Other anxious clients have inherited their attitude about money from their parents. In rare cases, the advisor cannot overcome that attitude. “If a person is fearful or feels like a victim in life, that is going to be his attitude about money also.”
An advisor should try to keep these people focused on the long term and should prepare them ahead of time for possible market drops and let them know ahead of time what will be done.
“If you freak out, the clients will panic,” Brady says. “But if you talk calmly and present a positive picture, the clients will feel better. They are looking for rational, reasonable leadership from you.”