Investors with mental-health issues present challenges for advisors GlobeInvestor
According to recent research from Bridgehouse Asset Managers, 72 per cent of advisors have encountered clients suffering from anxiety while 54 per cent said they had worked with clients experiencing depression.Matthew Hammond, owner and financial advisor and at Sunesis Financial in Sherwood Park, Alta., sat down with a client about a year ago who seemed besieged by doubt. The client was in the process of investing a sizable life insurance payout and as Mr.
It’s no secret that the job of an advisor can be complicated, often walking the line between money management and emotional support. Financial planners, in particular, are expected to ask clients deeply personal questions not only about their money, but also about their health, dreams for the future, plans for their children and even marital breakdowns. Advisors come to know their clients well, sometimes when they’re at their most vulnerable.
“A lot of people have a lot of money, but they’re not happy,” she says, mentioning that sometimes her assistant will ask why Ms. Orser has been on the phone with a client for so long. “It’s because he’s alone and depressed. Sometimes just making the client laugh is important.” Perhaps a long-time client who never needed hand-holding before starts e-mailing and calling regularly. Or someone who was formerly a conservative investor suddenly shoots you a string of rapid-fire directions to sell everything so she can buy a boat and sail around the world. Doing some research into bipolar disorder’s manic episodes, depression, anxiety and other conditions will give you a better understanding about what you might be dealing with.
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