Emotional and psychological aspects of wealth management are gaining recognition. Many wealth managers are now including psychologist and other communication and relationship experts as part of their normal advisory process. As the mingling of the needs of the 1 percent continue to trickle down into the service components of the middle class affluent, emotional and psychological aspects
of wealth management can no longer be ignored.
Just as the separately managed account, hedge fund, and private equity segments lost their highbrow exclusivity, the communications aspect of wealth affects middle tier wealth owners every bit as much as the elite. The one difference with emotional and psychological aspects of wealth management in this case is that these aspects were never really considered part of the wealth management process before now.
To see them considered as legitimate components not only in managing wealth for the elite but also for the mass and middle affluent is a trend to which savvy forward thinking advisors may wish to pay attention.
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