A Wealth of Well-Being: A Holistic Approach to Behavioral Finance

A Wealth Management Advisory Council Sponsored Event

Professor Statman will discuss the third generation of behavioral finance, focusing on the "normal person" who is neither perfectly rational nor entirely irrational. Normal people strive to enhance not only their financial well-being, but also their life well-being, a broad portfolio that includes not just finances but also family, friends, health, work, education, religion, and society. Life well-being—a satisfying existence of meaning and purpose—is the ultimate goal. Finance is primarily a tool to enable life well-being.

Professor Statman’s presentation will focus on:

1. The biggest risks in life, which are not in the stock market.
2. How the quest for financial well-being can sabotage life well-being.
3. How to optimize both financial and life well-being simultaneously.
4. How to help your clients attain both financial and life well-being.

SPEAKERS

Meir Statman, Ph.D | Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He attempts to understand how people make financial choices and how these choices are reflected in financial markets. His most recent book is “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance.”

The questions he addresses in his research include: What are investors’ wants and how can we help investors balance them? What are investors’ cognitive and emotional shortcuts and how can we help them overcome cognitive and emotional errors? How are wants, shortcuts and errors reflected in choices of saving, spending, and portfolio construction? How can we proceed from financial well-being to life well-being?

Meir’s research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment Management Consultants Association (IMCA).

Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance, an Associate Editor of the Journal of Behavioral Finance, and the Journal of Investment Management and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards. Meir was named as one of the 25 most influential people by Investment Advisor. He consults with many investment companies and presents his work to academics and professionals in many forums in the U.S. and abroad.

Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

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