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Health and Fitness

Would You Consult a ‘Financial Therapist?’

By Leslee Jaquette
money2I’m just ruminating on an article I read recently in the Wall Street Journal by Anne Tergesin titled “Help Wanted: a Therapist for Your Finances.”
At first I was tickled and admittedly intrigued by the title. But as an amateur student of human nature, I realized that maybe the theme wasn’t so absurd. Don’t we have therapists for everything else including marriage counselors and child psychologists, even dog psychologists? I also see an undeniable trend toward thoughtful sorts getting accreditation in life and health and fitness counseling. In fact, I’m considering taking a course in health coaching this fall.
But the gist of the article was that a growing number of individuals are putting out shingles, purporting to help people control their feelings when it comes to investing. The idea is to coach people in how to use the scientific method and common sense as opposed to shooting from the hike or like “dear, old Dad.”
Part of the problem with marrying two diverse arenas of human endeavor like this is someone may be an astute behavioral psychologist and be able to show you how your unconscious beliefs and experience affect your investing. However, that same person may not know squat about financial planning.
I liked what investment advisor Buz Livingston said in the article, “I think the average advisor needs to realize his or her limitations. I think it takes years of training before you can market yourself as a therapist.”
One way to make sure financial therapist know what they are talking about is to check their credentials. Look for newly-minted accreditations such as Registered Life Planner, Certified Financial Transitionist, Financial Behavior Specialist or hold a Financial Therapy or Money Quotient certificate.
Would you go to a financial therapist?