Pris is solving for advisors and their clients?
• What is the core principle behind Joe’s personal investment philosophy today?
• From Joe’s many years of experience leading multi-asset portfolios, what are some of his non-negotiable principles of wise investing?
• How does Joe define, and measure, true diversification at the household level?
• What tools does Joe think matter the most, in terms of risk management, for clients?
• How does Joe think that behavior and process intersect? How does he design portfolios that investors can actually stick with?
• How has Joe’s entrepreneurial journey affected the way he thinks?
• Listen to a walkthrough on Parti Pris and how they save their advisors time.
• What are “advisor sketchbook” and “advisor wealth design” on the Parti Pris platform?
• If Joe has an RIA that’s starting from model portfolios and ETFs, what’s the pragmatic 90 day path to that household level of personalization that Parti Pris shoots for?
• Are there trackable metrics that illustrate how personalization can create better client outcomes?
• How does Joe see the ETF versus Direct-Indexing split evolving over the next 3-5 years?
• What does Joe think the most underrated advantage of direct indexing is, beyond tax loss harvesting? What does he think is the most overrated?
• How does Joe define “culture” within the context of an investment firm?
• As an entrepreneur, what are some of the hardest lessons Joe has learned and does he have any advice for any potential founders listening today?
• What does performance mean to Joe, both personally and professionally?
• How does Joe strive to maintain his work-life balance?

Quote

“A lot of what we’ve done [at Parti Pris] is frankly years of consulting and working with both small and large wealth management organizations to really understand where do they find parts where the process breaks for them. [Then we ask ourselves] how can we come up with something that can alleviate that pain for them? Again, [we just want to] get them back towards saving time and focusing on working with clients.” - Joe Smith

Links

• Joe Smith on LinkedIn
• Parti Pris
• “The Show Goes On” by Lupe Fiasco

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn