Posted in Finance, Accounting and Economics Terms, Total Reads: 222
Definition: Wealth Psychologist
As the name suggests, a wealth psychologist is a psychologist for the wealthy. A lot of ultra-rich individuals deal with a lot of guilt they may feel about being wealthy. Wealth Psychologists usually counsel such people and specializes in issues specifically pertaining to these wealthy individuals.
They are also called as money psychologists / wealth conselors. They also advise on inheritance and counsel parents on raising their children in a way that they are not spoiled by money - in making them responsible and able to find for themselves.
A lot of firms which manage private wealth and offer financial services usually employ these wealth psychologists to train their advisers and provide individual counseling to clients. The wealth psychologist plays a key role in the holistic financial planning process especially when profit isn't the only motive but a lot of other welfare issues are existent. They also help in particular with estate planning - since many individuals in today's world have built most of their wealth in a single generation.