More financial advisors hiring psychologists

There was once a day when advisors used to give clients a lame risk tolerance questionnaire. The industry has certainly changed. Now advisory firms are adding psychologists to their staffs, to help with a wide array of financial, familial and advisor training issues, reports Investment News. Wachovia just hired a full-time associate director of family dynamics for one of its wealth management units. Bank of New York Mellon Corp., Commonwealth Financial Network of Waltham, Mass., and Wells Fargo & Co. also use psychologists and therapists. In many cases, the psychologist get directly involved with client issues. This is a great idea, a way to help tether clients to the firm, boosting wallet share. Which is what the industry is all about. It may be hard to quantify the ROI, but it can't hurt.  

For more:
- here's the Investment News article