Clients who think the government may confiscate their IRAs need handholding to help them make good financial decisions, according to Paul Axberg, president of Axberg Wealth Management.

Axberg said in an interview Friday that he has had several clients express concerns about a possible loss of their IRAs after seeing news reports or internet stories about such possibilities.

Axberg, who is the founder of Axberg Wealth Management, a financial services firm located in Sun City West, Ariz., a retirement community near Phoenix, said he has had several clients who are anxious about these stories. The typical client for Axberg Wealth Management is over age 65 and many are conservative, politically and financially, noted Axberg, who has more than 25 years in the business.

“You get these kinds of rumors whenever there is a change in the presidential administration, but they seem to be worse right now. Some clients are vehement in their beliefs that this is true,” Axberg said.

Rumors of changes to IRAs that would cost the holders money or even the loss of the asset surfaced in 2016 and are circulating again now. Advisors should not argue with clients or try to convince them they are wrong, the advisor said.

“Instead, tell them that you have not heard about anything like that now, but you will keep your eyes open for it,” Axberg said. “If you argue with the client or tell him he is wrong, it only increases anxiety.”

But the ultimate goal is to prevent the client from making irrational financial decisions.

One client who did not take Axberg’s advice pulled out of the market before the election and has not re-entered, which is an obvious mistake, Axberg said. He has had many more successes than failures at convincing clients keep their IRAs and investments in place.

“You have to do some handholding and tell them they do not want to pay the penalties and taxes for abandoning their IRAs,” he noted.

“There is a lot of angst, particularly among elderly clients who are very emotional right now,” he added. “Investment advice and financial planning has become more about psychology today. You want the client to make the best financial decision.”