Hi David,

Thanks for the excellent article. So important, especially today, when bear markets are distant memories for many investors. I believe education specifically on these natural investor biases and destructive tendencies is most helpful, as long as it's done preventatively and not just when the market gets volatile. Recent studies show that most women and younger investors now expect advisers to provide education anyway. By educating clients on market cycles and investor behavior as a part of their regular practice, coaching clients to avoid these mistakes becomes easier and less time consuming. Clients then have reasonable expectations and there should be less work required when conditions get volatile. However advisers choose to educate their clients, it is usually time very well spent.