Feelings of powerlessness contribute strongly to money anxiety, forcing many people into what I refer to as their primitive survival mode. Consider suggesting these tools and tactics to help clients deal with their stress:
1. Keep market news at arm’s length. Remind clients that it’s your job to keep tabs on the big picture of their finances. If they get too involved in Wall Street’s daily ups and downs, they’re likely not to see the forest for the trees.
2. Have regular, respectful money talks with their spouse. In weekly or monthly meetings, a couple can discuss their worries over money, review their options or brainstorm solutions, and develop a plan that helps reduce both partners’ stress. Remind them that empathetic playback is critical to create a safe, courteous communication climate.