Finology Summit 2021 - Live stream

What’s on and when?

  • Critical Issues Forum (plenary) live stream
  • Special Interest Forum (elective) live stream rooms (4 sessions run concurrently)

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Why is the web App not part of the live stream web page?  Finology Summit is a fully hybrid program - so some delegates are getting together in a group to watch the live stream on a big screen, and some are attending at their desk. If the web App was only on the live stream web page, only those attending on their own at their desk would be able to vote, ask questions, chat, earn CE/CPD, etc. We have a separate App to allow all 800+ delegates to interact throughout the program.

Program at a glance

Wednesday 13 October 2021

 
AEDT 8.15am - Live stream starts

 
AEDT 8.45am - Pre-opening scene-setter

 
AEDT 9.00am - Critical Issues Forum

Behavioural FINance & investor psychOLOGY - understanding the client mindset
We all have a responsibility to understand how our own and other people’s different investing biases, beliefs and behaviours impact investment markets and portfolio practices - and therefore investment outcomes. Connecting behavioural finance with investor psychology helps ensure practitioners’ investment philosophy spans “know the markets”, “know yourself” and “know your clients”. In other words, Finology is the unique mix of behavioural finance (fin) and investor psychology (ology) as it relates to giving investment advice to individual investors. It is where investing meets investors™.
- Graham Rich, Dean, Portfolio Construction Forum (Sydney)

 
AEDT 9.05am - Critical Issues Forum

The financial services industry has made money boring
People love money, and all the things it can do for them and their loved ones. Money is sexy, liberating, and fun. However, the financial services industry has disconnected people from their money. They’ve done the impossible and made it boring, opaque and difficult to understand. If we better understand the psychology of money, we can better help our clients.
- Adam Ferrier, Founder, Thinkerbell (Sydney)
Adam is one of the leading consumer psychologists in Australia, and an authority on behavioural economics.

 
AEDT 9.45am - Critical Issues Forum

Helping clients decumulate responsibly promotes well-being
The same mind-set that works so well when people are building their nest egg for retirement can damage their quality of life in retirement. Many retirees have a difficult time changing their mindset from a saver to a spender. Even people who want to “smooth” spending during their entire life cycle find it difficult to estimate their life-cycle wealth. Moreover, people find it difficult to resolve conflicts between wants for spending and wants for saving - and we reconcile conflicts between these wants using framing, mental accounting, and self-control rules. You help your clients accumulate responsibly - you can help your clients decumulate responsibly, too.
- Professor Meir Statman, PhD, Professor of Finance, Santa Clara University (Cupertino)
Meir has helped pioneer the field of behavioural finance. His research focuses on behavioural finance. He attempts to understand how investors and investment managers make financial decisions and how these decisions are reflected in financial markets.

 
AEDT 10.50am - Morning Break

 
AEDT 11.05am - Special Interests Forum - choice of concurrent sessions:

1.  Positive ESG selection gives more sustainable returns than exclusion
It is possible to generate both financial returns and positive environmental and social impact from fixed income portfolios. Positive selection creates a broader universe of sustainable companies, and therefore a greater opportunity set than negative or exclusionary policies. The in-depth analysis involved in a positive selection approach provides confidence in the sustainable practices of these business – and companies with sustainable business practices are likely to be better credits in the long term, providing a degree of downside protection. As a result, positive selection delivers more sustainable risk-adjusted returns than a stand-alone exclusionary approach.
- Stephen Fitzgerald, AO, Chairman & Founder, Affirmative Investment Management (London)

2.  Equity income is key to providing better retirement outcomes
Under our current defined contribution system, the retiree bears all the risks - longevity risk, inflation risk and investment/sequencing risk. Empirical evidence shows that retirees have a bias against drawing down on capital, and this preservation of capital is likely explained by the need to insure against these risks. A high equity income strategy tailored for retirees is a core solution for providing better retirement outcomes, maximising income while leaving capital intact.
- Don Hamson, PhD, Managing Director, Plato Investment Management (Sydney)

3. A reductive macro-economic framework can manage biases
Heuristics such as availability bias, herd instincts and extrapolation that get in the way of making the right decision at the right time are the most prevalent at the extremes. When markets are exuberant it is difficult to see - let alone act - against the hubris. When markets are down in the dumps, it is difficult to see past the misery. An example is Covid. Initially, it was a common cold (complacency), then it became a never-ending lockdown and recession (doom and gloom). Now, there is optimism after the stimulus fuelled recovery. Managing these heuristics is even more important when investing in emerging markets, where so many of our impressions of what is happening on the ground are coloured by opinions of different media outlets with their own respective filters. So why is it so hard to manage our behaviour biases? It may be because heuristics are so genetically programmed into us as humans that none of us can quite pull ourselves free from the gravity. In the age of rising geopolitical tension, fake news and social media silos that reinforce our base instincts at every turn, this can move us away from the true north. How do we centre ourselves in reality? A reductive macro-economic framework may be the answer, helping centre our qualitative assessment and decision-making using high “signal-to-noise” ratio data that tell us what is really happening in economies and market sentiment.
- Joseph Lai, CFA, Principal, Portfolio Manager & CIO, Ox Capital Management (Sydney)

4. Simplicity wins in financial decision making
There are strong behavioural biases that attract investors to complex strategies. We know that outperforming the market is hard, so it makes sense that it takes a complex approach to do so. It’s difficult to separate skill from luck, so complexity serves as a mental shortcut to help identify competence. Complex approaches to investing include thematic investing, market timing and hedge funds, all of whcih carry an air of sophistication. However, introducing complexity will, on average, diminish the odds of success and detract from returns. To make better financial decisions, eschew complexity and embrace simplicity.
- Stephen Arnold, CFA, Managing Director & CIO, Aoris Investment Management (Sydney)

 
AEDT 11.45am - On the move

 
AEDT 11.50am - Critical Issues Forum

Finology benchmarking matters
The finology domain has been the focus of considerable research and innovation in the past decade. Investigations into investor biases, beliefs, and behaviours - and the implications for investor portfolios and the adviser-client relationship - continue to evolve and yield important insights. Moreover, expectations related to “know your client” and “know yourself” have risen considerably in recent years, with many new possible skills, techniques, and strategies with which investment advisers can (or should) be proficient. The Forum created the Finology Benchmarking Indices (FBI) as a critical input into continuing professional and practice development. The FBI encourages reflection on your mastery of the finology domain and how well you are integrating finology concepts, techniques, and self-awareness, into your practice. It also provides meaningful points of comparison with peers. The FBI benchmark dataset as a whole, representing more than 450 investment advisers from Australia and New Zealand, offers an intriguing snapshot into finology proficiency and practice that may challenge your assumptions. Knowledge and proficiency in finology is essential to knowing yourself and your clients – and to developing ever better relationships with clients to help them achieve their goals. Finology benchmarking matters!
- Rob Hamshar, Principal - Finology Research, Investment Management Research Program, Portfolio Construction Forum (NZ)
Rob manages several of Portfolio Construction Forum’s finology domain initiatives, including the Finology Benchmarking Indices (FBI) program and the finology Research Review series.

 
AEDT 12.45pm - Lunch Break

 
AEDT 1.15pm - Critical Issues Forum

We must tune clients in for a long-term low return world
Australian cash rates will stay low until the mountain of home loan debt is repaid - and that will take decades. Low cash rates mean low bond rates. Low interest rates mean high asset prices, which means much lower returns lie ahead for all asset classes. Low future returns have many implications - not the least of which are finology-related. Should we warn our investor clients of what lies ahead? How do we keep them engaged? How do we keep them from chasing rainbows? Our communications strategy must be in tune with this new environment.
- 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.

 
AEDT 1.35pm - Critical Issues Forum

Advisers are key to retiree clients’ happiness and well-being
A recent independent research study looking into retirement from the perspectives of over 1,500 older Australians found that finances are at the fulcrum of their happiness and well-being. But it’s complicated. There is a paradox in that while the absence of financial stress is a major driver of well-being, increasing wealth is not. And, the study found that financial advisers are the keystone to retirees’ well-being: relieving retirees of their short-term stressors; providing retirees with a sense of control in their lives; providing confidence that they can deal with the unexpected; enabling retirees to nurture relationships; and, helping retirees live consistent with their values.
- Jason Andriessen, CFP, Consulting Partner, MYMAVINS (Sydney)
Jason has more than 25 years’ experience in financial services with various roles across research, data science, financial advice, marketing and product management.

 
AEDT 2.15pm - On the move

 
AEDT 2.20pm - Special Interests Forum - choice of concurrent sessions:

1.  Words matter and must be regulated
Regulation states that fund managers must not mislead clients. However, subtle nuances around word choice, connotations and links to performance can distort framing. While prescribed scales exist for risk, analysis shows inconsistent application. Gradable adjectives (e.g. strong) can be subjective. Examples like the Beaufort Wind Scale assign words to speeds. Analysis of market data shows the distribution of outcomes. The “Isles scale” maps asset class returns to pre-defined words for given time periods for the purpose of investment communication. Prescribing universal implementation of this approach would remove a dangerous loophole in the regulation.
- Douglas Isles, Investment Specialist, Platinum Asset Management (Sydney)

2.  Often, adviser biases are more important than client biases
As investors themselves, advisers can suffer from the very biases they attempt to combat within their clients. However, these traditional behavioural finance biases manifest in ways unique to advisers. By failing to account for those biases in the design and implementation of investment solutions, advisers risk the delivery of optimal client outcomes and deepening relationships.
- Jason Komadina, Director - Managed Accounts, MLC Asset Management (Sydney)

3. Private debt is an asset class that can truly preserve capital
Managing risk and preserving capital are too important to be left to the trading strategies used for many financial products. From the first approach through to final approval, private debt requires a lender to have strong relationships with borrowers, a deep understanding of their businesses, informed risk assessments, and legally binding contracts with terms and conditions that protect investor capital and generate income. These same mechanisms help the borrower and lender weather storms to their mutual advantage. Few of these steps are present in public market trading strategies, leaving investors exposed at a time when quantitative easing has inflated the price and risk of other asset classes. Private debt prices in this risk and allows you to offer investors the capital protection they deserve.
- Andrew Lockhart, Managing Partner, Metrics Credit Partners (Sydney)

4. Fossil fuel-burning utilities will benefit from a greener world
Clients and investors are concerned about investing in assets like utilities with exposure to carbon emissions due to climate change concerns, and fears over asset stranding risks. However, regulated electric utilities – even those burning coal and gas today to keep the lights on – are well positioned to navigate this. Despite concerns, these high-quality businesses should not only face very little asset stranding risk over coming decade but will be a significant beneficiary in a greener world.
- Ben McVicar, CFA, Portfolio Manager, Magellan Asset Management (Sydney)

 
AEDT 3.00pm - Afternoon Break

 
AEDT 3.15pm - Critical Issues Forum

Ethical decision making is not an oxymoron
Many assume there are two kinds of business decision makers - those who are ethical and those who are not. However, most of us are both. Recognising when a business decision has an ethical component, understanding how decision-making biases can lead to ethical pitfalls, as well as when your decisions are not aligned with your own values, enables principled business decision-making and human interaction.
Note: This is an interactive session in which you’ll use your own examples as well as be introduced to a methodology for choosing your principled decision-making strategy and help support others in the process.
- Dafna Eylon, PhD, President, Eylon Associates (Israel)
Dafna specialises in teaching people how to guide others through change including overcoming the challenges of changing people’s behaviour.

 
AEDT 4.40pm - Critical Issues Forum

Active trust building is ethical
Trust is the product of two judgements clients make about us - one is about our ability to make good things happen (competence), the other is about our motivation to make those things happen for them (benevolence). The latter also explains the bulk of their overall impression of us. So, we must never neglect demonstrations of benevolent intentions if we want to win and keep clients. And, while the signals that convey competence (e.g., certification, track record, experience) must be earned, those that convey benevolence (e.g., communication style and interpersonal skills) are within almost everyone’s reach. This means that trust could, at least partly, be won without being earned. So is it ethical to try?
- 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, and client relationship management.

 
AEDT 5.30pm - Finology Summit 2021 ends

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

Graham Rich

Graham Rich, Dean, Portfolio Construction Forum (Sydney)
Graham is a pioneer of retail managed funds research in Australasia, and of financial planning in New Zealand. He started his financial services career in NZ in 1975. In 1983, he established his own business delivering funds research and financial advice professional development services. After initially adding Morningstar as a minority shareholder in his fund research business in 1999, he continued to develop it for several years, before selling the rest of the fund research business to Morningstar. In 2002, Graham established Portfolio Construction Forum. Based out of Sydney, Portfolio Construction Forum is recognised as the leading provider of specialist, independent, investment continuing education, accreditation and certification service for the community of Australian and NZ wealth management professionals. Portfolio Construction Forum is CIMA Society of Australia’s strategic partner in the management and delivery of CIMA certification and accredited continuing education services. In 2019, the Forum assumed responsibility for the Secretariat office of CIMA Society of Australia, with Graham as Executive Officer. Graham has been a Board Member of The Wayside Chapel since 2013. Graham strongly believes that his business life reflects Wayside’s mission of no ‘us and them’. His work aims to contribute to the financial wellbeing of Australians, while recognising the responsibility all of those who are more fortunate have for those who are less fortunate in our society.

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.

Meir Statman

Meir Statman, PhD, Professor of Finance, Santa Clara University (Cupertino)
Meir is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioural finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. His most recent book is “Behavioral Finance: The Second Generation,” published by the CFA Institute Research Foundation. 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. He 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, and Associate Editor of the Journal of Behavioral Finance, and the Journal of Investment Management. Meir is the 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 received his PhD in Finance from Columbia University and his BA and MBA from the Hebrew University of Jerusalem.

Stephen Fitzgerald

Stephen Fitzgerald, AO, Chairman and Co-Founder, Affirmative Investment Management (London)
Stephen has over 30 years’ experience in funds management. He serves on the boards of QBE Insurance Group, Lombard Odier Asset Management, the Great Barrier Reef Foundation and the British Museum Investment Sub-Committee. In Australia, he is a member of the NSW Government Expert Advisory Panel on Social Impact Bonds and, since its inception in April 2010, has been a Male Champion of Change (MCC). Stephen was an appointed member of the Board of Guardians of the Future Fund (Australia’s Sovereign Wealth Fund) and served for a period of five years until April 2016. Previously, he was Chairman of Goldman Sachs, Australia and NZ, having joined Goldman Sachs in 1992 as CIO for International Fixed Income and Currency within GSAM, and has since been based in London, Tokyo, Hong Kong and Sydney, serving on the firm’s Partnership Committee, European Management Committee and Asia Pacific Management Committee. Stephen has a Bachelor of Economics from University of New England.

Don Hamson

Don Hamson, PhD, Managing Director, Plato Investment Management (Sydney)
Don founded Plato Investment Management Limited in 2006, and has over 25 years investment management experience. Previously, he was Head of Active Equities, Asia Pacific and a member of the global Senior Management Group at State Street Global Advisors, held various positions at Westpac Investment Management, including Chief Investment Officer and Head of Equities, and was a senior analyst at Queensland Investment Corporation. Don was a Lecturer in Finance at the University of Queensland for six years, and a Visiting Assistant Professor at the University of Michigan Business School. He has a strong interest in responsible investment and governance, and is the deputy chair of ESG RA and has served on the ASX Corporate Governance Council. Don has a Bachelor of Commerce with First Class Honours and a PhD in Finance from University of Queensland, and a University Medal.

Joseph Lai

Joseph Lai, CFA, Principal, Portfolio Manager & CIO, Ox Capital Management (Sydney)
Joseph is responsible for overseeing the investment process, risk management and management of the firm’s portfolios. Previously, Joseph spent 17 years at Platinum Asset Management as Portfolio Manager for the Platinum Asia Fund, Head of Asia Equities Research and a member of the Management Committee, responsible for management of the Asia portfolios, management of the Asia Team and contributing to the idea generation of the broader global portfolios. Previously, Joseph worked at Morgan Stanley as an Analyst covering Healthcare stocks. Before this, he worked as a Medical Doctor.
Joseph holds a Master of Business Administration (AGSM) and a Bachelor of Medicine & Bachelor of Surgery from University of Sydney. He is a CFA Charterholder.

Stephen Arnold

Stephen Arnold, CFA, Managing Director & CIO, Aoris Investment Management (Sydney)
Stephen is a founding Partner of Aoris Investment Management. He has been investing in offshore markets for over 28 years. Prior to founding Aoris in 2017, Stephen was Head of International Equities at Evans & Partners where he directly managed $1bn of client assets. Stephen spent a decade in London, mostly with Goldman Sachs Asset Management in a small team managing an approximately $5bn concentrated global equity portfolio. From early 1994 to late 1997, Stephen worked at Platinum Asset Management covering US equities. He began his career at Bankers Trust Australia where he was part of the domestic equities investment team.
Stephen holds a Bachelor of Business from UTS and is a CFA charterholder.

Rob Hamshar

Rob Hamshar, Principal - Finology Research, Investment Management Research Program, Portfolio Construction Forum (NZ)
Rob manages several of Portfolio Construction Forum’s finology (behavioural FINance and investor psychOLOGY) domain initiatives, including the Finology Benchmarking Indices (FBI) program and the finology Research Review series. He draws on more than 15 years of experience in managing benchmark and best practices research and professional development programs, primarily with CEB (now Gartner), across multiple industries and in service to professionals from many disciplines. Since 2018, he has focussed primarily on serving practitioners in the financial advice space in the US, Australia, and New Zealand.
Rob graduated from the University of Virginia in with a BS in Commerce, concentrating in Finance and Marketing.

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.

Jason Andriessen

Jason Andriessen, CFP, Consulting Partner, MYMAVINS (Sydney)
Jason is a Consulting Partner with MYMAVINS, a research and data analytics consultancy specialising in financial services. He has more than 25 years’ experience in financial services with various roles across research, data science, financial advice, marketing and product management. Most recently, from 2018 to 2021, Jason was a Managing Director and Head of APAC at global research and data analytics insights consultancy, CoreData,
Jason holds a Bachelor of Business (Marketing) from Newcastle University, a Diploma of Financial Planning from Deakin University, and a Masters of Commerce with Distinction from University of Western Sydney. He is a CFP® Professional and a Full Member of The Research Society.

Douglas Isles

Douglas Isles, Investment Specialist, Platinum Investment Management (Sydney)
An actuary by training, Douglas first joined Platinum in 2003 as an investment analyst, having spent some time at the Commonwealth Bank as a product actuary and, prior to that, as an investment manager at Aegon Asset Management in Edinburgh. Douglas left Platinum in 2008 to relocate to Singapore to develop Standard Chartered Bank’s equity broking business. Having re-joined Platinum in 2013 as an investment specialist, Douglas now dedicates himself to serving as a bridge between Platinum’s investment team and the financial advisory community.
Douglas has a MA in Mathematics from University of Cambridge.

Jason Komadina

Jason Komadina, Director - Managed Accounts, MLC Asset Management (Sydney)
Jason is responsible for MLC Asset Management’s Managed Account Strategies. He brings to the role over 20 years’ experience in financial services, specialising in wealth management. Prior to MLC, Jason held the role of General Manager, Product and Investments at Perpetual Private. He brings a deep understanding of advice and the role of investment solutions in the advice process.
Jason holds a Bachelor of Economics (Economics & Accounting) from University of Sydney.

Andrew Lockhart

Andrew Lockhart, Managing Partner, Metrics Credit Partners (Sydney)
Andrew has more than 30 years of banking, funds management and financial markets experience specialising in leverage and acquisition finance as well as corporate and institutional lending. His experience includes being responsible for the origination and portfolio risk management of large, diversified and complex loan portfolios including corporate restructurings.
Andrew holds a Bachelor of Business and Masters of Business Administration from the Queensland University of Technology.

Ben McVicar

Ben McVicar, CFA, Portfolio Manager, Magellan Asset Management (Sydney)
Ben is a Portfolio Manager in the Infrastructure, Transport & Industrials Team. He joined Magellan in 2013 as an Investment Analyst in the Infrastructure Team. He was promoted to the additional role of Assistant Portfolio Manager in August 2016 and subsequently promoted to Portfolio Manager in January 2017. Prior to Magellan, Ben spent nearly five years as an equities analyst at Credit Suisse in Sydney, most recently as lead analyst for Australian utilities. He has previously had experience in the small caps, energy and telecoms sectors.
Ben holds a Bachelor of Commerce (First Class Honours), for which he was awarded a University Medal, from The University of Queensland and is a CFA Charterholder.

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 holds a BSc in Management Sciences from University of Manchester.