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The Psychology of Wealth

Marty Carter (Charles D. Haines)

Investment advisors tend to focus on the “hard” side of managing private client wealth, but they should give equal attention the soft side (i.e., the psychological factors). Advisors who do not understand their clients’ needs and objectives are unlikely to serve them effectively.
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While it is true that having money can create greater opportunities, it makes some people feel very awkward. Those who harbor deep feelings of regret, guilt, and shame about their money may fail to enjoy it and take advantage of the opportunities it provides. Such feelings frequently go unrecognized or unacknowledged, and thus are rarely discussed openly with advisors, or even family members.
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