| Ted McLyman dot Com

I’m frustrated with the financial services industry. I’ve been part of it for years. It’s time to change how we engage our prospects and clients.

The common wisdom about money is wrong. It’s not about products and services. It’s about behavior – how you, and your prospects and clients think and feel about money.

This blog is about people and money – NOT money.

Here I’ll write about the research, tools and technique to help you better engage your prospects and clients. I assume you know how to sell your products and services. You just need some help getting people in the door.

If you believe success with money is more about relationships and managing behavior than owning the right products and services, this is the place for you.

So, how are we doing? What kind of advise are we giving? Are the folks’ listening? The numbers in the industry aren’t good.

  • Average credit-card balance: $16,000
  • Average debt: $30,800
  • Average mortgage payment: $1,750
  • Average household income: $4,200
  • Average investor earns below average market return
  • Only 2% of clients plan to recommend their firm
  • 86% of clients tell others to stay away from their advisor/agent

What’s this all mean? We need to change how we are doing business. We need to start focusing on relationships.

  • Clients are much less satisfied with their advisor/agent that the advisor/agent thinks
  • The majority of clients reported to a recent survey that they have never been asked how their advisor/agent might improve their relationship

Here’s the ugly truth –  we, as an industry, aren’t very good at what we do. On the other hand, at the very least, our expectations and precipitations are extremely different from those of our prospects and clients.

If this makes you a bit uncomfortable, good. It should. This will be a topic of future posts.

What’s the solution? I have lots of ideas and thoughts about what needs to be done. What do you think? Am I naïve to think we can cause a change? I don’t think so. Complex self-correcting  systems – like the financial services industry – are changed from the bottom up.

We can do this. Join the conversation.

“Financial professionals and clients are not on the same page for financial planning conversations.”  Russell Investments Professional Outlook Survey 2011

Making Money Personal –  Ted

© 2013, Apexx Behavioral Solutions Group