Advising Clients on Behavioral Biases

Michael is a private wealth manager working with various high-net-worth individuals (HNWIs). During a recent meeting with a client, Sarah, he noted that she seemed anxious about the recent downturns in the stock market. Over the years, Sarah has exhibited behaviors consistent with loss aversion, often expressing fear about losing money, even when her long-term investment strategy suggests that staying invested is more beneficial. Michael is considering how to advise her on maintaining her portfolio during volatile times.

Which of the following behavioral tendencies should Michael primarily address to help Sarah's investment decision-making process?