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Wealthy people's problems create niche for counselors |
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Tuesday, 16 October 2007 |
Note to parents and high school career counselors: A surge in the number of millionaires around the world could lead to a lucrative spin-off industry: wealth psychology.
Wealth managers are adding services such as psychological counseling for wealthy clients who may feel guilty about inheriting large sums of cash. Others help with problems such as how to raise children in an environment where money is no object and almost anything can be bought.
Psychologist and consultant James Grubman, who works with rich clients of Wachovia Corp. , the fifth-biggest U.S. wealth management company, last week told the Reuters Wealth Management Summit in Boston that within 10 years most financial management firms will offer psychological services.
Reuters further reported that 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.
Apparently, money really doesn't buy happiness.
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Last Updated ( Wednesday, 07 November 2007 )
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