Using Therapists to Benefit Your Clients

Due to the chaos and anxiety caused by the stock market and an unpredictable economic future, a growing number of financial advisers are hiring therapists to help their clients. Therapists help advisers and clients conquer emotional roadblocks that are currently preventing sound financial decision-making. Some benefits of using a therapist include:

• You can grow stronger bonds with your clients
• It becomes more likely that your client will stay with you
• Therapists help advisers avoid awkward conversations beyond their expertise
• Your clients will get planning that deals with all aspects of their life

Some tips on how to integrate a therapist into your practice are below:

• Find a therapist with a strong financial background so that the therapist can talk about financial matters competently.
• Determine exactly how you want to involve a therapist in your practice. Some firms call them in for specific clients only while other firms use them more often.
• Figure out how you will pay the therapist.  Will you pass the costs on to your clients or absorb them yourself?

See Lisa Shidler, Clients Acting Irrationally? Hire a Therapist – for Them, Investment News, July 11, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.