A Prescription for Financial Anxiety

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Emotion and anxiety arise from the fear of the unknown, and this year has been filled with unknowns beyond measure. With new outbreaks of COVID-19, a rancorous and divisive election campaign and continued economic uncertainty, financial anxiety remains at an all-time high among clients and to a certain degree among advisors. But sticking to the “3Ps” – plan, process and persistence provides a prescription to alleviate that financial anxiety.

The plan

Many advisors, myself included, began their careers at a time when the entire industry was focused on who had the best investment ideas or who was the hottest mutual fund manager. And while investment acumen is important, focusing on that aspect of our skill set misses why our clients are investing in the first place – to amass enough capital to realize their long-term dreams, such as to retire in style or to own a vacation home.