We all have biases.
The question isn't whether we have them; it's whether we recognise them.
I recently listened to a podcast that made a simple but powerful point: your biases shouldn't blindside you. That idea stayed with me because it applies not only to investing and financial planning, but to almost every decision we make.
We Naturally Seek Information That Confirms Our Views
We all hold strong beliefs. Some are built through experience, others through education, and many through the environments we spend time in.
When I was at school, I remember struggling academically. One day my housemaster said something that surprised me:
"You'd be good at debating."
At the time, I didn't really understand what he meant.
Looking back, I realise he saw someone who enjoyed challenging ideas, asking questions and exploring different perspectives. It wasn't about winning an argument; it was about being curious enough to understand why someone else thought differently.
That lesson has become increasingly important.
Confirmation Bias Is Everywhere
One of the biggest behavioural biases is confirmation bias—our tendency to search for information that supports what we already believe while avoiding evidence that challenges it.
How often do we deliberately read something that contradicts our own views?
Probably not often.
The reason is understandable. It can feel uncomfortable because it exposes the possibility that our beliefs may be incomplete or even wrong.
Yet that discomfort is often where learning begins.
Just like a good debate, hearing another perspective rarely weakens our thinking. More often, it strengthens it.
Social Media Can Reinforce Our Biases
Social media has made this even more challenging.
Algorithms tend to show us more of what we already engage with. Before long, our feed becomes an echo chamber where everyone appears to agree with us.
Sometimes our livelihoods reinforce those beliefs too.
Perhaps we promote a particular investment philosophy.
Perhaps we've always done things a certain way.
Perhaps our business has been built around a particular approach.
None of these are inherently wrong, but they can make it harder to step back and ask:
"What if there's another way?"
Bias Has No Place in Financial Planning
This is particularly important when working with clients.
Imagine meeting someone for the first time having already decided what they need.
Perhaps we've mentally selected the investment solution before we've fully understood their goals.
Or perhaps we're already thinking about how to close the business.
If that's our starting point, we're no longer listening.
Good financial planning starts with curiosity.
It starts by understanding the person sitting opposite us—their aspirations, concerns, family, health, lifestyle and what they want their future to look like.
Sometimes we can help.
Sometimes another solution is more appropriate.
Either outcome is better than allowing our own assumptions to dictate the conversation.
Retirement Planning Has Challenged My Own Thinking
Over the past two years, I've spent a huge amount of time researching retirement planning.
I've read FCA publications, academic research, behavioural finance studies and spoken to advisers, investment managers and retirement specialists across the profession.
I've become convinced that retirement isn't simply accumulation with withdrawals attached. It deserves its own way of thinking.
Do I have strong views?
Absolutely.
Do I believe I've found some valuable answers?
Yes.
But I also recognise that I don't have all of them.
That's why I continue talking to people whose opinions differ from mine. Every conversation helps refine my thinking, and occasionally it changes it completely.
I see that as a strength, not a weakness.
The Best Professionals Never Stop Learning
Whether you're a financial planner, investment manager, business owner or simply making decisions about your own finances, there's real value in asking yourself:
- What assumptions am I making?
- What evidence might challenge my view?
- Have I genuinely listened before reaching a conclusion?
- Am I trying to understand—or simply trying to be right?
The most successful people I've met aren't those with the strongest opinions.
They're the ones most willing to question them.
Final Thoughts
Having beliefs is important.
Having conviction is valuable.
But allowing those beliefs to prevent us from learning is where the danger lies.
Bias isn't the enemy.
Unquestioned bias is.
The next time you encounter a perspective that challenges your own, resist the temptation to dismiss it immediately.
Listen.
Reflect.
Ask questions.
You may not change your mind—but you might deepen your understanding.
And that's something worth striving for.
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