Helping clients cope with fear
-
Upload
dr-mary-gresham -
Category
Economy & Finance
-
view
176 -
download
4
Transcript of Helping clients cope with fear
Financial Coaching
Helping Clients Cope with FearNAPFAFebruary 29, 2016@docgresh
http://www.slideshare.net/docgresh/helping-clients-cope-with-fearAtlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Fear, Anxiety, StressFear: Immediate threatAtlanta Financial PsychologyMary Gresham, Ph.D.
Fear, Anxiety, StressFear: Immediate threat response
Anxiety: Generalized experience, uncertain or negative future
Atlanta Financial PsychologyMary Gresham, Ph.D.
Fear, Anxiety, StressFear: Immediate threat response
Anxiety: Generalized experience, uncertain or negative future
Stress: Physiological response
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
6
Atlanta Financial PsychologyMary Gresham, Ph.D.
Fear Neutral
Atlanta Financial PsychologyMary Gresham, Ph.D.
This is your brain on fearfMRI results when shown a picture of fearful faces; other ways to induce fear for studies is to have subjects anticipate electric shock or cold pain, use recollections and imagery; play loud noises including sounds of people screaming; and to increase the amount of carbon dioxide in the blood so that subjects gasp for oxygen.and money loss..8
Atlanta Financial PsychologyMary Gresham, Ph.D.
Gregory Berns of Emory has also used money losses and shown that subjects responded to money loss similarly to electric shock. Subjects had higher body response to shock but rated money loss as subjectively equal to shock.9
Atlanta Financial PsychologyMary Gresham, Ph.D.
Anxiety has to do with our uncertain future, or anticipating a negative future event.10
Over a lifetime an average US citizen has a 28% chance of having characteristics of anxiety disorder. This is the largest category in the USpeaks during years from 30-44.11
APA Stress In AmericaAtlanta Financial PsychologyMary Gresham, Ph.D.
In the last yearAtlanta Financial PsychologyMary Gresham, Ph.D.
moneyAtlanta Financial PsychologyMary Gresham, Ph.D.
The importance of money
The series of experiments in social psychology that have been done in the lab are called money priming experiments and Subtle hints of money are introduced, for example using a screensaver with dollars floating vs a screensaver with fish floating. People are largely unaware of the impact of money hints on their behavior. Researcher Kathleen Vohs found that people respond to money primes by preferring to work alone, not asking for help, offering less help to others, working harder at impossible tasks, feeling less physical discomfort and feeling less social discomfort when excluded. The conclusion is that money increases a feeling of self-sufficiency and reduces engagement with others.15
Social exclusion Atlanta Financial PsychologyMary Gresham, Ph.D.
Counting money reduced the reaction of the brain to social exclusion.16
Physical painAtlanta Financial PsychologyMary Gresham, Ph.D.
Counting money reduced the physical pain of immersing hand in 122 degree water17
Atlanta Financial PsychologyAtlanta Financial Psychology
The Money Taboo
the avoidance of meaningful, contained discourse about money
What does this mean for financial advisers?
Atlanta Financial PsychologyMary Gresham, Ph.D.
Clients will be bringing their fears, anxieties and stress to YOU19
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
By now you have heard the metaphor of the brain as consisting of a crocodile bottom layer, an elephant midbrain and scientist riding on the back of an elephant, trying to control it. So your job, then is to become the elephant whisperer for the midbrains of some of your clients.21
Dr. Gregory Berns
Atlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameAtlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseAtlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseUnderspend, overspend or overpayAtlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseUnderspend, overspend or overpayPurchase the wrong productsAtlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseUnderspend, overspend or overpayPurchase the wrong productsAvoid important tasksAtlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseUnderspend, overspend or overpayPurchase the wrong productsAvoid important tasksDont make changes Atlanta Financial PsychologyMary Gresham, Ph.D.
When clients are fearfulShort-term time frameRisk averseUnderspend, overspend or overpayPurchase the wrong productsAvoid important tasksDont make changes Obsess over decisions or act on impulseAtlanta Financial PsychologyMary Gresham, Ph.D.
Rational approach
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Emotional Regulation
When clients feel listened to, accepted and understood they begin to calm; they then need to have emotional labels and make sense of their emotions. Emotions are accepted and understood to be of value.32
Emotional Regulation
Atlanta Financial PsychologyMary Gresham, Ph.D.
Emotional Regulation
Focus on body sensation; as client describes and focuses, they become more aware and in the present.34
Emotional Regulation
Metaphors, imagery and expressive language are useful in making an emotional connection. Some clients do not want to directly identify emotions and use of metaphor is easier for them. Metaphors also shift perspective and allow clients to do things differently.35
Storytelling
Atlanta Financial PsychologyMary Gresham, Ph.D.
Story telling can be a powerful way to communicate without raising resistance.36
Emotional Regulation
Mindfulness and mediation practices assist clients with emotional regulation37
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
ReframingAtlanta Financial PsychologyMary Gresham, Ph.D.
Challenge, opportunity, life experience that will be valuable40
Identify Other AssetsAtlanta Financial PsychologyMary Gresham, Ph.D.
Self-DisclosureI dont know if this is helpful but when I have felt this way, I have __________
Atlanta Financial PsychologyMary Gresham, Ph.D.
ExperimentsClients will do things as an experiment that they will not do as a changeAtlanta Financial PsychologyMary Gresham, Ph.D.
ExperimentsClients will do things as an experiment that they will not do as a changeIncreases a sense of controlAtlanta Financial PsychologyMary Gresham, Ph.D.
ExperimentsClients will do things as an experiment that they will no do as a changeIncreases a sense of controlIncreases self-observationAtlanta Financial PsychologyMary Gresham, Ph.D.
ExperimentsClients will do things as an experiment that they will no do as a changeIncreases a sense of controlIncreases self-observationExperiential learningAtlanta Financial PsychologyMary Gresham, Ph.D.
ExperimentsClients will do things as an experiment that they will no do as a changeIncreases a sense of controlIncreases self-observationExperiential learningGet information about the outcomeAtlanta Financial PsychologyMary Gresham, Ph.D.
Financial experimentsListen to music instead of newsAtlanta Financial PsychologyMary Gresham, Ph.D.
Financial experimentsListen to music instead of newsCheck pictures of grandchildren instead of portfolioAtlanta Financial PsychologyMary Gresham, Ph.D.
Financial experimentsListen to music instead of newsCheck pictures of grandchildren instead of portfolioGive away some money
Atlanta Financial PsychologyMary Gresham, Ph.D.
Financial experimentsListen to music instead of newsCheck pictures of grandchildren instead of portfolioGive away some moneyOpen a paper trading account and do there what you are proposing to doAtlanta Financial PsychologyMary Gresham, Ph.D.
Financial experimentsListen to music instead of newsCheck pictures of grandchildren instead of portfolioGive away some moneyOpen a paper trading account and do there what you are proposing to doPick a time to deliberately worry about money for 15 minutes daily and/or leave your worry here in my office.Atlanta Financial PsychologyMary Gresham, Ph.D.
Ounce of preventionInitial meeting: prior negative experiences with money?
Atlanta Financial PsychologyMary Gresham, Ph.D.
Ounce of preventionInitial meeting: prior negative experiences with money?How are you likely to respond if.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Ounce of preventionInitial meeting: prior negative experiences with money?How are you likely to respond if.What will you need then?
Atlanta Financial PsychologyMary Gresham, Ph.D.
Ounce of preventionInitial meeting: prior negative experiences with money?How are you likely to respond if.What will you need then?Lets write it down
Atlanta Financial PsychologyMary Gresham, Ph.D.
Adviser challengesOwn fear, anxiety and stress
Atlanta Financial PsychologyMary Gresham, Ph.D.
Adviser challengesOwn fear, anxiety and stressImpatience with extra effort required
Atlanta Financial PsychologyMary Gresham, Ph.D.
Adviser challengesOwn fear, anxiety and stressImpatience with extra effort requiredMarket factors affect all clients at the same time
Atlanta Financial PsychologyMary Gresham, Ph.D.
Adviser challengesOwn fear, anxiety and stressImpatience with extra effort requiredMarket factors affect all clients at same timeLack of training in dealing with client emotions
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Goals is to have client slow down and self-calm. Acting out feelings is not helpful, move to responsivity and not reactivity.61
Atlanta Financial PsychologyMary Gresham, Ph.D.
Thank youAtlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.
Atlanta Financial PsychologyMary Gresham, Ph.D.