13.1K
Downloads
17
Episodes
Financial decisions are endlessly complicated. There’s a huge body of academic literature that tries to study them to look for answers on how to improve decision making while a broad industry of financial advisors also work with investors every day on decisions that affect their financial futures. But there exists a divide between the two. On The Behavioral Divide, presented by Avantis Investors®, host and UCLA Professor Hal Hershfield examines this divide to find insights that may help advisors and investors make better financial decisions. If you’d like to share your thoughts on the podcast or our episodes, send us a note at BehavioralDivide@AvantisInvestors.com. For other contact options, please visit avantisinvestors.com/avantis-contact. The views expressed in this presentation are the speaker’s own and not necessarily those of Avantis Investors, a brand by American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments.
Episodes
Wednesday Apr 30, 2025
Wednesday Apr 30, 2025
There are obvious negative effects of financial stress—or financial constraints, in general. But how do financial constraints actually affect our decisions with money or in other areas of our lives?
And while we may associate financial stress with those that have little money, anyone can feel constrained financially. For some, those constraints will be “real”, like truly struggling to make ends meet, and for others it may be more subjective, such as when one has ample income to meet necessities but may feel it’s a challenge to maintain a desired higher standard of living.
On this episode of The Behavioral Divide, host Hal Hershfield examines this topic with Princeton University Professor Anuj Shah and Sam Swift, CEO of TCI Wealth Advisors to better understand how financial stress manifests in individuals across the income spectrum and how we might better manage it.
If you enjoy the show, please let us know by subscribing and rating our series.
We’d also love to hear from you on this topic. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4l3814W
X: https://a.vant.is/3Yeb4xk
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/4iTiNJE
Apple: https://a.vant.is/42lvCWe
YouTube: https://a.vant.is/3SkftM1
Wednesday May 28, 2025
Wednesday May 28, 2025
You may have heard the saying “everything in life is a negotiation.” It highlights the prevalence of negotiations across many facets of our everyday lives—sometimes with lower stakes like agreeing to an allowance with your children and in other cases much more impactful decisions that pertain to your career or that might affect long-term financial goals.
If we can negotiate more effectively, it could make a big difference. But, how? On this episode of The Behavioral Divide, host Hal Hershfield discusses this question with Yale University’s Daylian Cain, Ph.D., a Senior Lecturer in Negotiations, Leadership, and Ethics, and Scott Colangelo, Chairman and Managing Partner at Prime Capital. Our goal is to understand the types of negotiations we may face during our financial journey and identify well-researched and practically applied tips for potentially better outcomes.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at: BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4l3814W
X: https://a.vant.is/3Yeb4xk
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/4jfRYP0
Apple: https://a.vant.is/4iH2QGt
YouTube: https://a.vant.is/4mLcVEP
Wednesday Jun 25, 2025
Wednesday Jun 25, 2025
Parents know well the high costs of raising children. Certainly, this affects our ability to save for retirement or meet other financial goals, but what about when our kids leave home? How do empty nesters tend to respond financially, and psychologically?
Work from Andrew Biggs, a Senior Fellow at the American Enterprise Institute and author of The Real Retirement Crisis: Why (Almost) Everything You Know About the US Retirement System is Wrong, finds that the period after our children become financially independent can have a big impact on retirement readiness. On this episode of The Behavioral Divide, host Hal Hershfield, discusses the research with Dr. Biggs along with real-world perspective from Certified Financial Planner Robin Sherwood, who serves as a Principal at HTG Investment Advisors.
We look at how the empty-nester phase—and life transitions in general—can shape financial choices and personal fulfillment, and what can be done to make both better.
The book The Real Retirement Crisis: Why (Almost) Everything You Know About the US Retirement System is Wrong is not affiliated with, sponsored by, or endorsed by Avantis Investors or American Century Investments.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at
BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/409KwhI
X: https://a.vant.is/3HKHwSL
Wednesday Jul 30, 2025
Wednesday Jul 30, 2025
Did you know our financial decisions may be affected by our personality? It turns out being more agreeable, more conscientious, or more extroverted, for example, may play a role in how likely we are to choose to save our money for the future or spend it today instead.
Research from Joe Gladstone, Ph.D., Assistant Professor at the University of Colorado Boulder Leeds School of Business, has found that not only can personality traits be linked to our decisions with money, but we also may be able to use our understanding of one’s personality to prompt them towards better decisions.
On this episode of The Behavioral Divide, host Hal Hershfield dives into this topic with Professor Gladstone and Brandon Ratzlaff, Ph.D., CFP®, Director at Cypress Point Wealth Management, examining both the research and financial advisor perspective.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at
BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/409KwhI
X: https://a.vant.is/3HKHwSL
Wednesday Aug 27, 2025
Wednesday Aug 27, 2025
Uncertainty is a constant in life—and especially in our financial lives. But not all uncertainty is created equal. Some arises from missing information we could know. Other times, the outcome is simply unknowable—or truly random.
In this episode of The Behavioral Divide, UCLA Professor Hal Hershfield talks with decision science expert Professor Craig Fox to unpack the psychology of uncertainty. They explore why our brains struggle to deal with it, how different types of uncertainty influence our choices, and what the research says about interventions that actually help.
Joining them is Dagny Maidman, Executive Managing Director and Wealth Advisor at Cresset, who brings the practitioner’s lens—sharing how she guides clients through unpredictable markets, imperfect information, and the emotions that come with both.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at:
BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/409KwhI
X: https://a.vant.is/3HKHwSL
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/4jPw45t
Apple: https://a.vant.is/4mVi2Ca
YouTube: https://a.vant.is/4lIjYfy
Wednesday Oct 01, 2025
Wednesday Oct 01, 2025
Quantifying risk with hard numbers and statistics is a logical first step to improving others’ understanding of potential outcomes, but there are ways we might do even better. There’s a science to risk communication born from years of research that identifies effective strategies for bringing meaning to risk conversations with people of varying backgrounds and numerical abilities.
On this episode of The Behavioral Divide, presented by Avantis Investors®, UCLA Professor Hal Hershfield speaks with Professor Ellen Peters from the University of Oregon and Mark Meredith, a certified financial planner and founder of Meredith Wealth Planning. Together, they dive into findings from the research and practical application to uncover methods for better risk communications.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com.
Hal Hershfield is not affiliated with American Century Investments.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
YouTube: https://a.vant.is/3InJedi
Wednesday Oct 29, 2025
Wednesday Oct 29, 2025
Do you find that your emails to clients and prospects at times seem to go unread? You reach out. No response. What gives?
When we’re dealing with busy people, how we approach and construct our communications matters. In fact, there are proven methods for increasing the chances that busy people respond or take the actions we need them to take.
On this episode of The Behavioral Divide, presented by Avantis Investors®, UCLA Professor Hal Hershfield speaks with Professor Todd Rogers from the Harvard Kennedy School and co-author of Writing for Busy Readers: Communicate More Effectively in the Real World. They explore his research on how best to reach busy people and how that can be put into practice. To focus the discussion on tips relevant to advisors, the interview is informed by questions submitted in advance by the team at Wealth Architects.
If you enjoy the show, please let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
The book Writing for Busy Readers: Communicate More Effectively in the Real World is not affiliated with, sponsored by, or endorsed by Avantis Investors or American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe
YouTube: https://a.vant.is/3InJedi
Wednesday Nov 26, 2025
Wednesday Nov 26, 2025
Not all bad outcomes result from bad decisions just like not all good outcomes come from good decisions. This simple thought speaks to the importance of the process of making decisions and not just their results, particularly when any amount of luck is involved. We probably don’t want to repeat bad decisions just because last time we got lucky and things worked out great!
On this episode of The Behavioral Divide, presented by Avantis Investors®, Professor Hal Hershfield speaks with two guests about the science of decision making and tips they’ve found effective for improving our approach to big decisions. Joining Hal for this discussion are former poker pro, best-selling author, and decision strategist Annie Duke along with Ben Felix, CIO of PWL Capital and one of the hosts of the popular Rational Reminder podcast.
They cover how to implement better processes for decision making, how to reduce the risk of behavioral bias in your decisions, how to judge the quality of your decisions, and more.
If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We’d also love to hear from you. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com.
Important Disclosures
The views expressed in this presentation are the speaker’s own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances.
Hal Hershfield is not affiliated with American Century Investments.
Follow us on social media:
LinkedIn: https://a.vant.is/4ppUSVI
X: https://a.vant.is/4psIwMw
Subscribe to The Behavioral Divide podcast:
Spotify: https://a.vant.is/3IlDEIy
Apple: https://a.vant.is/3IgEhDe