Advisers may not necessarily appreciate clients’ money worries.
We hire financial advisers to tackle money matters that we’re unable or unwilling to manage ourselves. But they cannot wash away all the stress that comes with saving, spending and investing.
Yet many advisers struggle to recognize financial anxiety in their clients. A recent survey found that 71% of clients say they experience financial anxiety, but only 49% of advisers thought financial anxiety affected their clients. “Advisers have to look in the mirror and ask, ‘What is it we’re experiencing right now?’” said Sternbach, author of “Living With Financial Anxiety.”
As clients open up about their feelings and anxieties, Sternbach asks them: “What would it take to make you feel safe?” He suggests that they write down their answer — as well as what causes them to feel unsafe. From there, he works with them to identify “anchors in their life that they can hold onto to remind them that everything will be OK.” Examples can include setting aside a sufficiently large emergency cash fund or retaining the freedom to travel or even buy a new home if they want.
“I saw some nonverbal cues — this was over Zoom — that made me think the client wasn’t fully buying into what I was saying,” Ortega recalled. “There was this blank look in their eyes. Maybe they were embarrassed at certain points.”
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