Behavioral Factors in Private Wealth Management

John is a high-net-worth individual who has recently received a significant inheritance. He is excited about the prospects of investing these funds but feels overwhelmed by the choices available to him. John often finds himself making impulsive decisions related to spending and investing, influenced by recent market trends and financial news.

In the context of private wealth management, discuss how behavioral factors such as overconfidence, loss aversion, and anchoring might affect John's investment decisions. Additionally, suggest strategies that a financial advisor could implement to help John make more rational and objective investment decisions.