Anchor Fact Bias
Too often, mission-critical decisions are based on one or two anchor facts, or key beliefs, whose basis in accurate data might be tenuous at best. For example, many believed that robo-advisors, in their early days, were for smaller accounts. It was also widely accepted that millennials were the robos’ key users and preferred them to live advisors. But the appeal of digital advice has crossed generations, particularly when robos are offered as a hybrid service with human advice. As a result, today many RIAs are revisiting strategic growth plans they made based on these widely held, incorrect anchor facts.
Data Availability Bias
Research is a dying skill, and people these days make decisions biased by whatever is returned in the first couple of pages