Rich people who just can’t seem to find their way through the world finally have someone looking out for them—wealth therapists.
One of the newest cottage industries servicing the 1%, wealth therapists help the affluent deal with having so much money, according to a new feature in Bloomberg Businessweek.
Although its easy to hear the tiny violins playing, the article does note that serious issues can come from having a huge amount of money—more depression, anxiety, and other psychological problems can arise when a big amount of money comes into someones life:
This is why much of wealth therapy is geared toward improving family communication to protect shared assets. Wells Fargo, U.S. Bank, and other financial institutions began tapping psychologists around 2007 to help high-net-worth broods navigate interpersonal dramas, which often wind up with plaintiffs and defendants bleeding money.
As you might expect, this type of therapy doesn’t come cheap. Clay Cockrel, a wealth therapist quoted in the article, charges up to $450 per hour.
To read more about just how wealth therapy works, read the full story at Bloomberg Businessweek.