Navigating Financial Anxiety: Tools for Estate Attorneys & Wealth Advisors from a KC Financial Therapist
As estate attorneys and wealth advisors, you have the unique responsibility of helping your clients plan for their financial future. This often includes managing assets, creating wills and trusts, and providing guidance on tax strategies. In the next 15 years, the largest wealth transfer will happen as baby boomers retire and pass on their wealth to the next generation. From grandma's watch to a large inheritance, both can cause as much trouble and pain as the large sum of money in the bank.
However, not everyone will have this privilege. But it's not just a 1% problem. Everyone is impacted by their relationship with money. And for some, this can result in financial anxiety. As a financial therapist in Kansas City, I have seen firsthand the impact that financial anxiety can have on individuals and families. That is why I believe it is crucial for estate attorneys and wealth advisors to focus not only on the technical aspects of financial planning but also on the emotional well-being of their clients through Financial Therapy in Kansas City, MO.
Understanding Financial Anxiety
Before we dive into tools and strategies for managing financial anxiety, it's important to first understand what it is. Financial anxiety can manifest in many ways. It can appear as a constant worry about money, feeling overwhelmed or paralyzed when making financial decisions. Or it can even be avoiding looking at one's bank account. It can also stem from a variety of sources, including past experiences with money, family upbringing, and societal pressures. There is also the anxiety surrounding aging parents, and grandparents, and the uncertainty of inheriting wealth.
Your clients may have had parents who built a business from the ground up or amassed a considerable amount of wealth over their lifetime. There is a sense of uncertainty about the future with them again. Your clients may not have it all figured out and may be asking "Who is going to take care of them?", "How are we going to afford this?", "Who will run the business?" or even "Who will be the estate's executor?". These concerns can lead to anxiety and stress for both the clients and their loved ones.
How This Affects Estate Planning
Financial anxiety can significantly impact the estate planning process. Clients often have fears about how their assets will be managed and distributed after they pass. They may worry that their inheritance won't be used wisely or that it will cause family conflicts. This can lead to delays or even avoidance of estate planning. Additionally, children and grandchildren might be anxious about their future inheritance. They might be worried about how it will affect their financial well-being. This can potentially cause family discord during estate planning. When uncertainty is present, emotions can run high. This can result in decisions driven by fear rather than logic. For instance, if there are multiple children, they might feel competitive or resentful towards one another over the inheritance. Which can harm family businesses, relationships, and trust among family members.
The Role of Estate Attorneys and Wealth Advisors in Addressing Financial Anxiety
When you're able to recognize the anxiety beginning to appear, it's important to address it proactively. This is where you, as estate attorneys and wealth advisors, have a unique opportunity to help your clients navigate their concerns and ease their anxiety. By addressing the emotional aspect of financial planning, you can create a more comprehensive plan. One that not only considers the technical aspects but also the individual needs and fears of your clients.
When your clients, or even their family members, feel uncertain about the future, it can lead to delays in estate planning. But also, create a sense of urgency to make rash decisions. Addressing their financial wealth along with their emotional well-being can help ease these concerns. It can also lead to a more productive and efficient planning process. Because when your clients feel assured, confident, and supported, they are more likely to make well-informed decisions that align with their values and goals.
The Impact of Addressing Financial Anxiety on Estate Planning
As you address the financial and mental wealth of your clients, you can create a more long-term and strategic approach to estate planning. This not only benefits your clients but also their loved ones and the future generation they will be passing on their wealth. By taking into account your clients' emotional well-being, you can help them leave behind a legacy that not only preserves their financial assets but also promotes family harmony and unity.
When there is a well-thought-out and concrete plan in place, it can also alleviate the fear of the unknown for clients and their loved ones. This can bring a sense of peace and security. Clients will know that their financial future is being taken care of and their wishes will be carried out. Therefore, the adult children will not have to worry about their aging parents' well-being. In turn, the grandchildren can feel secure in their financial future.
Tools for Managing Financial Anxiety
As estate attorneys and wealth advisors, there are several tools you can utilize. This can help your clients navigate financial anxiety during the planning process:
Active Listening
This may appear as common sense as your role is to listen to the wishes and goals of your clients. However, actively listening goes beyond just hearing the words they are saying. It involves understanding their underlying fears and concerns surrounding financial planning and addressing them with empathy and compassion. Especially if your clients are men who, typically, use money as a way to talk about their emotions. Allow them to express themselves openly and without judgment. Really hear what they are laying at your feet.
Education and Communication
Many clients might feel nervous because they don't grasp the technical details of estate planning. They may also worry about the future of their family business, estate, or inheritance. This is where you, as the expert, come in. Educate and communicate with your clients about the intricacies of their plans. By offering clear and transparent information, you can ease their anxiety and boost their confidence in making decisions.
Referral to a Financial Therapist
As a financial therapist myself, I highly recommend referring clients to a qualified professional if their anxiety is significantly impacting the planning process. A financial therapist can help clients work through their fears. It can also help them work through their concerns surrounding money, wealth, and inheritance through therapy. This can lead to a more productive and efficient planning process. It also allows for a more comprehensive and holistic approach to estate planning. Often, money is just the door to deeper emotional issues. A financial therapist can help clients unlock these underlying fears and concerns.
Financial anxiety is a common and significant factor that can impact the estate planning process. As estate attorneys and wealth advisors, it's crucial to proactively address and manage this anxiety. By employing tools such as active listening, education, communication, and referrals to financial therapists, you can develop a more comprehensive plan. One that considers both the technical aspects and the emotional well-being of your clients. This approach will ultimately lead to a more peaceful and harmonious transfer of wealth for future generations. Let's continue to support our clients on their financial journey. Let's also help them leave a lasting legacy for their loved ones.
Learn to Navigate Financial Anxiety in Kansas City, MO, and Overland Park, Kansas Today!
Money can be an emotional topic, and it can often bring up feelings of anxiety and uncertainty. If you or your clients are struggling with financial anxiety, seeking help from a financial therapist in Kanas City, MO, can be beneficial. I'm Gary Wolf, a licensed therapist specializing in financial therapy in Kansas City, MO, and I'm here to support you and your clients with their mental and financial wealth. Through therapy at Mental Wealth Counseling, you and your clients can find peace of mind and a healthier relationship with money. Don't let anxiety and fear hold you back from creating a successful estate plan. If you are ready to begin therapy:
Learn More About Me and My Services
Make a Plan Without Financial Anxiety!
Other Therapy Services Offered at Mental Wealth Counseling
You may be struggling with more than just financial stress and anxiety. If so, know that we offer a variety of therapy services at Mental Wealth Counseling to address all aspects of mental health. The services I offer are: Therapy for Men, Financial Therapy,Couples and Family Financial Therapy, and Executive Counselling and Family Business Therapy. Your mental health is your mental wealth, and I'm here to help you achieve a healthier and happier relationship with money. Contact me today to learn more about how I can support you on your journey towards financial wellness.
About the Author
Introducing Gary Wolf, LPC and LCPC, a seasoned professional with over 25 years of experience in wealth and investment management. Gary specializes in supporting estate attorneys and wealth advisors in addressing their client's financial well-being and mental health. All as they navigate inheritance planning and end-of-life considerations. At Mental Wealth Counseling, Gary offers empathetic guidance and strategic support. All to help your clients overcome stigma and achieve peace of mind. His expertise in financial therapy, combined with coping skills, self-awareness, and a holistic perspective, empowers clients to face challenges and drive positive change. This helps them secure their financial future. Partner with Gary to ensure your clients receive comprehensive, insightful assistance as they plan for a financially secure and fulfilling future.
