Wealth Psychologist

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Warren Buffett

    Known as "the Oracle of Omaha", Buffett is Chairman of Berkshire ...
  2. Berkshire Hathaway

    A holding company for a multitude of businesses run by Chairman ...
  3. Oracle Of Omaha

    A nickname for Warren Buffett, who is arguably one of the greatest ...
  4. Value Investing

    The strategy of selecting stocks that trade for less than their ...
  5. Behaviorist

    1. One who accepts or assumes the theory of behaviorism (behavioral ...
Related Articles
  1. Budgeting

    Stop Keeping Up With The Joneses - They're Broke

    Conspicuous consumption could be robbing you of future wealth.
  2. Personal Finance

    Pass On Wealth To Spread Holiday Cheer

    Find out why money can sometimes be the perfect gift.
  3. Investing Basics

    Young Investors: What Are You Waiting For?

    By investing at a younger age, you can harness the power of compounding - not penny-pinching - for profit.
  4. Personal Finance

    Share The Wealth With Franchises

    Skip the first step and build off of someone else's successful business model.
  5. Retirement

    The Big Squeeze On Your Wallet

    The Federal Reserve has been printing money to cover some of our debts, but how long can they do so without spawning hyperinflation?
  6. Entrepreneurship

    Social Finance Careers: Creating A Better World

    A financial career can be used to do more than just bring in profits. Find out how to get a career with a more social objective.
  7. Professionals

    Post-Grad Degrees That Pay The Highest

    A post-graduate degree could be well worth the extra time and expense.
  8. Entrepreneurship

    6 Top-Paying Freelance Jobs

    If you look in the right places, you can earn more as a freelancer than you would at a regular day job.
  9. Personal Finance

    What's Your Best Chance Of Becoming A Millionaire?

    Many careers pay well, but salary isn't the only factor to consider.
  10. Personal Finance

    Which Demographics Are Struggling To Find Work?

    It's not just the unskilled unable to find jobs in the U.S. Here is a look at some highly-skilled demographics that are having difficulty finding jobs.

You May Also Like

Hot Definitions
  1. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  2. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  3. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  4. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  5. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  6. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
Trading Center