www.HedgeWorld.com, 18 July 2001
What the media says
By Susan L. Barreto, Senior Reporter
Wednesday, July 18, 2001
LONDON (HedgeWorld.com)-Money can't buy you love, but it may buy you depression, addiction or an overwhelming sense of guilt, according to Allenbridge Group plc, a firm offering fund manager selection services for private clients and family trusts.
Recently, the firm launched a new affluenza and wealth service for clients who need counseling and coaching on how to make the most of their wealth. Roni Lami, who is a personal development psychologist and a chartered member of the British Psychological Society, heads the program.
Affluenza, by definition is an unbalanced relationship with money/wealth, or the pursuit of it, according to Ms. Lami.
"I'm taking the money aside and looking at the individual," Ms. Lami said.
She is already counseling Allenbridge clients and is expecting an increasing number of clients to meet with her to discuss a variety of emotions that may be related to their wealth such as shame, guilt, anger or fear. In a typical session, topics may range from issues surrounding the transfer of wealth to the next generation and philanthropic work to overcoming a loss of personal and professional productivity.
According to Allenbridge's new website, www.affluenza-and-wealth.com, the loss of inherited money was once thought to be due to poor financial planning. But in reality the research shows that 90% is lost due to poor emotional and financial preparation and only 10% is actually due to poor financial planning.
"Heirs need to learn from an early stage both how to handle and how to relate to their money," Ms. Lami wrote in a recent article addressing affluenza and inheritance. She has two papers pending publication and is also working on a book on the subject.
So often it's not just dealing with psychological issues, it's handling the practical everyday issues, such as whether to take a person to court or to when get involved in charity work, according to Ms. Lami that wealthy individuals need to discuss with an outside party.
And it seems that more affluenza services may be needed in the future. Allenbridge points to a recent survey of Forbes Magazine's top 400 richest people that found that 37% of the sample said they were unhappy. And as for that $163 trillion that has been put aside for inheritance worldwide, Allenbridge expects many benefactors will struggle with the same nagging questions and emotional problems tomorrow as they do today.
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Copyright 2001 all rights reserved.
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