The Angst Of Newfound Riches

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Szifra is mentioned in Business Week

By Susan Berfield

July 1, 2007

Wealth can be overwhelming. Now there’s a new breed of counselor to help.

When Thomas and Joan came into some money, $30 million to be precise, they were overwhelmed, and not in a good way. “We were shell-shocked, embarrassed, and kind of miserable instead of being overjoyed,” Thomas says. This dramatic turn in their affairs, which resulted from the sale of a private company in which Joan held a sizable stake, left the couple suffering from a clear case of “sudden wealth syndrome.” So they turned to James Grubman, a psychologist who works with several financial advisory firms, including theirs, for help. “We couldn’t talk with anyone else. The stresses money brings on are not particularly sympathetic,” says Thomas. Continue Reading

BusinessWeek Weekend TV

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June 23, 2007—Psychology and Money

Financial advisers are realizing they have to deal with more than just dollars and cents when helping their clients. Some are hiring psychologists and other counselors to help them understand the emotions behind their clients’ views on money. We’ll talk with one “wealth” counselor.

Lexington Wealth Management Adds Wealth Counselor

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lwmDemand for guidance through wealth transitions drives formal agreement

LEXINGTON, Mass. — Lexington Wealth Management, a leading wealth management and investment consulting firm for high net worth individuals, today announced it has formalized a service agreement withSzifra Birke, a licensed therapist with a specialty in wealth counseling.

The agreement was driven by Lexington Wealth Management’s focus on men and women who are entrepreneurs or have wealth decisions that accompany major life transitions. Ms. Birke will offer counseling to both the firm’s clients and its team of advisors as appropriate. The arrangement evolved from an informal relationship that originated in 2001.

“As clients adapt to sometimes overwhelming life changes they often benefit from emotional guidance,” said Michael Tucci, President and Co-Founder of Lexington Wealth. “Szifra will spend some of her time coaching our team to better work through these situations with clients and if requested will also help our clients as they make their way through challenging times.”

Kristine Porcaro, COO and Co-founder of Lexington Wealth Management added: “Wealth can be accompanied by transitional events like inheritance, divorce, death, or the sale of a business, and paying close attention to these issues is a part of managing life goals over the long haul. Too often in such situations, we have seen advisors fail to listen and attend to their clients’ concerns. A team approach that incorporates an understanding of the emotional side of wealth can help ensure this does not happen.”

The announcement follows on news that Lexington Wealth Management expanded by adding two new professionals in January of 2007.

About Lexington Wealth Management

Lexington Wealth Management is a boutique fee-only, conflict free investment and financial advisory firm that provides concierge services. Based in Boston and Manhattan, the firm serves clients such as men and women who are entrepreneurs or have wealth in transition. Lexington Wealth Management employs forward-thinking investment strategies while offering conflict-free advice and specialized services that give clients the most effective means to enjoying and preserving their wealth.