I confess. I was sailing. Too busy to bother with Twitter, or Facebook. So, as often happens, I miss the news. I don't stress. Life goes on. But I received the following in my inbox this morning. It sums up the events of the last few weeks quite nicely - and serves as a perfect reminder of what we should be doing for our clients.
I believe that telling clients the 'Truth About Money' SHOULD be every Advisers focus.
Sadly, it's not. Instead products: investments, pensions, ISAs, - the boring ‘money stuff’ - becomes the focus. And they fail to answer the BIG questions.
So they lose. Big time.
Here we are, well into 2014 and it seems nothing has changed in the Industry. The product providers and investment houses are still doing their product pushing, wielding their power over gullible Advisers who continue to remain pawns in their game.
A few days ago, when presenting at the PFS Conference, I reminded the audience: "Helping people to get what they want! That’s what we do for people!!"
But then, as often happens, a crazy thought found its way into my head. With even more passion, I exclaimed: "Financial Planning! It's the SEXIEST job in the world!”
"Wow, that was good", I thought to myself, rather smugly.
VIDEO: Here's a short excerpt from a video (found on YouTube) which I think shows superbly HOW NOT to pitch your service, or your fees.
It's inspiring stuff? Not. But what can you learn from it?
If you were a client, how much would YOU pay for this approach?
"Everyone is lonely. So connect".
In this fast paced world, a world of distraction - fuelled by email and social media - could it be that the one thing we crave most, we're just not getting? REAL, meaningful connection.
Take the standard greeting as an example: "How are you today?" How often do people ask that question? And how often are they actually interested in the answer?
“Is not life a thousand times too short for us to bore ourselves?”
WHEN I WERE A LAD…
I recently saw a television programme on regional TV called “The Way We Were”. This particular programme was about how we used to spend our holidays, way back then, like.
For some reason, it got me thinking about my Dad. And I had a flash back to my earliest memories of family holidays.
Aye. Off we’d all go, t’ seaside. Our transport AND accommodation was my Dad’s trusty
I’m often amazed at how many Advisers seem to have trouble ‘selling’ a Financial Planning proposition.
It could be the very reason why so few Financial Planners (including CFP's and Chartered Financial Planners) actually DO (proper) financial planning on a day to day basis. Instead they might spend most of their time implementing, changing, reviewing or otherwise discussing products or investments (which has nothing to do with proper financial planning, but are things you do AFTER you've done financial planning.)
I think I’ve found out why.
They make 'Financial Planning' an option. It’s an easy mistake to make. And there's one well-meaning but really daft question that is to blame for this. It goes something like this:
One of the most important skills that Planners will need in order to succeed in the years ahead is the skill of effective CLIENT FOCUSED fact finding.
Yet it is THE one skill that continues to be completely overlooked by the financial services profession. In fact, having presented to around 3,000 IFA’s in the last 5 years, my own research has identified that over 80% of Advisers freely admit
This article appeared in the January 2011 issue of The Professional, the magazine of the LIA, Ireland.
In this issue, Paul Armson follows up on his article in the July 2009 issue of The Professional about the ‘Art of Fact Finding’. Here he shares a few of the pitfalls to avoid as we move towards building a sustainable financial planning model in Ireland.
In the UK, the terms ‘Financial Planner’ and ‘Financial Planning’ are fast becoming the most abused words in the English language!
Paul Armson is the author of 'The 7 Habits of Highly Successful Financial Planners' (How to really matter in the lives of your clients) Answer a few questions and get your copy for free here.