Better Decisions Through Brain Science

by | March 29, 2021

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In this episode of the Age of Indiependence podcast, host Katlyn Eggar interviews Graeme Newell, CSP, President of 602 Communications. Graeme is a professional speaker and behavioral finance researcher. He uses brain science to help us make better financial decisions. Our brain is hardwired to incorrectly forecast the future and to freeze up when we’re feeling fear. Learn whether you can trust your gut and what this means for your clients when they are purchasing insurance.

Episode Highlights:

  • Graeme shares how he got started in brain science research. (4:04)
  • How does decision making work inside of our brain? (6:36)
  • Graeme emphasizes that maintaining safety is what insurance is all about. (10:54)
  • What does Graeme encourage people to do when it comes to huge decisions? (14:58)
  • Graeme shares how the fear effect can impact sales goals. (16:35)
  • Graeme talks about the significance of establishing a great relationship with the client. (18:50)
  • What are some of the biggest mistakes that Graeme has seen? (20:35)
  • Graeme talks about the biggest element that’s going to torpedo someone’s investment strategy. (23:40)
  • What is a confirmation bias? (32:43)
  • Graeme gives advice on how to become better at decision-making. (35:08)

Key Quotes:

  • “It’s incredibly important to understand that we’re going to make decisions instinctually. We think we’re making them rationally. But, the brain science bears this out… nothing could be further from the truth.” – Graeme Newell, CSP
  • “I think you’ve got to realize…For all of us in the insurance industry, the moment you even bring these things up, adrenaline happens. Just mention the word ‘death’ or ‘disaster’ or ‘car wreck’, and boom. It’s over for the day. You’ve got to make sure that you give people time and energy to contemplate these decisions, because that’s when the decisions stick.” – Graeme Newell, CSP
  • “What our brain has a tendency to do, is to think that how it is now, is how it has always been in the past… and how it always will be in the future. This worked well during evolutionary times, bringing us to the present moment when there was danger or opportunity.” – Graeme Newell, CSP

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