Can Therapists Give Financial Advice? (2024)

FAQs

Can a therapist give financial advice? ›

While they may not provide traditional financial advice concerning investment strategies or retirement planning, therapists, especially those who are specialists in financial therapy, play a pivotal role in guiding individuals towards a healthier relationship with money.

3. It's okay to have uncomfortable conversations: Bringing up finances with your therapist may elicit feelings of discomfort (shame, fear, blame), but in therapy we get to welcome and move towards those uncomfortable feelings with curiosity. Money is no exception!

Giving Advice Is Not Their Job

The main reason for therapists refusing to give their clients advice is that it is not their job. Actually, the role of a therapist is to present clients with a better comprehension of what motivates or causes them to act or think in the way that they do.

Answer them as honestly as you can, but keep in mind you don't have to share any more details than you feel ready to share. It's perfectly legitimate to tell your therapist, “I'm not comfortable talking about that yet.”

However, it is important to note that the same legal and ethical considerations equally apply when a therapist gives a gift to their client. There is no outright ethical prohibition against the giving and/or receiving of gifts within the therapeutic relationship.

A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.

The short answer is that you can tell your therapist anything – and they hope that you do. It's a good idea to share as much as possible, because that's the only way they can help you.

Financial advisors are personal finance experts who give you financial advice and manage your money. Some—but not all—are fiduciaries. A fiduciary acts only in your best financial interest.

Try saying: I can't afford sessions right now. Do you offer a sliding scale? Otherwise, I will have to pause therapy for a while. Worth noting that they may offer reduced fees or other financial support tools, says Amorosi.

Other things to avoid during a therapy session include: asking about other confidential conversations with other clients; showcasing violent emotions; or implying any romantic or sexual interest in your therapist. The number one job of a therapist is to keep you safe and protect their clients' privacy.

Why is my therapist not helping? ›

Reasons Why Therapy May Not Work

This can occur when the style and approach of the current therapist do not match what the client needs, or if there is a lack of trust or rapport between them. It is important for clients to feel comfortable in their therapeutic relationship in order for it to be successful.

But walking away is the best thing you can do—because bad therapy is worse than no therapy at all. An unethical therapist can retraumatize or harm you. A therapist who puts their personal gain over your personal growth can leave you worse off than when you began. So don't wait and hope.

The average price for a therapy session in the U.S. ranges from $65 to more than $300.

Unless you share your thoughts and feelings with your therapist, they won't be able to help you as effectively. You may feel that something bad might happen if you tell your therapist your scariest thoughts, however, it is important to realize that having intrusive thoughts does not mean you are a bad person.

Therapy is a safe place to talk about anything and everything. It's safe to bring up any concerns you have to your therapist—including concerns about what you're paying.

The goal of financial therapy is to help people repair financial problems and establish a sense of financial security. Financial therapists apply evidence-based practices and interventions to improve how people think, feel, and act open_in_new about their finances.

While other types of advisors may focus on broader financial areas such as wealth management or narrower areas such as estate planning, a financial counselor generally sticks to fundamental areas of personal finance.

Similarly, an AFC® or CFP® with training in financial therapy could provide insight into how a client feels about their money goals but could not diagnose or treat any mental illnesses, provide hourly therapy, or bill for their time as a therapist.

Personal Therapy and Supervision

Finally, don't forget that as a therapist, you may be able to claim professional supervision and your own therapy as a tax deduction. The rule of thumb here is to consider whether the input you receive from another therapist is related to your job.