CHICAGO – I went to Morningstar’s panel on the latest techniques in behavioral finance for advisers with high hopes. But while the speakers made some strong points about psychological bias, they ignored the elephant in the room. Actually, make that about 150 elephants — the advisers who attended the panel, along with fund managers and other financial professionals.

Investing is simple but not easy, according to Morningstar's Steve Wendel, the head of the firm’s behavioral science division. Learning about our biases helps clients become better investors, so advisers must be behavioral coaches to our clients.

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