Wealth Psychologist

DEFINITION of 'Wealth Psychologist'

A wealth psychologist is a mental health professional who specializes in issues relating specifically to wealthy individuals. Wealth psychologists are also called money psychologists or wealth counselors. Wealth psychologists help their ultra-rich clients deal with issues such as guilt they may feel about being wealthy. Or, they may advise on inheritance issues and counsel parents on how to raise children who are not spoiled by money.

BREAKING DOWN 'Wealth Psychologist'

Some private wealth management and financial services firms retain wealth psychologists to either train their financial advisers or provide individual counseling to clients. The wealth psychologist is part of the total financial planning process and can be especially helpful with estate planning. Many of today's wealthy built their wealth in one generation. They may not be comfortable with all aspects of being rich, and may have a lot of guilt associated with it.

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