Grieving Model

Helping Grieving Clients Navigate the Post financial Crisis “New Normal”
This article discussed how the news of something negative can cause financial clients to have to come to terms with a new normal. While most of the time this is due to death of a client, it can be because of any negative situation that could affect the individual. During this time, clients are dealing with grief. Clients will have to work towards a new normal, which may seem so far stretched from what they are experiencing now. This can be very difficult for clients to see, but with time the new normal will become more familiar. Clients may have to move from luxury surroundings to less than optimal surroundings. This is an example of why some Americans may be grieving
This cycle was developed by Elisabeth Kubler-Ross. “Ross was a Swiss doctor who studied the cycle of emotions that people experience when they receive a poor health prognosis and news of their impending death.” (JFSP 42) In the first of five stages of this cycle, individuals are in the denial stage. Some will do nothing during this stage. Individuals are numb with the news and don’t react. Individuals have the mentality that “everything is going to be okay”. It is like they are in a bad dream and when they wake up everything will be fine. The next stage is the anger stage. During this stage the client has stepped up to putting up a fight for whatever is unjust to them. Bargaining is the third stage. During this stage an individual will propose a way to delay current circumstances or have a way to overcome the situation they are in. The fourth stage of grief is the depression stage. During this stage it is clear to the individual that whatever the news is going to happen and it is out of their control. At this point the individual has to “throw in the towel”. This stage can be very hard for an individual and can cause feelings like becoming withdrawn, socially isolated, and even clinically depressed. (JFSP 43) The final stage of the grief model is the acceptance stage. With this stage comes a more positive outlook on his or her current circumstances. The
It is important to note that every client is different. Some clients are going to have a more optimistic view on change and not be hit hard by the grief model. Other clients are going to be greatly affected by the grief model because the change is so drastic in their eyes. It is also important to note that clients may seek more realistic approaches to overcome the future. When clients are in this mentality it is important to encourage these behaviors. Financial advisors should not sugarcoat the new normal. It is going to be a huge adjustment for clients to move on. Life as the client knew it may never be the same. Finally it is important for clients to really look at the positive and negative changes at both home and work. “The more prepared they are for new normal aftershocks, the better the outcome” (JSSP 48). It is all about preparing yourself to be more resilient in difficult times. Three steps that everyone should take to overcome this is paying cash and borrowing less, paying off existing debts, and building an emergency fund of up to a year’s worth of expenses.