The Importance of Reflecting Back What Your Client Is Saying

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The most powerful thing an advisor can do is to basically just mirror back what the client is saying. So for example, if they are really attached to a losing investment, you know, I might reflect that back. We have a natural propensity as human beings towards growth and towards healing and towards change. The problem is so many of us are just living our own internal battle with money.

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.