- LATEST
- WEBSTORY
- TRENDING
WORLD
Millionaire surge spawns ‘wealth psychologists’
The sharp increasre in the number of ultra-wealthy people on the planet has given birth to an all-new fast-growing industry —wealth psychology.
Updated : Nov 19, 2013, 11:17 PM IST
TRENDING NOW
)
AR Rahman, Saira Banu's daughter Raheema opens up on parents' divorce being linked to Mohini Dey: 'Always remember...'
)
Riddhima Kapoor Sahni reveals Rishi Kapoor's last two wishes: 'He wanted to see Ranbir Kapoor getting...'
)
Sana Khan, former Bigg Boss contestant, actress announces 2nd pregnancy with Anas Saiyad: 'Only Allah has power to..'
)
'Good to be back': After breaking up with Malaika Arora, Arjun Kapoor reunites with his 'partner-in-crime after ages'
)
'Your dance lightens up...': Little girl's dance on 'Tere Bina na Guzara E' steals hearts online, WATCH viral video
)
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan tells Amitabh Bachchan: 'I hope people don't...'
)
This Pakistani Influencer's private video leaked online, days after Minahil Malik and Insha Rehman's clips
)
After breakup with Malaika Arora, Arjun Kapoor dedicates his new tattoo to this special person in his life
)
32-year-old superstar forcibly kissed 15-year-old co-star; left her traumatised, crying; later laughed about it saying..
)
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
)
Amid Aishwarya Rai-Abhishek Bachchan divorce rumours, Jaya Bachchan says 'not my daughter' in viral video
)
Telecom rules to change from January 1, Mukesh Ambani's Jio, Airtel, Vi, BSNL will be affected due to...
)
Gandii Baat, XXX actress Aabha Paul sets Instagram on fire with hot photos
)
Meet Mathira Khan, Pakistani influencer whose private video leaked after Minahil Malik, Imsha Rehman
)
Shweta Tiwari's wedding photos with Bigg Boss 13 contestant Vishal Aditya Singh go viral, here's the truth behind them
Dirty money
These psychologists handle clients who feel guilty about inheriting wealth. Others help with problems like how to raise children in an environment where almost anything can be bought, or intervene when spouses fight over money.
BOSTON:The sharp increasre in the number of ultra-wealthy people on the planet has given birth to an all-new fast-growing industry — wealth psychology.
American 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 when people become significantly wealthy is ... ‘How am I going to raise my kids responsibly with all this money’,” psychologist and consultant James Grubman told the Reuters Wealth Management Summit in Boston.
Grubman, who works with rich clients of Wachovia Corp, the fifth-biggest American wealth management company, 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,” said Grubman.
The wealth management division of 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.
“A growing need for a lot of business executives, entrepreneurs and other people of wealth is somebody to handle some of their parents’ needs,” Dean Junkans, chief investment officer of Wells Fargo’s wealth management division, told the Reuters Summit
Junkans said the US bank’s Elder Services group offers asset management, housing, medical care, “family communication and dynamics”, and banking services to the elderly.
“It’s growing very fast, and it tends not to be price sensitive,” said Junkans, who oversees $250 billion in client assets, referring to the Elder Services group.
The US 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.
