As a financial advisor, you encounter a client who has exhibited several emotional biases affecting their investment decisions. The client, a middle-aged professional, has a strong inclination towards anchoring bias, where they tend to fixate on their initial investment gains from a stock they purchased years ago, despite its current underperformance. Additionally, they show signs of loss aversion by refusing to sell the declining asset, fearing the realization of a loss.

Describe how emotional biases, specifically anchoring bias and loss aversion, can impact the investment decisions of individuals. Discuss strategies you would employ to help this client recognize and mitigate these biases to make more informed and rational investment decisions.