“If we asked this question today versus three months ago, I would say loss aversion would be at the top,” said Aguilar. “Most people are worried about why the market is down 10 percent, but they forget that the market is up close to 400 percent since 2009. These are all very typical behavioral traits and cognitive biases.”
The study was conducted online among a sample of 381 independent advisors with at least $50 million in AUM between Aug.14 and Aug. 31, 2018.