TITLE

Insights on Clients and Marketing, Part I

AUTHOR(S)
Hayden, Vern C.
PUB. DATE
July 2002
SOURCE
Journal of Financial Planning;Jul2002, Vol. 15 Issue 7, p42
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article discusses the challenges facing financial planners doing financial planning with clients. There is always a lot of noise in the financial planning profession. Some of it is good and some of it is questionable. Economist Harry Dent says financial planners are going to have the mother of all great depressions by the end of 2000s and this could inevitably lead to their demise along with their clients, unless, of course, financial planners pay him a lot of money to use his products and services, in which case he will save them. Businessman Mark Hurley, on the other hand, says financial planners face the danger of becoming extinct because of the strength and charm of the big boys like Merrill Lynch and the market demands to compress their fees and other issues. He offers to save financial planners through the development of an unequalled business plan. The quid pro quo is that financial planners need to put a few million of their clients' money in his yet-to- be discovered funds. These two intellectual marketers represent the trend in exploiting financial planners. The exploitation trend goes something like this: First, somebody identifies a big problem for financial planners that will likely lead to their extinction. Second, they position themselves to be financial planners' saviors. Third, financial planners need to put them in some way to save themselves. There is always a quid pro quo.
ACCESSION #
6990048

 

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