Mitigating Emotional Biases in High-Net-Worth Clients

Your client, Mr. Thompson, is a high-net-worth individual who has recently experienced significant losses in his investment portfolio due to a market downturn. He has expressed feelings of frustration and helplessness, leading him to consider selling off his remaining investments to prevent further losses. As his financial advisor, you are responsible for guiding him through this emotionally charged period while taking into account behavioral finance principles, specifically relating to emotional biases.

Discuss how Mr. Thompson's emotional biases may impact his decision-making process and outline a comprehensive strategy you would adopt to mitigate these biases. Include specific techniques that could help him manage his emotions, as well as how you would communicate with him to restore his confidence in the investment strategy.

Your response should demonstrate a deep understanding of emotional biases in behavioral finance and apply this knowledge to a realistic financial advisory scenario.