Bust investing biases with be-fi tools; RBC Wealth sees strong asset inflows; worst states for financial know-how

PRACTICE AND CLIENT MANAGEMENT: The vast majority of affluent investors somewhat or strongly agree that they have behavioral biases — and financial advisors can help, a new study found.

More than two-thirds of the potential clients representing "two segments of investors of significant interest to financial services providers" say that they show tendencies toward common biases known as availability, confirmation, recency and loss aversion, according to a survey released last week by research firms Cerulli Associates and MarketCast . The findings joined the growing research on links between psychology and financial planning, as advisors and clients alike increasingly acknowledge the mental aspect of money and wealth.

Read: Investors have biases. How can financial advisors manage them?

EARNINGS: RBC Wealth Management saw its net income spike in the second quarter driven largely by inflows of client assets.?

Royal Bank of Canada's U.S. wealth management subsidiary reported $176 million in net income for the quarter ending on April 30. That was up a full 25% from the same period a year ago. Driving RBC Wealth Management's increased revenues were strong inflows of clients assets.

Read: RBC Wealth's net income spikes on strong asset inflows

FINANCIAL FACTS: The ideal client has at least some understanding of their finances — but how financially savvy they are can vary widely depending on where they live.

To find out where individuals have the least understanding of money matters, WalletHub recently rated the 50 states and Washington, D.C., on financial planning habits and financial knowledge and education. The findings were combined with the results of its WalletLiteracy test, and each state was ultimately assigned a total score out of 100. Check out how the bottom of rankings shook out.

Read: The 20 least financially savvy states

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