Behavioral Influences on Joint Investment Decisions

John and Mary are a married couple in their late 40s with two teenage children. They are both professionals, with John working as a software engineer and Mary as a marketing director. They have accumulated a considerable amount of wealth through healthy savings and investments, amounting to around $3 million. However, John has recently expressed concerns about the volatility in the stock market and has voiced a desire to hold more conservative investments. On the other hand, Mary believes in the potential growth of equities and is inclined to keep their investment strategy aggressive.

Your task is to analyze the behavioral factors influencing John and Mary's investment decisions. Discuss how their psychological biases, risk tolerance levels, and communication dynamics could affect their portfolio management approach. Additionally, propose strategies to help them align their investment objectives while addressing their behavioral tendencies.