The first one we're going to do is the status quo bias. It's basically our, our desire to maintain what is our current state of something. This can be a problem when you're wanting a client to take action. But if you can get them motivated and they're ready to do it, you can really harness that status quo. And this is where automation becomes such a powerful wealth building tool.
Dr. Charles and Dr. Brad talk about the usefulness (and lack thereof) of behavioral finance as it relates to financial planning practice. They then dive into several of the biases and heuristics that they see as most relevant to a practitioner and how each can be applied in practice.