market behavior – Wealth on the Move

The Psychology of Money: Why Investors Sabotage Themselves with Dr. Daniel Crosby

By Wealth on the Move | October 29, 2026

Summary: In this episode of Wealth on the Move, host Will Hoffman welcomes back Dr. Daniel Crosby, a behavioral finance expert and author. They discuss the role of behavioral insights in financial advising, the evolution of Dr. Crosby’s book, and the psychological factors that influence investor behavior. Dr. Crosby outlines the four pillars of financial decision-making: ego, emotion, attention, and conservatism, and emphasizes the importance of understanding these factors to improve investment outcomes. The conversation highlights the challenges investors face and the need for better financial education to address behavioral biases. In this conversation, Daniel Crosby discusses the three E’s of behavior change—education, environment, and encouragement—highlighting their importance in altering financial behaviors. He emphasizes the need for parents to model good financial habits for their children and suggests practical ways to improve financial literacy. Crosby also addresses current market challenges, including recency bias and the importance of diversification. He concludes with three essential rules for investors: control what matters most, seek help, and focus on living a fulfilling life beyond financial worries.

Resources:

Takeaways:

Behavioral insights are crucial for financial advisors.
Investors often make poor decisions based on emotions.
Ego can lead to overconfidence in investment choices.
Understanding market behavior can improve investment strategies.
Education alone does not change investor behavior.
The four pillars of financial decision-making are essential to understand.
Investors tend to react to market noise rather than fundamentals.
Conservatism can lead to poor diversification in portfolios.
Technology can aid in better financial decision-making.
The importance of building relationships in financial advising.
Education is necessary but not sufficient for behavior change.
The environment plays a crucial role in facilitating good decisions.
Encouragement from coaches or advisors can help maintain good financial habits.
Parents should model good financial behavior for their children.
Conversations about money should be integrated into everyday life.
Recency bias can lead to poor investment decisions.
Diversification remains important despite recent market trends.
Investors should focus on what they can control.
Working with an advisor can improve investment outcomes.
Investing should not overshadow living a fulfilling life.

Connect with Will Hoffman:

Daniel Crosby, PH.D. and Orion Advisor Solutions are not affiliated with Hoffman Wealth Management and Private Advisor Group.

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The Wealth Ladder Explained: How to Build Wealth at Every Stage of Life | Nick Maggiulli (Episode 40)

By Wealth on the Move | January 15, 2026

Summary: In this episode of Wealth on the Move, host Will Hoffman speaks with Nick Maggiulli, COO of Ritholtz Wealth Management and author of The Wealth Ladder. They discuss the misconceptions surrounding wealth building, emphasizing the importance of income over spending habits. The conversation explores the different levels of the wealth ladder, focusing on the early stages of financial safety and skill development, transitioning to investing, and understanding risk tolerance. They also touch on personal spending choices and the significance of aligning financial goals with lifestyle decisions. In this conversation, Will Hoffman and Nick Maggiulli explore the multifaceted nature of wealth, discussing how high net worth individuals perceive money differently, the emotional challenges associated with wealth, and the common myths that can hinder financial success. They emphasize the importance of adaptability in financial strategies and the need for personalized advice at different stages of wealth accumulation.