From the July 2007 issue of Investment Advisor • Subscribe!

Helping Therapists Get Over Moneyphobia

The vast majority of psychotherapists are money avoiders. If a client brings up the subject of money, therapists often (consciously or unconsciously) deflect the discussion to another subject. Or, as Ted Klontz notes, they wait impatiently to respond to the client's "real" issues. Thus, money dysfunctions are never directly addressed.

After participating in a Healing Money Issues workshop put on by Ted Klontz and Rick Kahler, Amy West, a therapy professional at a Spring Lake, Michigan, wellness center, has stayed in touch with Rick several times a year. "My business has really taken off since I started working with him," she says. West now counsels clients through a "therapeutic exploration of [their] money beliefs."

Similarly, I include therapists, counselors, and coaches in teleclasses with financial professionals to help them become less moneyphobic and money-avoidant. This intermingling of disciplines also makes advisors more familiar with simple psychological techniques that can improve their clients' ability to hear and integrate the information the advisor imparts.

Reprints Discuss this story
This is where the comments go.