Financial advisors know that their clients often make investment decisions that may not be purely rational. But because both are human, those advisors are subject to the same cognitive and psychological biases, and irrational decisions as their clients. However, because of their professional training and status, advisors may believe they are immune from irrational biases. This FPA Knowledge Circle Presentation explores the tendency for advisors to project rational objectivity while unknowingly operating in conflict with that projection. In addition, we focus on 3 major biases affecting both the advisor and client and prescribe strategies for mitigating their powerful and destructive effects.

 

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David A. Dubofsky

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