Anxiety is a common, yet often misunderstood psychological condition characterized by persistent feelings of worry, unease, and apprehension. At times, it can become an intrusive problem because it can lead to an inability to make effective decisions when it comes to your business, your health, and your family. This may eventually lead to unintentional choices that may put the family’s greater well-being at risk. For family stewards, recognizing the impact that anxiety can potentially have on your overall goals is crucial to ensuring the healthy execution of your wealth management strategy while maintaining positive relationships with your family members.
Clearly, in one’s pursuit of complete family wealth, it is essential to recognize the role that mental health plays in achieving lasting prosperity across all areas of the family’s capital. One indicator that anxiety may be impacting your mental health without you cognitively recognizing this is to look at specific coping mechanisms you turn to, particularly when under significant stress.
Without us realising it, anxiety can drive us towards unhealthy coping mechanisms such as substance abuse, workaholism, disordered eating, or other self-destructive behaviours. Behaviours that may make us feel calm and in control at the moment, but have a long-term, negative impact on our health, our relationships, and our wealth. The reason being is that, despite the immediacy of anxiety alleviation, these unhealthy behaviours often exacerbate the underlying issues and further compromise financial decision-making abilities. Eventually, these behaviours can cause long-term damage to our greater health, such as an increase in our heart rate, palpitations, increased blood pressure, and chest problems – all will prime us for coronary events.
Family stewards must prioritize their mental well-being and seek appropriate support to manage anxiety effectively if they want to successfully preserve, protect, grow, and transition their wealth to the rising generation. One essential solution is to share the burden of stress through open dialogues around mental health within the family. Let family members know what is weighing on your mind. By acknowledging and discussing anxiety, family members can offer emotional support, empathy, and understanding. Additionally, routine visits to psychologists or advisors specializing in high-net-worth families can provide valuable guidance and strategies to cope with anxiety-related challenges, particularly as they relate to wealth management, family offices, and legacy development.
A high net worth does not exempt individuals from experiencing anxiety. This is why it’s crucial for family stewards to nurture an environment that champions mental well-being and supports the long-term success of complete family wealth management. When mental health is woven into generational conversations, the overall health of family members is likely to increase. An increase in the overall health of the family helps to ensure the longevity of the family reputation. For the next family steward, this goes a long way for them knowing that they will not have to carry the weight of the family legacy and reputation alone.
Anxiety-related challenges are becoming a widely-recognized common occurrence, impacting all aspects of our lives. , Knowing the importance of seeking advice from a wealth and/or financial advisor to help navigate these challenges and safeguard your family wealth is one way to ensure that anxiety does not adversely impact your financial health and/or financial decisions. While anxiety can be overwhelming, understanding how an advisor can assist you in managing and overcoming these obstacles can provide a sense of relief, security, and even control. A skilled wealth advisor acts as a trusted partner in your journey towards complete family wealth management, offering invaluable guidance and support in times of uncertainty. They possess the knowledge and expertise to help you develop a comprehensive wealth plan tailored to your unique circumstances. By understanding your goals, fears, and aspirations, they can create strategies to mitigate anxiety-related challenges that may arise as you work towards preserving, protecting, and growing your family’s capital. From providing personalized investment strategies to crafting contingency plans for unexpected circumstances – such as a panic attack during stressful situations – a financial advisor can alleviate your concerns and equip you with the tools to overcome anxiety from a financial perspective. This will look different from advisor to advisor but can include connecting you to their network, which often includes a psychologist who specializes in high-net-worth families.
A wealth advisor can offer a steady hand, providing reassurance and guidance when uncertainty prevails, particularly during turbulent times, such as an economic downturn or a personal crisis.
By leveraging their expertise, you can alleviate the loneliness that often comes as a family steward, helping to lessen the mental burden that comes with managing complex financial matters by entrusting your family wealth management to a professional, you can focus on maintaining a healthy work-life balance, nurturing relationships, and pursuing activities that bring you joy. This holistic approach to wealth management promotes mental well-being and ensures that your family’s wealth is not a source of anxiety but a tool for realizing your dreams.