• Financial advisers and their clients have always talked intimately about money, but the financial crisis has inspired a new kind of dialogue: the clients’ personal issues.
• On the one hand, this therapy-like approach elevates the goals of financial planning from purely monetary to lifestyle and values. On the other hand, there’s a certain danger in trusting one person too much (e.g. Bernie Madoff).
• Rick Campell is an investor with exposure to this new style of financial planning. In one of his sessions for instance, he opened up about everything from the number of kids he wants, to his parents’ divorce, and even his dad’s death.

Facts & Figures

• The advisors at Merrill Lynch have started doing “values clarification” exercises and daylong retreats with their clients.
• Wells Fargo hired psychologists and “family dynamics” counselors to help address their wealthiest clients’ personal issues.

Best Quote

“Are we going to get Prozac at the end of this?”  –Rick Campbell, investor

Tags: financial advisor, investor