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. Value Investing

    The strategy of selecting stocks that trade for less than their ...
  3. Oracle Of Omaha

    A nickname for Warren Buffett, who is arguably one of the greatest ...
  4. Berkshire Hathaway

    A holding company for a multitude of businesses run by Chairman ...
  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. Personal Finance

    What are the top-paying jobs according to the Bureau of Labor Statistics?

    Find out which workers earn the highest and lowest salaries on an annualized basis, as well as the median salaries for the best- and worst-paid workers.
  6. The Big Squeeze On Your Wallet
    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?
  7. 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.
  8. Professionals

    Post-Grad Degrees That Pay The Highest

    A post-graduate degree could be well worth the extra time and expense.
  9. 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.
  10. Personal Finance

    What's Your Best Chance Of Becoming A Millionaire?

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

You May Also Like

Hot Definitions
  1. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  2. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  3. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  4. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  5. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  6. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
Trading Center