Hey, everyone. It's doctor Daniel Crosby, Orion's chief behavioral officer. And I'm so excited to be here today to tell you about a tool that, in my estimation, is the most exciting thing I have ever helped develop. And I'm speaking about the B520, which is a tool that is going to help you better understand and better serve your clients in ways that are going to. Revolutionized the game of personalized financial planning. But before I jump into to what the tool is all about, let let's set a little bit of a stage of why I think this is so important. So when you meet me, you're going to find out a couple of things pretty fast. You're going to find out that I'm a psychologist. You know, This is why I'm wearing the tweed. And you're also going to find out that I'm from Alabama and I'm from a little place in Alabama called Huntsville, AL that has a proud connection to. Space, it's the home of the space and Rocket Center. It's the home of space camp and the Marshall Space Flight Center and some of the brightest minds in the country live in Alabama and work on getting brilliant folks up into a split into space to explore different parts of the Galaxy. And that was always really cool to me as a kid and as a kid growing up in the 80s, when with all of my, with all of my friends, parents being involved with with space, I was always. Huge fan of the shuttle program and it was always hugely stirring and and a proud moment for me to watch these shuttle launches in elementary and middle school. But I recently learned something about the shuttle program that gives us insights into how the mind works. So if you're like me, you remember the shuttle looking a bit like the shuttle you see before you. You've got the gleaming white shuttle, but this kind of burnt orange. Fuel cell there in the middle. That big fuel tank there in the middle. And it's kind of ugly, but it wasn't always the case. You know, for many years that that big ugly orange bit in the middle was actually gleaming white like the rest of the shuttle. But in the early days of the shuttle program, they were having trouble. They couldn't get the shuttle off the ground because it was too heavy by about 700. Cats, and so NASA rocket scientists, being NASA rocket scientists, did what really smart people do, which is they tried to come up with a complicated solution to a pesky problem. So they experimented with space, space, age polymers. They experimented trying to make the whole operation more aerodynamic. They experimented with new forms and new materials. All of this and none of it could cut the appropriate amount of weight. And then this is an apocryphal story. But as the story goes, a line worker walked by one day, saw them sort of in the process of of scratching their heads and trying to cut weight on the shuttle. And said, hey, what are we doing? Like, why are we going through all these these sort of deeply cerebral machinations? Why don't you just stop painting the darn thing? And it turns out that the paint on that fuel cell and the shuttle weighed exactly £700. So a simple solution solved what complexity could not. And I think it's a beautiful analog for some of the problems that our clients face every day. That sometimes we try being big, brained and well intended as we are that we may tend to over engineer. So we have to make sure that we're solving the right problem. So when I first signed on at Orion and I met my now boss and and Orion CEO Eric Clark, he told me something that is stuck with me from that day. He said Daniel, we need your help to solve the investor problem. The investment problem has been solved, but the investor problem needs a lot of work and so I immediately. Love that because it confirmed all of my biases and it seemed like good job security. But I wanted to put Eric's words to the test. And so I looked at the returns you would have received over the past 5050 or so years if you had taken $10,000 and invested it in the market. So if you had taken $10,000 about 50 years ago and invested it in a value fund, the the value of that $10,000 today would be 2.0. $7 million. If you had put that 10,000 in a growth fund, it would have grown to roughly $1.7 million. Now, is there a difference? Yes. Clearly $400,000 is is a lot of money. But are you happy either way? Yeah, you're pretty happy. Whether you're 10,000 is turned to 1.7 or 2.1, that's a good day. That's a good run, and you're pretty happy with your outcomes. But that's not what the average investor has gotten. They haven't gotten 1.7. They haven't gotten 2.1. In fact, they've gotten only about 10% of that. You know, dalbar, the most famous estimator of the behavior gap, or the difference between investment returns and investor returns, calculates that over that same time period, that individual on average would have turned that $10,000 into a measly 2. $118,000 and if you don't like the DALBAR study for whatever reason, we can look at seven other academic estimates of the behavior gap, average those out and find that the average investor would have turned that $10,000 into $415,000. So you're looking at somewhere between 10 and 20% of the return of just letting it ride. This is one of the most. Hotly contested, more ink has been spilt on this than just about any question in finance. And yet, just like the shuttle and the paint, it's over engineered and it's not serving clients. The question is not value versus growth, the question is how can we keep investors in their seats? And we see, we see a similar pattern, right. We see a similar pattern with another hot topic in finance, which is active versus passive, right. So I took again over the last couple of market cycles, I looked at the returns of the S&P 500, quite impressive, 16% plus looked at the returns on one of the oldest active mutual funds, 10%, still very good. And also looked at the returns of the hedge fund index. At 8% now again is 16% better than 8% of course. And we could argue all day about why that's the case and and what the case will be going forward. But again that over complicates things and misses the point because while we, while we were over here with our pocket protectors and our big brains arguing about active versus passive investors were being ignored and investors didn't capture 8%, they didn't capture 10 or 16. Percent. They captured 4%. Over that time, the investment problem has been solved. Eric was right. What we need to do now is solve for the investor problem. A meta analysis is a study of all the studies. And in 2016, Merrill Lynch did a meta analysis of all the research on the value provided by the different parts of an advisors work day. So they looked at the research that said, OK, what does an advisor do all day? Here's the, you know, seven or eight things that that comprise their every day and the way they serve their clients and let's see if these things are additive. To a client's life and their returns. So I've organized these things by what I'll call sort of old school or sort of product based interventions and new school or behavioral based interventions. Now the good news is it all adds value. All of it's good, right? Product matters allocation. Asset allocation matters tax alpha matters rebalancing. It's important. All of these things are prudent, and you should be doing all of these things, and all of them are additive to the lives of the people who have entrusted you with their lives and their wealth and their well-being. But these things, these old school interventions, are additive on the are in the world of 30 to 60 basis points per year. Let's go to the new school piece through the behavioral piece where there's much less technology developed for this. There's far fewer established ways of going to market for this. And let's look at the value that we add here. Well, it's an order of magnitude higher. You see that the the least valuable piece of the new school, which is client assessment, which is what we're here to talk about today in part is still more valuable. Then the most valuable piece of the old school product based piece which would be tax management. So again we see we've we've got the complex part down. All the math and the numbers and the facts and the figures and the graphs, like, we've got that handled. We have tech for that. We're doing it. Every advisor in America is doing it, but it's not the most valuable thing we could be doing, and it's not your point of greatest differentiation. So hopefully I've established by now the fact that behavioral intervention, that financial psychology is hugely, hugely additive to the lives of your clients, that it is a powerful good as you serve them. But if we're going to serve them appropriately, we've got to get inside their heads a little bit. We have to understand what's worrying them, what's troubling them, and we have to design technology, tools, training. Interventions that will help alleviate or ameliorate some of those worries. So let's look at what the American Psychological Association says is stressing Americans. While the number one stressor in the lives of Americans for I think, 40 ish years running is money, no surprise there, right? Money is a big stressor, #2 is work. #3 is the economy. And I want you to just sort of pause and bracket those three, because they're really all money, right? We've got money, work where you make your money, and the economy where you spend your money, and and attendant worries like inflation. These are all really about money. So if you look at what the APA says is worrying folks, it's money, money and money. But what's number 4, #4 is relationships, especially spousal relationships. Romantic relationships. So we've got money, money, money, and and love, right? Relationships are what's worrying folks by and large. And so if these things are worrying or stressful in isolation, they become even more stressful and even more combustible when they are combined. When our relational lives intersect with our financial lives, things can get pretty upside down, and the data reflect that. We see that nearly 2/3 of individuals think that their partner over spins in some meaningful way. That's pretty incredible. Most people think that their partner Overspends. A study we did Orion found that 20% of people one in five say they would have a better marriage if they had done a little more homework on their partners financial habits before they tied the knot. We know from a study done a few years back. That that over 1/3 of millennials fight about money every single week. And we know that 12% of couples have never ever had a single conversation about money. So as we try and serve our clients with with financial psychology, when we get in their heads a little bit, we see that chief among their worries is love, money and the combination of the two. So when we set out to study couples, we didn't want to ask them, you know, just what are your financial values? Because we know that people don't always have deep insight into their behavior. So the way that we started was we looked at the literature and we found two handfuls of commonly articulated financial values that have shown up time and time again in the literature. But then we surveyed hundreds of couples in North America and we. Ask them when you disagree with your partner about money. What are the sources of that disagreement? And it was by studying what these sources of disagreement were that we were able to arrive at these five pillars that constitute the five sections of the B520. Because if you think about that, a conflict occurs when differences in values come into close contact with one another. And many of us grew up in households that had financial ways of being, our financial values that were absolutely unarticulated. So these were important to our families of origin for whatever reason, but we weren't always aware of them. It's just how things were. So just like the fish, who doesn't know it's wet, right? We grow up in a financial milieu that is largely largely sort of foreign to us and largely beneath our awareness. But by studying these sources of conflict, we were able to highlight these five pillars. So this is a great place to, I think, take some notes or take a picture because I think these five pillars are going to really give you some meat with which you can talk to your clients about both individual personal lives and values, and then specifically how these come into contact with someone they may love. So let's take each one of these five and let's talk about them in turn and help you understand a little bit better the kind of information that the B520 is giving you. So the first of these sources of disagreement was around communication. And there's no surprise here because we know that some people are very, very reticent to talk about money, and others speak about it quite freely. And the reticence is understandable. I mean, this is one of the last social taboos to talk about money. But of course money is everywhere, and so a different subset of the population says, look, if this is everywhere, if this is this thread that runs through every part of our lives. Let's have at it. Let's talk about it. So for those who are comfortable speaking about money, who are in the direct camp, there's a few things that can happen, a few things that can go wrong. On the plus side, they're open, they're ready, they're willing to have candid conversations about money, and that's a very, very good thing. But the flip side of that is sometimes they can confuse talk with action, and there may not. Always be a lot getting done because it may end with that conversation. That conversation may become an Indian into itself and it may not really serve the couple well. On the indirect side, these are folks who are a little bit less comfortable talking about money. May have grown up in a culture or a household where this was considered impolite or goche to talk about money. And the tricky thing here is. But since money isn't being discussed in in the most direct terms, the problem can be that there is assumed consensus where consensus may not exist. Because conversations about money are not happening, the indirect communicator may assume that their partner agrees with them, when really this has not been appropriately vetted or discussed. Now I hope you'll see in the way that I'm talking about these two styles. That there is no right and there is no wrong answer. There isn't like a right answer here, and in fact the goal here is not to say that one person is right and another is wrong, but rather sort of synthesis, harmony, and meeting in the middle. And that's a theme that you're going to see across all 5 contexts. The next thing we found is that levels of worry diverge greatly between individuals. And and couples people with low levels of worry, right? That is on its face a good thing. I mean, all else being equal, you would like less stress, less worry in your life. But what we find is that people with low levels of worry may not actually be worrying enough to appropriately prepare. They may not be worrying enough to have adequate insurance, or they may not worry enough to have a rainy day fund because they're so optimistic. Because they are so carefree. They may be overlooking opportunities to secure their financial lives on the high end of things, right? Kind of things. Well, that is, you know, on its face maybe you don't want a lot of worry or a lot of stress in your life, but these folks are actually typically very well prepared. They're very well prepared for a financial emergency because they've anticipated every bad thing that could happen to their financial lives. But in excess, stress can become paralyzing when you look at the long body of research on on stress and behavior. You find that it operates on what's called an inverted U curve. So low levels of stress mean that nothing gets done, but high levels of stress also mean that nothing gets done, but for very different reasons. The appropriate amount of worry or the appropriate amount of concern to have is somewhere in the middle, and helping couples understand where they sit relative to each other on this can help them titrate and manage the appropriate level of consideration without being paralyzed. By high levels of stress. Now look, I shouldn't have a favorite category here, but I do. Please forgive me. And this is my favorite. And this is also the source of greatest disagreement and greatest value judgment. And the question here is around the function of money. And it answers the question, is wealth best used to enjoy today? To Carpe diem, to to enjoy a moment that you'll never have again? Or is it best used to secure tomorrow? And of course the answer is both are important people who have a security function. This is an adviser's dream client. In many respects, these folks are savers. These people take a long term view. Most financial advisors are going to be very, very happy with someone with a security function. But. This happiness can cause us to overlook potential problems with a dramatic security function, which is that they can be exceedingly risk averse and they may not celebrate life enough. They may enter retirement or old age and look back on a life that was spent saving, saving, saving, putting off for a future date. And sometimes that future date never comes because of life circumstances. And sometimes they arrive at that future date massively more prepared than they need to be and mourning the loss of some of those moments along the way where they may have worked too much, they may have saved too much the other group of folks. With an enjoyment function, these folks are a lot of fun. These people live for the moment. They know that life is finite and fleeting, and they seek to maximize every moment. These are fun clients, but in that fun they can sometimes not see past that horizon. They may not be adequately prepared, they may be short term in their approach, and part of the advisors job is to help that individual lengthen. Out align their goals with their gaze and help them see and and become acquainted with their future self. Who's going to want to have just as much fun as they're having today? The fourth of these five pillars is orientation, which has to do with whether or not people have a more individualistic or collectivistic approach to the distribution of wealth. So people with an individualistic take on orientation think, this is my money. I worked hard for it and it should be spent on me and for my benefit. These folks tend to be very hardworking, they emphasize. Wonderful traits like responsibility. And they are in general. Again, many advisers are going to love clients like this. They're responsible. They're hardworking. They handle their own business. But we also know from the research that one of the most predictable ways that money can buy happiness is by giving it away. There's really just a few ways that money can buy happiness after your basic needs are met. One is to buy yourself time with people you love. This would be like a vacation. Two is to get yourself out of doing things that you hate. So for me this is mowing the yard, which I have not done, I'm proud to say in a great many years, and so that is. Another source of happiness is getting out of things you dislike. And the 3rd and final sort of reliable way that money can buy happiness is by giving it away. And so while responsibility and and autonomy and self respect are all wonderful characteristics to have, if overextended they can rob these clients of valuable opportunities to be charitable and to share the wealth collectivistic folks are giving and generous and kind. They see money as a stewardship, not really as mine, but a stewardship which should be shared. With loved ones should be fair shared with with family members. If a family member needs a favor or a loan or help, then yes this person with the collectivistic mindset is going to be happy to lend that to them. Collectivistic folks, believe it or not, are even happier to do things like like pay taxes because they see that that is a social good and that paying taxes does things like give us police, police and fire and and roads and. Clean water and and help people to achieve a social safety net. So those with the collectivistic approach are generous and kind and giving, and anyone would want to be their friend. The work to be done here though is helping them understand that until your pitcher is filled, right, until your pitcher is filled, you won't have anything to share with others. That until you have taken care of your own financial house, you will have a diminished. Capacity to help others in a meaningful way. So this is a wonderful generous kind impulse, but it just has to be understood and applied in a measured enough way that these folks can do long lasting good that has long lasting impact. The final piece of this is importance we found in our research that for some people money is seen as very central to their concept of self. Being a person of means is central to to who they are and how they view themselves, and they see this as one of the ways that you achieve a good life. Other folks just don't view it as important. So let's talk about people for whom money is unimportant, those with low importance. These folks tend to prioritize life in relationships and experience over money, which is all good, all good stuff, and very consistent with the research on what actually brings us lasting joy. But they can also be a little careless or haphazard about money, because they may not value it at the level that other folks. You, and this has the tendency to land them in trouble. If this haphazard approach persists over a period of years, people for whom wealth is very important conflate wealth with success and may overlook other paths to fulfillment. We know from the research that that money can buy us happiness up to a point, but when that point is met, when we have the basic necessities of life met, other things provide us. More happiness. Things like purpose. Things like engagement, doing hard work, things like relationships, things like working and growing. Growing our mind, growing our capabilities, growing our network. All of these things are more reliable paths to happiness than money. Past a certain point and people with very very high levels of importance can over index on money and overlook other more interesting, more reliable paths to a good life. So again, money is not nothing, but it's also not everything and helping people understand and meet somewhere in the middle, it is a powerful good that an advisor can do for her or his clients. So now I'm going to turn some time over to my colleague. Aid. And he's gonna take you through this from a practical perspective. You've heard me talk about all the theory behind it. You've had an introduction to the categories. Now I'm going to kick it to Cade, who's going to help you see the tool live and see what it can do for you. I thank you so much, doctor Daniel, for your review of the literature and highlighting the value of this tool. Of course, I'm in full agreement. I think this tool is amazingly valuable and the idea that we can now unearth really valuable insights, both individually and in the context of a relationship. Is something worth being excited about? So what I'll do today is just take you through the tool so that you can understand more about the user experience and the user interface. How to share this tool out with, you know, friends and family and loved ones? And and look at some of the reports in more detail. So without further ado here we go. As we get ready to jump into the B 520 assessment, we see this question. What does money mean to you? And the following prompt is discover a clearer picture of your beliefs and values around money so you and your advisor can better develop long term financial plans. That really is the promise of B I-20. And our hope is that both in an individual and in the context of a comparison, whether that be with a family member or friend or loved one. That you can. Unearth some insights that will help you better organize yourself and your values and actions around money. So let's go ahead and start discovering. There are 20 questions in this questionnaire, and each of these questions is tied back to one of the five larger categories, communication, worry, purpose, use, and importance. Now I am I'm just pressing the hot keys associated with the responses that I want to submit, but I could certainly click the options as well. I can change my answers by clicking this change last answer or pressing the back arrow and once I've finished completing the assessment. I will land on my results page. So in this case, I am a saver and the summary that I get is that I view money primarily as a tool to secure Peace of Mind. I'm consistent in setting aside funds for tomorrow, understand that freedom is the greatest thing that money can buy. So now we see some of these questions, we probably in our mind can tie tie some of those questions back to the the category to which they belong. So in the case of communication, this user is just slightly to the right of center in terms of their comfort. With communication, their responses are weighted in such a way that it's impossible to to end up exactly in the middle, so there is if even a slight preference indicated in each category. And we move through the different categories to see the users individual you know their their position across the spectrum. And now there are a total of 10 different financial personas. Each of them is slightly different, and let's take a deeper look at each of those financial personas now. I mentioned that there is a possibility of 10 different personas that a user could achieve each of these five categories. Communication, worry, purpose, use and importance really is a spectrum and. Any individual is gonna have preferences and. Habits and tendencies that tend to exist on on a spectrum. So the way that we determine a financial persona and you're looking at two of them right now for the category of communication is that we take the most distinct responses in the most distinct category and that's how we determine the persona. So in the case of communication, of course we have direct versus indirect communicator. Moving on to worry, we have a financial pragmatist versus a financial optimist. And our our lovely narwhal. In the category of purpose, we have a financial saver versus a financial saver. I think that's a clever play on words. In the category of use, we have a of a giver versus a protector and in the category of importance we have a minimizer versus a maximizer. Those are that's a quick summary of the 10 possible personas I I recommend you know, reviewing. Reviewing the persona and each of them has a slightly different signature that could be useful and this is one of the ways in which we are able to unearth some some real valuable insights that help us contextualize some of our our preferences and values around money. Now at the bottom of the results page. You'll see. A couple of sharing options. One reads invite to compare and just as it suggests if you wanted to compare your results. With another person and actually see your combined results together, this is the option that you would choose. You would click send an invite. You would enter the other person's name. You could put first and last name here, or just first name whatever you prefer and then this other person's e-mail. And click send. This is going to generate an e-mail to this person. They will click it, a little call to action link, they will register for Orion planning, and they will be able to complete the assessment themselves. Once they've completed it, you'll be able to see your comparison results in your B520 comparisons, and I will show you what that would look like in just a moment. Secondarily, there may be a person in your life with whom you just like to share the B520 experience. You may not necessarily want to compare. Or results with theirs and we have an option for for that kind of relationship as well. So that's the second sharing option. The same model would appear, you enter the you know the the the person's name and e-mail. I'm just going to make this the 2nd. Now when you press share, they'll still get an e-mail, but again, this will not generate a comparison. They won't see you know any of your results and and certainly your your results will not be overlaid on top of each other. So this option to share exists both on the individual results page and on the comparison results page, which I will share with you next. So I've generated a request for Jason. I'd like to see how we compare. Now I'm just going to return to my B520 comparisons and I'll follow this breadcrumb here and I'll go back to my my B520 hub or my summary page so I get to see my financial persona. This would persist all the time and then I get to see that I have a pending request for Jason. So once Jason registers for Orion planning and completes the B 520 assessment, these results will be available for me in real time. There will also be available for him. If this has been lingering and I'd like to resend another invite, I can just go ahead and do that. And the status in terms of, you know when I generated the request would update. Also, if it's been lingering too long, I can just remove it. The same is true for any existing comparison. If I click manage comparisons, I can remove any of these existing comparisons. I'll go ahead and exit that. I'm going to click on a comparison between myself and Rodrigo. And right away you see a couple of things, so we get a similarity summary. These two individuals are highly similar. This is a good chance for me to disclaim that there there's there's really no we're really not trying to advantage similarity over this similarity. Neither is a good thing or a bad thing. It just is. And it really depends on how those decisions take shape in in real life. So. Instead of a an individual summary, we get a summary between two people. So in this case, these two individuals are highly similar when it comes to their outlook on finances and wealth. It's important to understand the ways in which sameness and difference in financial disposition can impact your lives. Explore the breakdown in tips. Excuse me? Breakdown and specific tips and insights below to cultivate greater awareness on how your unique blend of financial values intersect. So now we see each of the same 5 categories communication, worry, purpose, use, and importance. But instead of an individual summary, we now see a summary in the context of this comparison. So in addition to that summary, we also get some specific tips and insights. So there's a tip in each of these categories about what? What your partner or what your comparison partner needs from you and what you need from them based on your assessment results. In addition, there's start talking and start acting tips, so these are really useful in terms of forming a basis for next steps and actions. And each of the five categories will have different and unique tips and insights for you to review. Again, at the bottom of the comparison results page, we have additional sharing models, and we also have a floating menu here, and that's useful because you can toggle back and forth between your results. And your results with another individual. This is also a selection menu. So if I wanted to switch from my comparison with Rodrigo to my comparison with, say, Samantha. Here I am. There's also another option to share and compare options, so we really want to make that sharing frictionless and and easy. Here is a short six step process on how B520 works and how to gain access to it. Step one, sign up for Redtail campaigns. B520 lives within Orion planning and is available through subscription to Redtail campaigns. You'll recognize the name Redtail, but I want to point out that Redtail campaigns and red tail the CRM are different products. Redtail campaigns as a standalone product and you do not need to change over your usage of your CRM that you're currently using. Two red tail in order to gain access to BMI 20 or Red tail campaigns. Step 2 decide who you think would benefit from B520. This is more of a conceptual exercise. I fully encourage everyone at the administrator level at the advisor. Level and otherwise to go through the B 520 assessment. Primarily because anyone who goes through the assessment will invariably unearth some really great insights about their relationship to money. But secondly, there is no better way to fully understand the client experience and get total ownership over that process. Step three, let everyone know that B 520 is here to help them gain greater financial self knowledge. This is a wonderful promise, and I believe that the 520 elegantly delivers on this promise. Regular phone calls. Quarterly check-ins and impromptu meetings would be great ways to start letting clients know that B 520 is here and that moves to Step 4 where we can actually use a dedicated red tail campaigns workflow to proactively send a link on mass to your clients that would invite them directly to the B 520 assessment. This is the virtue of red tail campaigns. It is a marketing hub that allows you to distribute the most timely and relevant. And compelling marketing material to your clients. Step 5. Receive a notification with their results as soon as your connection rather completes the 20 questions. This is baked into the sharing process of B520. As soon as both parties in the comparison have completed their respective parts, a comparison report is generated and upon subsequent logins, clients would be able to see the results of those comparisons. Also, you as the advisor can see the individual results of your clients and and as well. The results of the comparisons that they have generated step 6 scheduled time to follow up these conversations we know are among the most powerful conversations that advisors and clients ever have together. So setting up some dedicated time to comb through the results and the implications and organize next steps for communication, it would be a fantastic use of time and it would not go unappreciated by your clients. A couple of other points of order. The resource that I am currently looking at, orion.com/B 520 is a great place to start. There are a bunch of useful links here, one of which is to. Get retail campaigns. If you click this call to action button that will take you to this screen. Here you can input your information first name, last name, e-mail, phone number, company information and a couple of other details and our team will be in touch with you. Here is a resource that you can review if you would like to see a demo of retail campaigns to get a sense of the look and feel and all of the functionality that you can expect. From retail campaigns, this is a great place to. Visit. Thank you so much, Kate. I hope you found that as interesting as in and as engaging as I did. And I hope you had as much fun watching Kate take you through it as I did helping to develop this. So as we close out here, I'm going to share just a couple of things with you and I'm going to start with a recent Accenture study that looked at what people are looking for in an advisor. So there were three things that the the study found that someone was looking for when they were seeking out. An advisor. The number one thing, and this shocked me. The number one thing was, I want to work with someone who gets me. Someone who gets me, OK? That's what the B520 is all about. Helping you to get your clients to understand them at a more fundamental level. Number two was I want to work with someone who shares my values and my friends. It is impossible to know if you share values with someone until you talk about those values. And the B520 allows you to talk about those values from a scientific and a robust way, but just takes about 3 minutes to get to the bottom. And finally they wanted to work with someone who can connect with them socially. And what do you notice about all three of these things? They're all relational. And that's what the B520 is all about, deepening relationships, deepening understanding, and giving people exactly what they are looking for from an advisor. The benefits of this little 3 minute tool are myriad. First of all, it's going to help you understand and discover your client's preferences in a way that is unprecedented, and it's going to allow you to serve them in a more bespoke fashion by personalizing that planning. Another cool thing it's gonna allow you to do is understand some of their behaviors. You know, their level of worry, their level of saving, things like this. And when you spot a potential problem and all of these things will be pointed out in the assessment, you're able to head that off at the pass by engaging in what psychologists call a pre commitment, which is effectively just bringing to the client's attention their proclivity to engage in one behavior or another make. I'm aware of this. Come up with a plan to avoid it and then commit to avoiding it. It's a powerful tool. The most exciting piece of the B520 to me is the potential that it has to engage the non CFO spouse. For so long we have ignored one of the two members of a partnership because they were the less interested, the less financially literate, the less numerate whatever the case may be, the less interested in the the the least interested in the investment process and we have left that person to the side for too long and we have. Seeing the fallout from that, we have seen how often the non CFO spouse fires the adviser within months of their partner dying because they have been ignored and they have been cast aside. Well, those days are over. With the B520, you're going to have a tool that's going to engage everybody. Whether or not you know what the S&P did last year, whether or not you know what fixed income is, you're going to be interested in understanding. Yourself and your partner and your relationship. So we think this is an incredible tool for engaging people that have been historically disengaged from the process. We think this solves a very real problem. And finally, I want to talk about the marketing potential of the B520. So much of our business is, let's face it, kind of boring and not many people are going to come to a friend and say, hey, my advisor can give you a second. Opinion on your risk profile, or hey, my advisor can give you a second opinion on your asset allocation, but they may say to a friend, hey, check this out. This helped me understand me and my husband, or me and my wife or me and my partner, and I think it might be able to help you too. This is more organic. This is more naturally interesting to a broader swath of the population. And what this is going to allow you to do is to have your clients and the people you share this with. Share it with other people, thereby providing you new introductions to new folks that you can help. And as you help them understand and break down their beefy 20 results, you're going to meet new people that are pre sold on working with you as you have already added value to their lives. So in closing, let me just say this. We started talking at the outset about our tendency to overcomplicate things and to have. Historically, focus on the investment problem over the investor problem and hopefully I the stats I shared have dissuaded you from this approach and have turned you in a more organic in a more relational way. I believe that as an industry we can solve bigger problems, we can solve the kind of problems which constitute the top four worries of Americans and in so doing, we can add greater value to the lives of our clients. Both relationally and from a capital perspective, as they hang on to more of that wealth by making good behavioral decisions. And when this happens, we change lives. But enough of me talking. I would invite you now to experience this first hand by scanning the QR code you see before you and getting your hands dirty with the B520. Take it yourself, share it with a friend and let us know what you think. Thanks so much. _1713252546562

Deepen Client Conversations with Orion’s New BeFi20 Tool

Money is a universal stressor on relationships whether you’re a new couple or longtime partners.

Join Dr. Daniel Crosby, Chief Behavioral Officer, and Cade DeNazario Akers, Financial Planning Product Manager, as they present a bold vision and tool for infusing BeFi into prospecting and financial planning conversations resulting in stronger advisor-client relationships.

Developed by Chief Behavioral Officer, Dr. Daniel Crosby, Orion’s new BeFi20 tool is grounded in research and designed to help advisors engage prospects and clients on the topics of money in relationships, money personas, fears and risk tolerance, spending and saving habits, and the overall importance of money.

Learn how to make a meaningful first impression and provide immediate value to prospects and clients through Orion’s blend of BeFi, advisor technology, and digital marketing tools.

Orion Behavioral Finance: Where Money Meets Meaning.

0334-OAT-2/3/2023

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