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The 4 Failures Financial Planners Tend to Forget


The 4 Failures Financial Planners Tend to Forget

If you have studied hard to pass your CFP exam and worked for years as a financial planner, and you might even have launched your financial planning service, but without the success you dreamed of, I’m sure you’ve been frustrated. I sure have, and I still am once in a while.

The worst part is that there doesn’t seem to be a straightforward explanation as to why you failed.

Sure, it could be a flaw in your financial planning service itself or the pricing or even the design. But more likely than not, the failure goes unexplained.

However, have you considered these four reasons why your financial planning service failed?

  1. No one noticed financial planning
  2. People noticed it but decided they didn’t want to try financial planning
  3. People tried it but decided not to keep using financial planning
  4. People liked it but didn’t tell their friends about financial planning

Now, these failures are NOT your fault.


Well, please read further.

Why didn’t anyone notice your financial planning service?

Because they weren’t looking.

They weren’t looking because there was too much to look at and not enough time to take it all in. For years and years people have been brainwashed by the financial services industry to believe in……….. the financial product.

The billboard said: “Low mortgage rate and great service.”

The advertisement said: “Think no one’s lending? Think again”

The banner said: “Free iPad at mortgage closing.”

The commercial said: “It’s your money. Invest it wisely.”

The effect of this product-push-tactic is that most of your clients now have a very simple default frame: if it’s not remarkable or exceptional, ignore it. If you are selling your financial planning service by focusing on the product, your client’s default frame is: decline.

Making your financial planning service better doesn’t help. Because most people won’t bother noticing it. However, there might be a few who do notice.

Which leads to the second failure.

Why didn’t those who noticed it, try it?

They were “just looking”.

It’s the way people surf the net. They rarely click on anything. Rarely stay on a website for long.

However, there are lots of people who are dying to try your financial planning service. Those who are tired of the product-pushing. Tired of the disappointment of dealing with someone who doesn’t really care about them.

These are the people you need to seek out with your story. At least at first.

Why didn’t they become loyal clients?

While those people may have tried your service, they didn’t come back for more. The very same bias that pushed them to try your financial planning service is pushing them to try someone else’s tomorrow.

So tell me, did you deliver a financial product or did you deliver a feeling of caring?

Your service grows when it makes people feel that you are the answer to their prayers. However, there can only be growth when people tell their friends, though.

Why didn’t they tell their friends?

Why are voters uncomfortable recommending a political candidate to a stranger?

Why don’t people ask their friends to give money to their favorite charity?

I believe the answer to these questions are the same as to why people don’t refer your financial planning service. And it has nothing to do with trust, fee, service, your experience, or qualifications. In fact, it isn’t about you at all.

Instead, it’s all about them.

Your clients.

Related: Is Meaning The New Money For Financial Planners?

It’s all about people’s bias about what they feel comfortable sharing- and not sharing. Sure, it’s easy to share a funny youtube video. But how does your client feel about sharing a financial planning service?

Now, you can whine about this. Or you can find a way to deal with this.

And I’m going to help you deal with this. For free.

If you want to know how I would like to ask you this. Would you be so kind to tell me:

What Are People’s Reasons for Not Referring Your Financial Planning Service to Their Friends?

Please, answer this question by leaving your comment – here below in the comment section – and you’ll receive The Logical Truth About Why People Don’t Refer Your Financial Planning Service and What to Do About It.

You’ll receive a free PDF where I really go into depth about the What To Do About It – part. 

Thank you for your comment.

Let’s make financial planning matter.

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