Welcome to the Financial Thought Exchange, where we bring you insights from the brightest minds in finance! In this episode, recorded live from the CFA Institute Annual Conference in Chicago, we are honored to sit down with Peter Lazaroff.

Peter is the author of "Making Money Simple" and the Chief Investment Officer at Plancorp Wealth Management, overseeing $7 billion in AUM. He is also the host of the fantastic "Long Term Investor" podcast.

In this deep dive, Peter shares his key takeaways from a panel on decoding investor behavior. We discuss how behavioral finance goes beyond just identifying biases, moving towards strategies that truly help clients feel more confident and content with their financial decisions.

We cover:

• The evolution of behavioral finance and its practical application in wealth management.

• How to tailor financial education across different generations, from Baby Boomers to Millennials.

• The distinct approaches to advice for inherited vs. self-made wealth, and why empathy is crucial.

• Peter's firm's philosophy of avoiding mistakes over chasing perfect returns, and the biggest "mistake" he focuses on mitigating: setting the wrong expectations.

• The role of risk aversion in portfolio design and how Plancorp customizes strategies based on a client's stock/bond split and liquidity profile.

• Why, despite advancements in behavioral finance, human errors will persist, and how technology might assist without replacing the essential human connection in financial advice.

Join us for a candid and insightful conversation that will change how you think about client relationships and investment strategy!