Ted and Brad Klontz, father and son psychologists who specialize in treating financial behavior issues, say that clients are often referred by financial planners and other professionals who have tried to help and have “run out of tools,” said Brad Klontz, president of the Hawaii Psychological Association.
Klontz was drawn to the field after he lost virtually all his assets when the dot.com bubble burst. He had just earned his doctorate in 1999. All his friends were boasting of fortunes they had made on the stock market. He wanted to catch up. He sold his truck and invested all his money in the market. Two months later he was broke.
In examining his behavior, Klontz found that he was influenced by an old set of family beliefs developed after his grandfather lost all his money when the banks collapsed in the Depression. “The typical response is educate, educate, educate. It is misguided,” said Klontz, who is also co-author with his father of “The Financial Wisdom of Ebenezer Scrooge.” “People know those concepts. You need an emotional shift.”
