CFA Magazine: "Out of the Sky"

Published on 14 September 2010 by

Category: News, Updates

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How can advisers help clients who struggle with financial windfalls?

By Rhea Wessel

Several years ago, a law partner received US$20 million dollars after his firm led a successful class-action suit. The young man and his wife both bought expensive cars and were considering purchasing a second home. Before they did so, they were referred to Lilli Friedland, a California based psychologist and consultant who helps her clients understand their emotional reactions to money.

Friedland helped them clarify and formulate ideas about the legacy they wanted to leave and the life they really wanted to live, and the couple eventually decided for a long-term financial investment strategy instead of a second home. The choice made them feel better about themselves and the values they wanted to pass on to their children, according to Friedland.

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