Cognitive biases must be modified/moderated. Emotional biases are accommodated. When trying to overcome or mitigate biases that are both emotional and cognitive, success is more likely when focussing on the cognitive issues (cognitive biases dominate). Which which are easier to overcome, cognitive biases or emotional biases?
yes - if Standard of Living Risk is high AND emotional biases dominate, one should try to moderate the client’s biases primarily but eventually will need to adapt i.e. find a way of helping the lad anyway despite his biases (which are difficult to overcome)
Another thing to keep in mind is that, when trying to overcome emotional biases, you shouldn’t go into technical details such as Sharpe Ratio, standard deviation, etc. Make it simple.
if you’re trying to correct cognitive biases, you can go technical min order to moderate this bias.