Behavioral Factors in Private Wealth Management Decisions

As a private wealth advisor, you have been working with a client who has amassed significant wealth through a successful business venture. The client is now contemplating retirement and is concerned about how their investment decisions may be influenced by behavioral biases. In written form, discuss at least three common behavioral factors that may affect this client's decision-making process as they transition into retirement. Provide examples of how these factors could manifest in their investment choices, and suggest strategies to mitigate these biases.