Checking your stocks dozens of times a day can't be a bad thing... right? Financial advisors say that can cause undue stress and worsen your mental health.
Advisers often give two directives to anxious clients: “Stick with the plan” and “Don’t check your portfolio every day.”
“We tend to help these clients get off that cycle,” said Jeremy Kuhlen, a certified financial planner in Richmond, Va. “It can have an impact on the psyche, especially if the numbers are going down and that triggers stress.” Savvy advisers know that lecturing or scolding clients for compulsively counting their money won’t produce results. Few people respond well to a professional who expresses disappointment in their actions or disapproves of their behavior.
“People are going to do what they think is best,” Schwartz said. “We’re not here to direct or dictate. We’re here to understand them, to ask a lot of questions to help them gain perspective.” “It’s searching for the reason behind their behavior,” Schwartz said. “It’s important to understand why. If they don’t have a great relationship with money, they may have feelings of anxiety or emptiness and lose out on the richness of life.”
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