People can make both cognitive and emotional errors in judgement, especially when it comes to their financial well-being.

Explain how a financial planner/adviser can 'manage' a client'swants and educate clients about the risk-return trade-off to help manage/avoid these cognitive and emotional biases.

Required:

In your answer, you should list/explainsome ofthe applicable cognitive and emotional biases and provide examples of how a financial planner/adviser could manage their clients' biases.

You are required to conduct research and use academic literature to back-up your examples/argument.

References:

Cull, M 2015,The Role of Trust in Personal Financial Planning, PhD, Western Sydney University.