Finology Summit 2021 - Program & Faculty

Finology is the interesting and unique mix of behavioural finance (“fin”) and investor psychology (“ology”) as it relates to understanding the investor mindset and giving investment advice. The finology discipline focuses on identifying investing biases, beliefs and behaviours and the investment implications. In other words, finology is where investing meets investors™.

In colloquial summary, “behavioural finance” is about what normal investors actually do, and “investor psychology” is about what normal investors could do, with appropriate behaviour change. Connecting behavioural finance with investor psychology helps ensure your investment philosophy spans “know the markets”, “know yourself” and “know your clients”.

Finology Summit will help you better identify and understand how your own and other people’s investing biases, beliefs and behaviours impact investment markets and portfolio construction - and therefore, investment decisions and outcomes - to help you build better quality investor portfolios and client relationships.

We’d welcome you joining us - live in-studio or via livestream!  Register now!

Graham Rich
Dean, Portfolio Construction Forum

A quick introduction   Theme

Program   Program at a glance; Meet the Faculty

More info  Where; When; Aim; Most suited to; CE/CPD accreditation; Cost; Theme;

Register now  Registration options; Terms and conditions

A quick introduction

Established in 2016, Finology Summit is THE behavioural finance ('fin") and investor psychology (“ology”) program of the year. The program is designed and curated by our specialist, experienced and independent team and features an exceptional Faculty of experts from around the world, each offering their best high conviction insights on investing biases, beliefs and behaviours and the investment implications in the context of the program theme, “Behavioural FINance & investor psychOLOGY - understanding the investor mindset”.

Theme:  Behavioural FINance and investor psychOLOGY - understanding the investor mindset

Academic studies and financial media abound with stories of investors behaving badly due to cognitive errors, emotionality, ignorance, or a blend of each. Financial literacy studies show that people often struggle with financial concepts, including relatively simple ideas such as interest rates, while simultaneously over-estimating their level of financial knowledge. Apparent anomalies in financial markets are often attributed to “noise traders” and “dumb money” who behave badly, move in herds, and are easily misled and prone to swinging between fear and greed.

"The economist may attempt to ignore psychology, but it is a sheer impossibility for him to ignore human nature… If the economist borrows his concept of man from the psychologist, his constructive work may have some chance of remaining purely economic in character. But if he does not, he will not thereby avoid psychology. Rather, he will force himself to make his own, and it will be bad psychology.” - John Maurice Clark

In colloquial summary:

  • conventional finance is about what rational investors should do. Conventional finance frameworks share several underlying assumptions about individual human behaviour, generally summarised by the notion of the “rational agent.” In commonplace usage, the term “rational” refers to a person whose beliefs reasonably reflect the information available to them, whose goals and values seem reasonable in their particular environment, and whose actions seem reasonably effective for realising their goals and values.

  • behavioural finance is about what normal investors actually do. In giving investment advice, it is critically important that advisers understand how investment markets work in theory and in practice - and why there is a difference between “rational investors” and “normal investors”, resulting from an individual’s and a group’s biases. Finology encompasses behavioural finance including the concepts and impacts of biases, beliefs and behaviours, the consequences for market prices, returns, and resource allocation and the investment implications and exploitable investment opportunities.

  • investor psychology is about what normal investors could do, with appropriate behaviour change. In giving investment advice, in addition to having specifically relevant behavioural finance knowledge, it is also critical that advisers practically and literally identify and understand their own and their clients’ biases, beliefs and behaviours when it comes to investing, to help clients understand their biases, beliefs and behaviours and the investment implications - and to identify where and how behaviour change is needed in order to achieve goals. Finology therefore applies behavioural finance models and investor psychology approaches to help explain “the real person".

Of course, all of us - through our professional and social interactions - build up a set of “rules of thumb” to understand how people behave in different situations. Successful investment advisers use their experience and people skills to build strong, meaningful client relationships. As a result, much of finology may seem like common sense. But that misses the point. Finology is important because it allows us to formalise and systematise our rules of thumb, providing a broad structural framework for our already well developed understanding of human nature - so that we can identify the “why”, as well as the “how”. Attaining this deeper level of comprehension of why investment markets are behaving the way they are, of ourselves and, of our clients is crucial, given the ever-changing nature of investment portfolio construction and ever-growing regulatory oversight of financial advice.

Wealth management professionals face an important and challenging task as they seek to develop a modern, evidence-based understanding of how financial markets function (i.e., one that sufficiently accounts for “human factors”) and to guide clients in understanding and improving their investment decision-making.

Finology Summit will help you better identify and understand how your own and other people’s investing biases, beliefs and behaviours impact investment markets and portfolio construction - and therefore, investment decisions and outcomes - to help you build better quality investor portfolios and client relationships.

Program at a glance

Wednesday 19 May 2021

AEST 8.15am - Finology Summit 2021 pre-opening scene setter

AEST 8.30am - Opening

Behavioural FINance & investor psychOLOGY - understanding the client mindset
- Graham Rich, Dean, Portfolio Construction Forum (Sydney)

AEST 8.35am - Critical Issues Forum 1

- Adam Ferrier, Founder, Thinkerbell (Melbourne)

AEST 9.25am - Critical Issues Forum 2

- Andrew Inwood, Global CEO, CoreData Group (Sydney)

AEST 10.05am - Morning Break

AEST 10.25am - Special Interests Forum 1 - choice of three concurrent sessions

AEST 11.05am - On the move

AEST 11.15am - Critical Issues Forum 3

- Joanne Earl, PhD, Professor, Macquarie University (Sydney)

AEST 12.10pm - Lunch Break

AEST 12.50pm - Critical Issues Forum 4

- Tim Farrelly, Principal, farrelly’s Investment Strategy (Sydney)

AEST 1.30pm - Critical Issues Forum 5

- Ron Bird, Professor Emeritus, Australian National University & Director, Investment Management Research Program, Portfolio Construction Forum (Sydney)

AEST 2.15pm - On the move

AEST 3.00pm - Special Interests Forum 2 - choice of three concurrent sessions

AEST 3.05pm - Afternoon Break

AEST 3.25pm - Critical Issues Forum 6

- Dafna Eylon, PhD, President, Eylon Associates (Israel)

AEST 4.50pm - Critical Issues Forum 7

- Herman Brodie, Founder, Prospecta (Birmingham)

AEST 5.30pm - Finology Summit 2021 ends

AEST 5.30pm - Finology Summit Networking Reception
Those attending face-to-face in our Sydney studio are invited to stay on for a relaxed catch up with their fellow delegates (ending 7.00pm)

Meet the Faculty

The program is designed and curated by our specialist, experienced and independent team and features an exceptional Faculty of experts from around the world, each offering their best high conviction insights on investing biases, beliefs and behaviours and the investment implications, in the context of the program theme, “Behavioural FINance & investor psychOLOGY - understanding the investor mindset”.

In order of appearance

Adam Ferrier

Adam Ferrier, Founder, Thinkerbell (Sydney)
Adam is one of the leading consumer psychologists in Australia, and an authority on behavioural economics. He is the founder of Thinkerbell, a multi-award winning, independent creative agency that brings together marketing science and hard core creativity. Adam sits on the boards of TRIBE (social influence), the Public Interest Journalism Initiative (PIJI), and Good Thnx. He’s the author of The Advertising Effect and ‘Stop Listening to the Customer: Try hearing your brand instead’, part of The Australian Creatives’ ‘Power 20’; and a regular on the Gruen Transfer, 7’s Sunrise, and 10’s The Project. He writes for TIME, The Australian, Mumbrella, B&T, Fast Company, The Guardian and the Wall Street Journal. Adam holds a Bachelor of Commerce (Marketing) and a Bachelor of Arts (Psychology) from Murdoch University, and a Masters of Clinical Psychology from University of Western Sydney.

Andrew Inwood

Andrew Inwood, Global CEO, CoreData Group (Sydney)
Andrew has more than 30 years’ experience in the Australian financial services industry. He started his career at Rothschild Australia Asset Management where he headed the marketing team, before moving to AMP Investments where he spent more than a decade. During his time at AMP he was seconded to Virgin Direct in the UK to help establish the finance and investment arm of the group. Andrew returned to Australia to be marketing director of Wizard Home Loans, and then moved to Telstra where he spent three years as general manager of applications and hosted services, before leaving to start CoreData 10 years ago. CoreData has offices in Sydney, Perth, London, Boston and Manila. Andrew is the author of more than 50 pieces of significant research into clients and their behaviour and has a particular focus on the value of the client experience in financial services. Andrew has a Bachelor of Economics from the University of Sydney.

Joanne Earl

Joanne Earl, PhD, Professor, Macquarie University (Sydney)
Joanne is a Professor in the Department of Psychology at Macquarie University. Previously, she worked at UNSW for nine years and spent two years at Flinders University in South Australia. Joanne is an endorsed Organisational Psychologist and Registered as a Psychologist in Australia. She is a Member of the NSW Ministerial Advisory Council on Ageing and a member of the ASIC Financial Capability Research Steering Committee. Joanne’s research lab is focused on factors affecting retirement decision-making, looking in particular at retirement planning and retirement adjustment, producing research which is regularly published in leading international scientific journals. Joanne regularly consults to industry, working with partners including Portfolio Construction Forum, and the NGO, National Seniors Australia. In 2016, she was awarded a three-year ARC grant with Professor Hazel Bateman at UNSW applying Time Perspective to improve retirement planning behaviour. In 2020, she was awarded an ARC Linkage grant partnering with Allianz Retire+ exploring Holistic Models Advice to Improve Retirement Planning with Professor Paul Gerrans at UWA and Associate Professor Chanaka Wijeratne at UNSW. Joanne holds a PhD in Psychology from UNSW Australia.

Tim Farrelly

Tim Farrelly, Principal, farrelly’s Investment Strategy (Sydney)
Tim is the Principal of farrelly’s Investment Strategy, the first independent, specialist asset allocation research service for investment advisory firms in Australia and New Zealand. The firm offers a web-based subscription service as well as consulting services, grounded in a logical, client-focused, forward-looking risk and return forecasting framework, based on a robust approach. Before founding farrelly’s Investment Strategy in 2003, Tim served as an executive director with Macquarie Group.
Tim holds a Bachelor of Engineering (High Distinction) from University of Melbourne and an MBA (Distinction) from Harvard Business School.

Ron Bird

Ron Bird, Professor Emeritus, Australian National University & Director - Investment Management Research Program, Portfolio Construction Forum (Sydney)
Ron commenced in academia in 1970, taking up a lectureship at Macquarie University. In 1973, he moved to the Economics Faculty at the Australian National University where he headed up the Commerce Department and taught undergraduate and postgraduate courses in accounting and finance. He left ANU in 1988 and was subsequently awarded the title of Emeritus Professor. From 1989 to 1998, Ron held a number of non-academic roles including heading the asset consulting practice and global research unit of Towers Perrin, and investment positions with Westpac Investment management and GMO. He returned to academia in 1999 in the Finance department of UTS, where he taught honours and masters subjects in the areas of corporate finance and investments, and also coordinated the School’s honours program. From 2012 to 2018, Ron also held a Chair in Finance at Waikato University (New Zealand) where he mentored staff and supervised several doctoral students. Soon after joining UTS, Ron approached the (then named) Investment Management Consultants Association (IMCA) in the US to establish an arm in Australia and offer its certificate course. Ron first convened the IMAC in Australia in 2001 and continued do so each year until 2016 when Portfolio Construction Forum took on the management and delivery of the CIMA program in Australia, at which point Ron continued as IMAC course director. Ron formally left both UTS and Waikato University at the end of 2018, to take up the position of Director of the Investment Management Research Program at Portfolio Construction Forum. In 2018, Ron’s contribution to universities was further recognised when he was appointed an Honorary Professor at both Macquarie University and Waikato University.

Tassos Stassopoulos

Tassos Stassopoulos, Founder & CIO, Trinetra Investment Management (London)
Tassos founded Trinetra in 2016 as a small, dedicated investment boutique using ethnographic research to capture growth opportunities in emerging markets. Previously, he was Head of EM Growth Equity at Ashmore, a portfolio manager for emerging consumer, global growth and thematic equity products at AllianceBernstein, and MD at Credit Suisse where for six years he was the senior analyst and then Portfolio Manager for the firm’s internal hedge fund, Modal Capital. Tassos also spent eight years as a Chartered Accountant and then as a management consultant at Arthur Andersen. Tassos holds a MA in Economics from Cambridge University and is a Fellow of the Institute of Chartered Accountants.

Dafna Eylon

Dafna Eylon, PhD, President, Eylon Associates (Israel)
Dafna specialises in developing senior executives and management teams to enhance leadership and organisational effectiveness. She has taught at Wharton’s Aresty Institute for Executive Education at the University of Pennsylvania, and is a former Senior Fellow at Wharton. She previously served as the F. Carlyle Tiller Chair of Business at the Robins School of Business and Associate Professor of Psychology at the University of Richmond. Dafna has extensive experience in organisational consulting and executive coaching and works with global clients across multiple industries including Deloitte, FAO United Nations, IBM, General Electric, Merrill Lynch, Organization for Economic Co-operation and Development (OECD), and the World Trade Organization (WTO). She is the recipient of numerous professional awards including the State Council of Higher Education for Virginia Outstanding Faculty Award, and her work has been profiled in the highly regarded multi-disciplinary journal, Science. Dafna earned her PhD in Organizational Behavior from the University of British Columbia.

Herman Brodie

Herman Brodie, Founder, Prospecta (Birmingham)
Herman educates and advises professional investors in the use of behavioural finance, helping them improve their individual and group decision-making, their client relationship management, and their asset pricing. In 2013, Herman founded Prospecta, which unites scientists and industry experts to bring the most valuable insights of behavioural economics research to the service of professional decision-makers. He is author of “The Trust Mandate”. Previously, he held investment banking roles in London, Paris and Frankfurt. Herman has a BSc in Management Sciences from University of Manchester.

Plus another 12+ leading behavioural finance, investor psychology and investment professionals from around the world.