Behavioural Investing | Dr Daniel Crosby, PhD
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Property investors often talk about using debt to build wealth. In the share market, that's called gearing. With the BetaShares WealthBuilder range, investors can access moderate gearing into shares, and with the newly launched GG-BL, That means exposure to a diversified portfolio of around 1,300 global companies excluding Australia, all with no loan applications, credit checks, or margin calls. Gearing magnifies both gains and losses, so it's only suitable for investors with a very high tolerance for risk. You can learn more about the WealthBuilder range of ETFs at the BetaShares website. And don't forget to read the PDS and TMD to decide if it's right for you. BetaShares Capital Limited is the issuer.
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Lastly, please keep in mind that past performance is not indicative of future performance. Dr. Daniel Crosby, thank you for taking some time to join Kate and I on the show. We really appreciate it. Yeah, my pleasure. Great to be here. Maybe just to start off with, I think a really interesting way to begin is understanding more about your road to psychology, behavioral economics, behavioral finance, and kind of everything that kind of paved the way for you to become who you are today. I was listening to a podcast that you did recently where you were interviewed on your own podcast series, in which you described the kind of the journey to making a decision between being a financial advisor and a psychologist.
And there was a story about going to, I think it was the local library. So maybe if you can just introduce yourself, what you do today and how you came to be, how you came to make that decision, I guess, in the early days.
Yeah, so I'm Dr. Daniel Crosby. I am the Chief Behavioral Officer at Orion Advisor Technology. So we're a large FinTech firm here based in the Midwestern U.S. I'm based in Atlanta, Georgia, in the Southeastern U.S., But I'm the son of a financial advisor. So my dad is to this day a financial advisor. He actually got his job on the day that I was born. So he's been at this business for some time. And so I grew up, I think unlike most people, certainly most Americans, I grew up talking about budgeting around the dinner table and talking about investing in shares around the dinner table and stock picking and and saving and debt. And I like to joke, but it's not a joke. In the home I grew up in, we couldn't say the word debt because my father hated debt so much.
He said it was a four-letter word, just like the rest of the four-letter words. And so I grew up in a home where conversations around money were front and center, which is unusual. So I was sort of steeped in that. But when I went off to school, I actually had a loved one who was struggling with an eating disorder. And so in the process of trying to help this loved one find appropriate treatment, check on them, support them during a time in which they were an inpatient near where I was attending university, I really fell in love with psychology and I really fell in love with the process of doing psychotherapy. And so got a chance to observe that up close, got a chance to observe the power of therapy, the power of clinical psychology to improve and change and shape the life of my loved one.
And so I was sort of torn.
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