In episode 75 of the Boldin Podcast, Brian Portnoy, founder of Shaping Wealth and author of The Geometry of Wealth, shares a transformative perspective on financial planning—one that transcends traditional investment advice and embraces holistic well-being. Hosted by Steve Chen, this in-depth conversation explores how money intersects with meaning, behavior, and life fulfillment.
Rather than treating finances in isolation, Portnoy advocates for funded contentment—a mindset where wealth serves as a tool to support a meaningful, purpose-driven life. This philosophy is reshaping how advisors and individuals approach financial wellness, especially as behavioral finance, emotional intelligence, and AI-driven guidance begin to redefine the future of the industry.
The Journey to Human-Centric Financial Guidance
Brian Portnoy’s path into financial services was far from linear. Starting in academia, he transitioned into research at Morningstar nearly 25 years ago. Over time, his focus shifted from investment analysis to the psychology behind financial decisions—what he calls the "science of happiness."
👉 Discover how emotional intelligence transforms financial advice
His work in behavioral finance led to three influential books: The Investor’s Paradox, How I Invest My Money, and The Geometry of Wealth. These writings reflect his belief that clarity comes not from having answers, but from asking better questions—and writing is the process through which those questions take shape.
Portnoy describes his writing journey like Forrest Gump’s famous run: unplanned, persistent, and ultimately transformative. He began blogging during a family move to London in 2007, chronicling their “Portnoy UK Adventure.” That personal outlet sparked a passion for expression—one that evolved into a career helping others articulate their values through money.
A Framework for Holistic Well-Being
One of the most powerful insights from the discussion is Portnoy’s four-part model for holistic well-being: physical, emotional, spiritual, and financial health. While the first three are commonly addressed by doctors, therapists, and spiritual leaders, financial well-being often stands apart—yet it’s deeply intertwined with all others.
Money is an emotional lightning rod, triggering feelings of fear, hope, envy, and joy. But because the human brain evolved long before currency existed, we’re navigating modern financial systems with outdated mental software. This mismatch explains why rational financial advice often fails—we’re not purely logical beings.
Portnoy emphasizes that none of these four dimensions is inherently more important than the others. Instead, the framework offers a way to pause and assess: How am I doing across each area? Where am I thriving? Where do I need more attention?
This self-awareness allows people to make intentional choices—especially as they confront life’s big trade-offs, such as prioritizing time over money or career success over family presence.
From Portfolio Management to Life Coaching
For decades, financial advice centered on products: stocks, bonds, retirement accounts. Then came financial planning, which added goals and timelines. Now, the industry is entering a new phase—one Portnoy describes as human-centric guidance.
Unlike transactional or even client-centric models (which focus on achieving stated goals), human-centric advice digs deeper. It asks: Why do you want that goal? What does it represent? How might your values shift over time?
As Portnoy notes, “Human beings are works in progress who mistakenly think they’re finished.” Goals change. So should the conversations around them.
This shift requires new skills—particularly in emotional intelligence (EQ). While IQ is fixed, EQ can be developed through practice. The four core components—self-awareness, self-regulation, empathy, and relationship management—are like muscles: they strengthen with use and atrophy without it.
That’s why ongoing coaching matters. Just as fitness routines require consistency, so does emotional growth. And advisors who cultivate these skills can become true guides—not just order-takers.
Why Behavioral Biases Aren’t the Whole Story
Many in finance focus on behavioral biases—anchoring, recency effect, availability heuristic—as explanations for poor decisions. But Portnoy argues this approach has backfired.
Labeling clients as “irrational” (a euphemism for “stupid” in economic terms) shuts down empathy. It positions advisors as diagnosticians rather than partners. Worse, there are hundreds of supposed biases—so many that even trained psychologists struggle to track them.
Instead of pathologizing normal behavior, Portnoy urges a reframing: The real question isn’t What’s wrong with this person? but What’s their story? What do they value? How can money help them live accordingly?
This perspective aligns with positive psychology—the science of what makes life worth living. By focusing on strengths, meaning, and growth, advisors can move beyond fear-based decision-making and toward empowered action.
Generational Shifts and the Future of Advice
Younger generations—Millennials and Gen Z—are increasingly open to this holistic view. They prioritize balance, purpose, and well-being over sheer accumulation. They’re skeptical of the “hustle culture” that defined previous eras and more likely to ask: What kind of life do I want—not just what kind of portfolio?
Still, generational differences must be viewed through the lens of life stage. A 24-year-old hasn’t faced aging parents or midlife career shifts. Experience shapes perspective—and wisdom often comes with time.
Yet the broader trend is clear: People want guidance that integrates money with life. They’re less interested in portfolio minutiae and more in peace of mind, confidence, and clarity.
👉 Learn how AI is reshaping personal finance strategies
AI: Automating Tasks So Humans Can Focus on Meaning
Artificial intelligence is poised to transform financial services—not by replacing advisors, but by freeing them from repetitive tasks.
From tax optimization to estate planning to portfolio rebalancing, generative AI can handle much of the mechanical work. Portnoy believes investing itself is “a problem that’s been solved” for most people: a simple, diversified portfolio aligned with risk tolerance is usually sufficient.
Where humans remain irreplaceable is in connection. Empathy. Context. Meaning-making.
AI may mimic tone or simulate conversation—but for the foreseeable future, people will prefer speaking with someone who truly sees them. The future belongs to advisors who use AI as a tool while deepening their human skills.
In fact, Portnoy’s team is building a behavioral finance AI engine designed not to replace advisors but to enhance them—by suggesting better questions, surfacing blind spots, and personalizing guidance at scale.
Imagine an AI that analyzes thousands of hours of content from experts like Portnoy and his colleagues—then allows users worldwide to engage in simulated conversations at 2 a.m., tailored to their needs.
This isn’t science fiction. It’s already in development.
Funded Contentment: Redefining Wealth
At the heart of Portnoy’s philosophy is a simple distinction: rich vs. wealthy.
- Rich is about more—a never-ending pursuit driven by comparison and desire.
- Wealthy is about enough—the ability to fund a life that feels meaningful.
He calls this state funded contentment: aligning your financial resources with your deepest values. It starts not with numbers, but with reflection:
What brings you joy? What relationships matter most? What legacy do you wish to leave?
Once those answers emerge, money becomes a means—not an end.
And when advisors help clients achieve funded contentment, the relationship evolves. The less you talk about money, the better the advice becomes.
Frequently Asked Questions
Q: What is funded contentment?
A: Funded contentment is the alignment of your financial life with your personal values and sources of meaning. It’s not about accumulating wealth for its own sake, but using money to support a fulfilling life.
Q: How can financial advisors adopt a holistic approach?
A: Advisors can start by asking deeper questions about clients’ values, relationships, and life goals. Training in emotional intelligence and positive psychology helps them move beyond numbers to meaningful conversations.
Q: Can AI replace financial advisors?
A: AI will automate many technical aspects of financial planning—but it cannot replicate human empathy or deep understanding. The future lies in hybrid models where AI handles tasks and humans provide guidance.
Q: Is emotional intelligence trainable?
A: Yes. Emotional intelligence includes self-awareness, self-regulation, empathy, and social skills—all of which can be strengthened through deliberate practice and coaching.
Q: Why is behavioral finance often misunderstood?
A: Many reduce it to a list of cognitive biases, framing clients as flawed decision-makers. A more constructive approach focuses on understanding motivations and helping people act in alignment with their values.
Q: How do generational attitudes differ toward money?
A: Younger generations tend to prioritize purpose, flexibility, and well-being over pure accumulation. However, life stage plays a major role—perspectives often evolve with experience.
👉 Explore tools that blend technology with human insight for smarter financial decisions
The future of financial planning isn’t just about returns or risk—it’s about relevance. As Brian Portnoy reminds us: Wealth is a mindset. When we redefine it around meaning rather than metrics, we unlock not just better outcomes—but better lives.