There are a variety of cognitive biases which advisers must be aware of when giving financial advice, and clients must be aware of when taking financial advice.

Required:

1. Conduct research on the types of cognitive biases that exist and list at least 3 of these biases.

2. Choose 2 of these biases and explain these in your own words.

Note: You may use internet resources as references, however you must also use academic journals in your research.

(Max. of 800 words)