Not for the clients, but for the wealth advisors.
WSJ: Yesterday I talked with a wealth advisor who said her firm had hired a psychotherapist specializing in trauma and life shocks.
“For clients?” I asked.
“No for the advisors,” she said. “We’re getting screamed at and verbally abused every day by our clients. We need therapy.”
…Clients are angry over the losses. They are angry at the bad financial advice. They are angry over the high fees, the product-pushing banks, the SEC, IRS and DOJ investigations and complex investments no one understood until they blew up. And they are tired of the revolving door of advisors due to mergers and turnover.
As I wrote in a recent post about the investor revolt, 81% of investors with $1 million or more in investable assets plan to take money away from their current advisor.
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