Both private wealth management clients and professionals can be affected by cognitive and emotional biases. Such biases can have significant impact on risk tolerance assessment in the investment policy statement and affecting asset allocation selection. In some instances, portfolio objectives can be achieved regardless; in other instances, such objectives may be compromised. As professionals, how should we recognize our own biases? And for our clients, what options exist to potentially mitigate these biases? Are their circumstances when it is acceptable to accommodate them? In this session, we will explore a small number of cognitive and emotional biases, discuss how each may manifest itself, assess likelihood of mitigation, and explore implications in the context of standard of living risk.