Dr. Sam Glazer, a renowned psychiatrist has revealed that majority of his patients are coming from Wall Street, most of which are traders, hedge fund managers, investment bankers, as well as corporate lawyers.
Glazer recently added two therapists to his now six-member practice, which treats about 200 patients at a time, per WSJ.
“I’ve seen a lot of people who are high functioning in the upper levels of finance who are terrified of being exposed,” said Glazer, 56.
“There’s a culture of paranoia. ‘Would you want someone to manage your money who’s an identified alcoholic?’”
Large banks like JPMorgan Chase have introduced new mental-health initiatives but private-equity firms and hedge funds have been slower to act, says WSJ.
“Addiction is a huge problem,” said Jonathan Alpert, a psychotherapist who also treats professionals in finance, as well as technology. “Asking for help is probably a little more acceptable in tech because of their focus on wellness, but Wall Street is more traditional, more ‘bust your ass and do what you need to do.’”
When financial chieftains are riding high, some use substances and compulsive sex to amplify the feeling, Glazer said.
“When their fortunes sour, they do the same to avoid it. Others turn to addiction to mask the reality that achieving their goals—like launching their own fund or making $100 million—can still leave them feeling empty.”
For those in need of mental health support outside Wall Street, including Toronto therapists, resources are available for anyone struggling with similar issues.
Glazer, who charges $700 per 45-minute session, declined to disclose how many of his patients achieve long-term recovery.
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I will just say $700 for a 45 min session is nothing more than GRAND THEFT.
This is pretty ridiculous. Those guys seeking help have the money to pay the psychologist/psychiatrist but most retail traders don’t have that kind of money to spend. Retail traders have a tougher time to win in the stock market than these people because HF have more money to play and able to employ manipulative tactics and covert connections with other “smart money” managers. Anyways, Wall Street people aren’t invincible and they also could be broken down when relentless retail pressure is applied over a long time 🙂
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