On the fourteenth episode of All About Your Benjamins The Podcast I’m joined by my friend Brendan Mullooly, CFP® of Mullooly Asset Management. In one of my first podcast episodes, I mentioned one of my goals was to have other financial advisors that were early in their careers on before they become big names in the profession–Brendan, along with his brother Tim (a former podcast guest), fit the bill.
In this episode, Brendan and I discuss an increasingly popular topic amongst financial advisors–behavioral finance. As our profession moves from a sales to providing actual advice and financial planning, financial advisors are focusing more on behavioral finance to have a better understanding of why individuals make the decisions they make with their money. Advisors need to provide more value than just asset management going forward and helping clients manage their behavior will be critical.
As the client, it is important for you to understand why you may have struggled to stick to your financial plan in the past; understanding and being able to identify different biases we all struggle with is the first step in being able to overcome them, and Brendan and I discuss a number of different biases…you’re sure to recognize at least one of them.
Staying true to form, we end with a brief conversation about yoga, running and intermittent fasting. I enjoyed my conversation with Brendan and I’m looking forward to catching up with him later this year at the Evidence-Based Investing Conference in NYC.
I hope you enjoy!
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.