For Phelps, Millionaires: The Doctor Is In

Finding a money shrink

If you think a wealth psychologist is just what the doctor ordered, you're in luck. Many financial-planning firms now either employ wealth psychologists on staff or partner with outside wealth counselors. JP Morgan(JPM Quote), Citigroup (C Quote) and Merrill Lynch (MER Quote) include wealth-psychology services among perks offered to well-heeled clients ($50 million or more under management).

Or you can schedule a meeting with one of the approximately 250 wealth counselors nationwide. There's no national certification board for wealth psychologists, but if you're seeking guidance on family wealth issues, look for a counselor certified by the Family Firm Institute. More importantly, says Grubman, look for a psychologist who is comfortable collaborating with your financial adviser. And expect to pay for the privilege: Sessions typically run $200 to $500 an hour, more than for regular psychologists.

Before you enlist the help of a money psychologist, talk to your financial planner, who may have received training in wealth psychology. Although a planner probably is not a certified counselor, he or she may be able to address some concerns.