Psychologists Who Specialize In Millionaires
Millionaires Have Problems Too
The surge in the number of millionaires in the world is spawning a fast-growing industry — wealth psychology. U.S. wealth managers are adding services such as psychological counseling for wealthy clients to set them apart from the competition, experts said. Some of these psychologists handle clients who feel guilty about inheriting wealth. Others help with problems such as how to raise children in an environment where almost anything can be bought, or intervene when spouses fight over money.
One of the biggest concerns: How am I going to raise my kids responsibly with all this money? Some experts predicted that within 10 years most financial management firms will offer psychological services. The more cutting-edge wealth management firms and banks are beginning to realize they need to get people available and in house. Wells Fargo recently hired two psychologists to meet with its clients, and is seeing demand for another new service for the wealthy — catering to the aging parents of millionaires.
The United States is the world’s biggest wealth market but many players find it hard to achieve and sustain profitability in part because they cannot differentiate themselves, according to a recent study by Boston Consulting Group.
