Niche markets change with the times.
Consider this: In today’s topsy-turvy economic climate, investment advisers are dealing with clients who are often on edge and fearful of the future. Through the Internet, these clients have access to the same information on particular stocks that their investment adviser does.
So what does the adviser actually have to offer? The answer is management skills — not only of the portfolio, but of the person.
Turns out, this has opened up a new niche for private practice psychologists, according to the September issue of the APA’s Monitor on Psychology.
The magazine featured psychologist Frank Murtha, who launched a coaching company named MarketPsych. It caters to the Wall Street crowd with the slogan: “Where mind meets money.”
“Today’s professionals provide more personalized financial services in the form of financial counseling based on a deeper understanding of who their clients are and what they need,” Murtha notes on his website. “Successful financial advisors are spending less time managing their client’s money and more productive time managing clients themselves - their emotions, their expectations and the relationship.”
Murtha partnered with a Los Angeles psychiatrist who advises companies on how to boost client retention, and a San Francisco pro who “works with trading desks and active traders who want to improve their mental skills to make consistent profits.”
They offer coaching sessions by the hour or as a package. Murtha himself is based in New York.
“One of the things I tell advisers,” Murtha told the Monitor, “is that if you take a look at the percentage of your day that gets spent managing your clients’ money versus the percentage you spend managing your clients—their emotions, their expectations—then you may discover that you and I are in the same business. You’re not financial advisers, you’re financial counselors.”
- John Nelander, Contributing Editor