Abstract
Common heuristics and biases in the context of the financial planning engagement are reviewed. The concept of ‘choice-architecture’, which makes use of behavioural finance insights to develop decision rules for clients, is introduced. A 6-step process for developing financial planning policies, and the application of that process, is described.
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Abstract
Common concerns about how to practically integrate behavioural finance techniques into a financial planning practice are considered. Some simple strategies for integration are outlined. Note, this article assumes the reader is familiar with behavioural finance techniques.
Access fee
- Non-subscribers - $40 for three-month access
- Full Radar subscribers – free