Tim Maurer

In Charles Duhigg’s eye-opening book, The Power of Habit, we learn that we are, whether we like it or not, creatures of habit. In order to help us understand how habits work, how to identify them, and how to create good ones, Duhigg introduces us to the “Habit Loop,” a cycle that begins with an (often unknown) behavioral Cue that triggers a Routine resulting in a desired Reward. Physical exercise is something that’s important to many people, myself included, so using Duhigg’s concepts, I’ve created a reward for this desired behavior that I submit to you as nothing short of the World’s Best Protein Fruit and Vegetable Smoothie. Yes, perhaps next year I’ll work on tempering my hyperbole habit, but for now, I’m pleased to introduce the smoothie that I only allow myself after a good trip to the gym or a yoga session: I know people swear by their Vitamix blenders, but as a student of behavioral economics, I still can’t imagine what possible net gain in “utility

But as an educator–and student–in the realm of financial advisory development, it struck me that Grant’s triumvirate may have an analogous trio of traits that accurately describes our posture toward learning how to be better professionals. Consumers aren’t a perfect parallel for Grant’s reciprocity-seeking Matchers, as they likely have more taking than giving tendencies. But like Matchers, who represent 56% of the population in Grant’s studies, I wouldn’t be surprised if a majority of those pursuing continuing education opportunities are Consumers. You’re not as likely as a Complainer would be to speak up about your points of disagreement, but you’re also unlikely to offer positive feedback, perhaps carrying yourself with an air of apathy or even entitlement.

And as much as I’d love to shield you from the financial and emotional wrath of the deep valleys, I can only confess that we simply can’t predict when they’ll happen, but they are common enough that we’re well served to maintain a cautious, if not expectant, posture. The willingness to endure volatility has tended to reward the disciplined investor, and often the greatest reward immediately follows the most significant times of market turmoil. For most people, it’s important to take some risk in investing to help reach their long-term goals, but here I make a case that * “I just really wish I’d taken more risk in my investment portfolio,” said no one–ever–on their deathbed. For most people, it’s important to take some risk in investing to help reach their long-term goals, but here I make a case that * The Antidote For Stock Market Hysteria

Yes, it’s about that time again, when companies are rolling out new commercial campaigns in conjunction with some of the year’s most viewed sporting events–beginning with the college football playoff and culminating, of course, with the only spectator sporting event where no one wants to cede their seat during the commercials, the Super Bowl. But for years, household-name financial companies have been attempting to convince us through commercial messaging that their primary goal is to improve our lives–to help us toast the new beach house, celebrate the accomplishments of our children or launch that new sailboat–when the evidence seems to suggest the lives they first seek to improve are their own. If you’re looking to get something in writing, the strongest, clearest language I’ve seen is the Fiduciary Oath required of anyone who is a member of the National Association of Personal Financial Advisors (NAPFA). While it is certainly true that not every non-fiduciary is a bad advisor (although I still wouldn’t settle for anything less), it’s also true, unfortunately, that not every fiduciary is a good advisor.