The impact of investors’ cognitive biases on long-term wealth accumulation is significant. Accounting from behavioral finance is paving the way to enabling a wholistic and personalized wealth management experience. This transformation is timely, as goals-based approaches have become dominant in the industry - 31% of advisors primarily use goals-based planning, while another 57% combine it with cash-flow-based approaches. This trend extends to investment management, with 38% of advisors now managing goals-based portfolios for half or more of their clients. This panel will explore how behavioral insights have transformed investment decision-making and client interactions through various means: 

• Helping advisors design and implement systematic approaches that counteract irrational investing behaviors, including behavioral nudges to encourage disciplined behavior
• Developing empathetic communication strategies that incorporate individuals’ emotional relationship with money to address psychological barriers to sound financial planning
• Incorporating technology, such as decision support tools, and emphasizing emotional intelligence in advisor training to mitigate potential biases from the advisor side of the relationship