Are wealthy clients different than the poor ones?

Years ago, it is reported that Eugene Kennedy said if he had a choice between treating a poor client and a rich client - that he’d choose the rich client. This is because the rich person knows that money isn’t the answer to his problems.

Is that true?

I have said over and over again that we must not discriminate against the wealthy. They also have problems. They do experience depression and anxiety. And in some ways, it is worse because those less fortunate (or jealous) look at them and belittle their emotional problems.

For example, on the web I saw a comment from someone belittling rich people who paid high fees to their therapists. One implied that the rich people in pain were, in some ways, just whiners and said “I can think of better ways to spend (the therapists fee as opposed to giving it to a therapist.)”

Therapists who are working with the very wealthy are reporting that depression is common among those who were “born” into wealth.

And what about the “new kids on the block?” Those who have made their fortunes themselves, for example in technology. Can you imagine the emotions and anxieties they go through?

Many people are uncomfortable marketing to the wealthy. It can be intimidating. But the reality is that there is less competition at that level. One in five households hold 55% of the wealth in the US. You get to choose your clients. Do you want to try for the one house? Or the other four that together make up the other 45% of the wealth?

Your vision is unique to you. But if you are considering marketing to the wealthy- make sure you do the ideal client exercise. Make sure you understand their needs.

By the way, in the July 7, 2008 issue of the New York Times there was an excellent article by ERIC KONIGSBERG titled ‘Challenges of $600-per-session” patients.’

If you look at it -check out the office of the psychiatrist pictured. See how it exudes wealthy - remember - everything you do is marketing.

Happy practice building!

Casey