Wealth Psychologist
Amy Soricelli has 40 years of experience working with job candidates and specializes in interview preparation and resume construction. She conducts workshops and seminars on various aspects of the job search and is a regular contributor to HBCU Career Connection.
A wealth psychologist, also known as a money psychologist or wealth counselor, is a mental health professional who specializes in issues specific to wealthy individuals. They help their ultra-rich clients deal with feelings of guilt associated with their wealth, provide advice on inheritance matters, and counsel parents on raising children who are not spoiled by money.
Wealth psychologists work with modern wealthy families who have accumulated their wealth in a single generation. Many of these individuals may feel uncomfortable with their wealth and experience significant guilt. It is becoming increasingly evident that individuals who are psychologically and emotionally prepared to handle wealth are generally happier throughout their lives. Starting preparations at a young age leads to more productive lives.
Wealth psychology plays a crucial role in holistic financial planning. The focus has shifted from the quantitative aspects of financial planning to encompass a broader vision of the future and the values that drive individuals to live fulfilling lives. Factors such as longer life expectancy, economic uncertainty, market risks, disillusionment with the government, and global concerns have contributed to changing attitudes towards money and happiness.
Some private wealth management and financial services firms hire wealth psychologists to train their advisors or provide individual counseling to clients. These professionals are now part of a client’s advisory team, engaged in a holistic financial planning process. Their main objective is to help clients understand their values, attitudes, and beliefs about money to overcome self-limiting or self-destructive behaviors related to wealth.
Wealth psychology is increasingly crucial in legacy planning, as it prepares family members and future generations for the emotional transfer of wealth. While traditional wealth management focuses on maximizing asset transfer, the importance of emotionally preparing family members and future generations is often overlooked. Wealth psychologists play a vital role in bridging communication and trust gaps within families to build a collective vision and purpose among different generations.
