Behavioral Factors in Private Wealth Management for HNWIs

Consider a high-net-worth individual (HNWI) named Jane who has recently inherited a substantial portfolio of investments from her late father. Despite her wealth, Jane is feeling anxious about her financial future due to the current volatile market conditions and her lack of investment experience. She has expressed a desire to maintain her lifestyle while also ensuring her investments grow over the long term.

As a private wealth manager, you are tasked with helping Jane navigate these behavioral factors that may influence her investment decisions.

In your response, discuss how behavioral biases such as loss aversion, overconfidence, and confirmation bias could affect Jane's investment choices. Additionally, propose strategies to mitigate these biases and improve Jane's investment decision-making process. Be sure to provide examples of how you would implement these strategies in practice.