PortfolioConstruction Forum today announced the appointment of Dr. David Lazenby as Chief Finology Officer.
PortfolioConstruction Forum’s Graham Rich said Dr. Lazenby is a US-based expert in finology and has been acting in a consultative capacity for PortfolioConstruction Forum for the past year.
“Dr Lazenby’s appointment will spearhead the development of PortfolioConstruction Forum’s finology curriculum for wealth management professionals,” Mr Rich said. “He presented at last year’s PortfolioConstruction Forum Conference when finology was added to our curriculum, and his appointment highlights our commitment to finology as a vital contributor to building quality investor portfolios.”
Finology is the emerging and converging research field covering the study of minds, customs and behaviours with respect to money. “It incorporates behavioural finance and much more,” Mr Rich said. “Essentially, it is about where investing and investors meet.”
PortfolioConstruction Forum’s particular focus within finology is as it applies to the giving of investment advice. “Finology fits into the strategies pillar of our three pillars – markets, strategies and investing – for building better quality portfolios,” Mr Rich said.
“Finology is really the flip side of the coin to the “hard” technical portfolio construction knowledge and skills that are the primary focus of PortfolioConstruction Forum,” Dr Lazenby explained.
“What’s been missing is continuing education around the so-called soft skills,” Dr Lazenby said. “Although everyone calls them soft skills, they’re actually the hardest skills to master. The good news is those skills are universal, so while much of the hard scientific research into finology is happening in the US, the findings are just as applicable in Australia and NZ.”
Dr. Lazenby is a licensed psychologist with a PhD in counseling and performance psychology. He is a leading expert in financial planning experience design, taking psychology from academic theory to the real world to help wealth professionals develop their bedside manner, human relations skills, systems thinking and scenario planning techniques and tools.
For over 30 years, Dr. Lazenby has guided Fortune 100 executives, global financial services firms, financial planning startups, professional athletes and US Navy SEALs and pilots. He has consulted to the US Federal Reserve and sits on the investment committees of three family firms’ that oversee US$8bn in investments.
“To our knowledge, this is the first appointment of a Chief Finology Officer in Australian wealth management,” Mr Rich said. “With the growing focus on outcomes-based retirement and longevity solutions, and with trust in financial advice undermined by the scandals of recent years, we believe finology needs to be a recognised discipline, to enable wealth management professionals to communicate most effectively with investors. Dr Lazenby’s appointment will help fill that gap.”
Dr Lazenby will work with PortfolioConstruction Forum from his office in St. Louis, Missouri and has a regular travel schedule to consult and present in Australia.
