The Psychology of Wealth
The Psychology of Wealth
On this weeks show I speak to the brilliant Dr. Moira Somers about the topic The Psychology of Wealth.
We dip our toes into this fascinating area of practice and start by defining what The Psychology of Wealth is, how it is applied to our daily lives and we then delve into some deeper aspects of how our mind works around money.
We learn about Moira’s journey from Executive Coaching into working with families of wealth in helping them make better decisions about their wealth.
Listen to the show here:
What we cover in The Psychology of Wealth
We have a wide ranging discussion that covers the following areas:
- What is the Psychology of Wealth
- Why the emotional aspects of advice are as important as the technical aspects.
- Why neither the emotional nor the technical be ignored.
- Why we procrastinate
- How to overcome procrastination
- Why advisers need to drop their ego, and indeed their desire to help, in order to better serve their clients.
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About Dr. Moira Somers
Dr. Moira Somers is a psychologist, family wealth consultant and executive coach. Her work is divided between direct client services, on the one hand, and consulting to family business offices and financial services, on the other. Although Canada is her home, her client base is international.
Individuals and families reach out to Moira for help in dealing with the surprising complexities ushered in by significant wealth, particularly when that wealth is being generated by family-owned businesses. She is an experienced thinking partner for people who want to examine and direct the ways in which family wealth is affecting one or more domains of life: work, friendships, family ties, and various aspects of identity and well-being. Common concerns include raising caring and responsible children, addressing issues of privilege and effective philanthropy, preparing for business and personal transitions, and dealing with wealth discrepancies in families and friendship circles.
Dr. Somers works closely with financial professionals who serve UHNW families. She helps family office team members address client-facing challenges such as non-adherence, cognitive impairment and addictions, transition stress, and an array of family struggles. Where appropriate, she also provides direct services to the firm’s clients. She has delivered keynote addresses to organisations such as the National Football Players’ Association, the Financial Planning Association, XYPN Conference, and a wide array of banking, insurance, and investment companies. She offers Mastermind Groups and in-house training for those who want to increase their expertise on the personal side of financial counsel.
Her book, Advice that Sticks: How to Give Financial Advice that People Will Follow, has become an international bestseller. It tackles, head-on, the problem of unimplemented financial advice. It has been adopted as an authoritative guidebook by such diverse groups as postsecondary institutions, private firms specialising in Ultra Hight Net Worth clients, and credit counselling agencies.
Dr. Somers is a faculty member at the Ultra High Net Worth Institute and at the Sudden Money Institute. She leads the Financial Psychology Special Interest Group for the American Psychological Association. She is a featured guest and writer for many financial advising / family office podcasts and publications.
You can find out more about Dr. Moira Somers here.