Using Experts to Avoid Critical Thinking?

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All advisors and professionals working in wealth management and retirement need to be careful of this effect since they may be culpable when their clients executes harmful decisions. 

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from the Neuronarrative blog 26, 2009…5:01 PM

“What Does Expert Advice Really Do to Our Brains?

.…expert advice causes the brain to “offload” calculations of expected utility (loss or gain) when making a financial decision under risk. 

  • The brain defers to the expert when first given expert advice
  • If then immediately challenged to make a decision, we’d also expect someone to go ahead with the expert’s advice
  • The expert’s advice gets folded into a more lengthy process of figuring out the right way to go
  • That process will probably include information from other sources, perhaps other experts, family members impacted by the decision, associates who have faced similar decisions, etc.

To sum up – immediately upon receiving expert advice, the brain appears to offload value calculations and the words of the expert carry the day.

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