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Psychology of Financial Planning Podcast
Helping our clients (and ourselves) through this Bear Market
Jun 17, 2022
31:13
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Hosts discuss 7 ways advisors can help clients during this difficult market, managing emotions and making rational decisions, managing client expectations and risk, managing information and using worst-case scenario exercise to alleviate anxiety, addressing clients' concerns, and updates on online course, academy, book, and toolkit.
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Quick takeaways
- Creating a gap between impulsive reactions and actions can lead to more rational and thoughtful financial decisions.
- Challenging catastrophic thinking and reflecting on past experiences can help manage anxiety and make informed decisions during stressful times.
Deep dives
Tip 1: Put time between impulse and action
To make sound financial decisions and avoid regrets, it is crucial to create a gap between impulsive reactions and actions. During periods of stress, it is common to make hasty decisions based on emotions. Advisors should take approximately 20 minutes to decompress and consult with someone before making any major decisions. This helps ensure a more rational and thoughtful approach to managing money.
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