Behavioral Biases in Private Wealth Management

As a private wealth manager, it is vital to understand how behavioral factors can impact client investment decisions. Many investors exhibit cognitive biases that may lead to suboptimal investment choices. For this essay, discuss two specific behavioral biases that could affect a client's investment strategy. Include definitions of these biases, examples of how they might manifest in real-life investment scenarios, and strategies a wealth manager can employ to mitigate their effects on the client's portfolio management.