10 Questions with . . . Rick Barrera on Meeting the Future

June 2004
Journal of Financial Planning;Jun2004, Vol. 17 Issue 6, p12
Academic Journal
The article interviews Rick Barrera, founder of financial consulting and training firm Rick Barrera & Associates in Carlsbad, California. According to Barrera, businesspeople should pay attention to some documented trends that are already playing out rather than predictions for the future. In general, the big trends that the industry should be responding to are the aging boomers, the smaller generations following the boomers, the problems with health care, the pervasiveness of time poverty and the spread of terrorism. He said that the biggest threat to traditional forms of financial-advice relationships is that businesses in other industries may start using it as a loss leader to strengthen customer loyalty and retention. It could be any type of business. Other rules of the competitive space that are changing include clients and their needs. Another is planners want to meet with clients at the planner's office between nine and five. But remember that everybody is operating in time-poverty mode. He also added that differentiation is hard to do. It takes enormous effort, and sometimes expense, to deliver so much in such a different way that clients will send other clients in droves.


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