How can firm owners use behavioral finance theory to make better business decisions?

Today on Framework, Ana Trujillo Limón, Director, Coaching and Advisor Content, speaks with Julie Ragatz, Ph.D., Vice President, NextGen and Advisor Development Programs at Carson Group, about the practical applications of behavioral finance theory in business and recruitment. They challenge the notion of rational choice theory, emphasizing the subjective nature of human decision-making.

Dr. Ragatz underscores the importance of recognizing individual motivations and the pitfalls of a one-size-fits-all approach in hiring. She advocates for after-action reports to understand decision-making processes and reframes biases as natural, suggesting that behavioral finance can guide the human mind.

Julie discusses:

Her role at Carson as the VP of Next Gen
Application of behavioral finance theory in business decisions
The relevance of the sunk cost fallacy in decision-making
Confirmation bias and belief persistence
Regaining decision-making confidence
Implementing behavioral finance theory to improve recruitment
How you can start implementing behavioral finance theory in your practice
And more

Resources:

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Connect with Julie Ragatz:

About our Guest:

Julie Ragatz, Ph.D. is the Vice President, Next Gen and Advisor Development Programs at Carson Group and Executive Director at FinServ Foundation. Julie has just over 23 years of experience in the financial services industry. Julie received her Ph.D. in Philosophy from Temple University after an MA in Social and Political Philosophy from Marquette University.

Send us your questions, we’d love to hear from you! Email us at framework@carsongroup.com.

Julie Ragatz, Ph.D.: Behavioral Finance Theory & Decision Making 28:02 Share

Framework with Ana Trujillo Limón

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Julie Ragatz, Ph.D.: Behavioral Finance Theory & Decision Making