I am attending a conference near Washington, DC hosted by the National Association of Personal Financial Advisors(NAPFA). I spoke earlier today. My topic: “Emotional Money.”
Money is paper. That paper is a highly charged and animated entity. We animate it with our personal and collective imagination. Money carries hopes, dreams, fantasies, freedom, power. Money carries emotion.
In my talk I addressed the current financial crisis, which I psychologically reframe as an “economic trauma” This event has brought pain and disruption to many families of wealth.
When the trauma first hit (September/October 2008) it brought paralysis, bewilderment, and disorientation. As time passed (January/February 2009), I began to hear clients express anxiety and anger. Difficult emotions. Ultimately many have lost much. Loss leads to the emotion of grief. Grief needs to be witnessed.
My intention in speaking to NAPFA advisors today was to invite them to consider employing EMPATHY in their work with clients. Empathy has its root from the Latin empatheia, meaning “in feeling.” Sympathy is to “feel for,” someone. Empathy is to “feel with,” someone.
Advisors are trained to be analytical and linear (left brain). Empathy requires a non-linear way of imagining (right brain). When an advisor intentionally places his/her agenda to the side, and sits with a client fully present – this is an empathic action providing a healing witness. This action brings more depth to the client/advisor relationship. More depth means more trust. More trust brings greater rewards for both parties.
