It's All Coming Together!

My last semester in GSU's MBA program is underway and has the makings of being the best one yet--and no, not because it's the last one (although that's just icing on the cake). In two of my courses, I'm given an opportunity to conduct research on financial planning topics of interest to me. Without hesitation, I knew exactly where I wanted to focus my efforts.

The first topical idea came to me after an interview I had with a noted financial planning firm in Atlanta. They were impressed with me and invited me to take the next step in the process, which was to determine my prospective target market. Obviously, my first instinct was to list my family and friends and extend the circle from there. As I started to jot down their names, I realized that most of my friends are successful, 30-something, mid-level professionals with average wealth for this stage in their lives. However, I recalled several classroom discussions about how our "typical" financial planning clients would be High Net Worth (HNW) individuals and that we shouldn't focus our efforts on any other demographic. This didn't sit well with me because the rising middle class works hard for their money, needs guidance, and deserves the same opportunities for financial stability and freedom as the wealthy. So, I ask the following question, "is financial planning only for the wealthy or are there other people interested enough to seek out and obtain guidance from a financial professional"?

Focused on that question, I created a 100% anonymous survey where respondents can express their interest or disinterest in financial planning services. If you'd like to take my Financial Planning Interest Survey 2010, please follow this link Click here to take survey

The second topical idea, was a no-brainer and stemmed from the greatest global, financial crisis that I have experienced in my lifetime. In an environment marked by government bailouts, low economic activity, tighter credit markets, and rising unemployment, many wonder when America, and the global economy, will recover. During this time, Americans’ net worth has been decimated as a result of stock market and housing price declines. It is estimated that Americans lost $14 trillion in net worth from 2Q2007 through 1Q2009.

During 2009, investors held their breath as the Dow reached 6,626—a level not seen in the past 12 years. They were panicking and started reaching out to their advisors for guidance. However, the information received did not quell many of their fears. A study conducted by The Sales Quality Research Group noted that client dissatisfaction with their financial advisors had increased. Clients felt that their advisor misguided them or did not make sufficient preparations to shelter their wealth from the downturn. As a result, many investors lost trust in their advisors and concluded they no longer needed their services. Trust is the critical foundation of any client-planner relationship. Now that the “circle of trust” has been broken, can it be rebuilt?

For this project, I'm searching for financial advisors from across the country to share their experiences and knowledge. If you or someone you know would be interested in speaking with me, please let me know!