Understanding Behavioral Bias in Investment Decisions

Marissa, a private wealth manager, is meeting with her clients, the Andersons, who are a family of four with two children. The Andersons have expressed a strong desire to leave a significant inheritance to their children, totaling $2 million. However, they are also concerned about volatile market conditions, which have caused them to hesitate in committing to a long-term investment strategy. During the meeting, Marissa observes that Mr. Anderson is particularly anxious about potential losses, while Mrs. Anderson appears more open to taking some risks to grow their portfolio. What behavioral bias might Mr. Anderson be exhibiting that could impact their investment decision-making?