Mastering the Biology of Success
As financial advisers and planners, we often focus on market trends, product knowledge, and financial strategies to deliver the best outcomes for our clients. But have we ever paused to consider the most powerful tool at our disposal—the human brain? In a recent episode of PROpulsion LIVE, I had the privilege of speaking with Dr. Roddy Carter, a neuroscientist and executive performance coach, about neuroscience’s incredible role in investing and financial decision-making.
In this conversation, we explored how understanding the biology of success can help us, as financial professionals, improve our decision-making processes, better serve our clients, and ultimately achieve mastery in our professional and personal lives.
You Are Not Your Brain
One of the most powerful insights from Dr. Carter’s approach is the notion that “you are not your brain.” While we often think of the brain as the driver of all our decisions and behaviours, neuroscience tells us something different. Our brain is a tool—a supercomputer designed for our success. However, to unlock its full potential, we need to realise that we are not enslaved by it.
Dr. Carter shared that for much of our early life, it’s appropriate to be “enslaved” by our brains, as it helps us learn, survive, and grow. But as we reach adulthood, many of us fail to recognise that we can take back control. We continue to let fear, anxiety, and autopilot thinking drive our decisions—especially in high-stakes environments like investing.
The Power of Emotion in Financial Decisions
We’ve all heard the saying, “Fear and greed drive the markets.” However, Dr. Carter explained how deeply these emotions are wired into our biology. Our brain has evolved to prioritise survival, which means fear and greed often overshadow rational decision-making.
Fear lives in the oldest part of our brain—the reptilian brain. When fear is triggered, it can override our cognitive, logical thought processes, causing us (and our clients) to make rash, short-term decisions. The same is true for greed, which Dr. Carter reframed as a form of fear—the fear of not having enough or of missing out.
As financial advisers, understanding how fear and greed operate can help us guide our clients through difficult market conditions, keeping them on course with their long-term strategies.
Taking Control: Practical Steps for Mastery
So, how can we move from being controlled by our brain to mastering it? Dr. Carter offered practical tips that can be applied both personally and in the way we work with clients:
- Gratitude and Appreciation: The practice of gratitude isn’t just a feel-good exercise. It’s a powerful way to rewire the brain for positivity. By regularly appreciating what we have, we shift our focus from fear (scarcity) to abundance. This can influence not only our personal mindset but also the way we approach financial goals for ourselves and our clients.
- Listen to Your Brain’s “Committee”: When faced with decisions, it’s important to recognise that we are often fragmented in our thoughts. Dr. Carter referred to these internal voices as our “committee”—different parts of our brain offering opinions. Becoming aware of these voices can help us acknowledge our fears and desires without letting them control us.
- Feed the Right Wolf: Dr. Carter shared a powerful Native American story about two wolves fighting inside each of us—one represents fear and negativity, the other represents positivity and calm. The wolf that wins is the one we choose to feed. By focusing on positive emotions and strategic thinking, we can make better decisions for ourselves and our clients.
Applying Neuroscience to Financial Advice
The insights Dr. Carter shared are not just theoretical—they are deeply practical. As financial advisers, we can apply these principles to help our clients avoid emotional pitfalls and make sound decisions, even in times of market volatility. By understanding how the brain works, we can better manage our own emotions, improve communication with clients, and support them in making decisions that align with their long-term goals.
In essence, mastering our brains is the key to mastering our money. By helping clients become more aware of their thought processes and emotional triggers, we empower them to make better choices, stay committed to their financial plans, and ultimately achieve the success they desire.
Final Thoughts
Dr. Roddy Carter’s insights into neuroscience offer a fresh perspective on how we approach financial planning. By understanding that we are not our brains, recognising the power of emotion in decision-making, and practicing daily mastery over our thought processes, we can become better advisers and better leaders in our own lives.
If you’re interested in learning more about the fascinating connection between neuroscience and financial planning, I highly recommend checking out the full episode of PROpulsion LIVE. You won’t want to miss it!
