“So long as an opinion is strongly rooted in the feelings, it gains rather than loses stability by having a preponderating weight of argument against it” – John Stuart Mill
In other words, if someone’s opinion is based on their feelings, arguing with them will do zilch. You can have all the data in the world, but offering it will make them defend their opinion even more fiercely.
If you work in the financial services industry, you’ll have experienced this with clients.
For example, when I ran an IFA practice, a client called me because they’d been spooked by a political news story and wanted to encash a holding. Although the story wasn’t relevant to the investment, at first it didn’t matter how much factual information I provided, or how gently I explained that recency bias could be affecting their thinking. What they heard was “you’re wrong” and, for a while, their anxiety deepened. They were eventually reassured, but it was time-consuming and draining for both parties.
Wi-Ai tools can minimise those frustrating conversations between financial services providers and clients. Clients can use Wi-Ai tools to learn about their biases, helping them form opinions grounded in fact and self-awareness.
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