To survive in a competitive marketplace, you need an edge to differentiate your business from the competition. In the wealth management industry, that edge is all in your head. That's right; wealth management companies are now offering psychological services to help clients deal with their fears. Psychologist and consultant James Grubman of Wachovia Corporation, the fifth-largest wealth management firm in the US, predicts that within ten years, most wealth management firms will offer psychological services.
It's kind of ironic that these firms are using psychology to attract customers to psychological services -- which are new to the industry and therefore scarce. Let's face it; there's certainly a psychology behind both having money and spending it -- and during a slowdown in the economy, it doesn't hurt to capitalize on consumers' emotional responses.
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