I’m a psychologist by training, which means I learned that most people, apparently, had no clue what I actually did for a living.
“You’re a psychologist?!”
“Yes”, I would answer.
Those who were still interested in talking to me at that point would often respond with questions.
Some common ones include “So, are you psychoanalyzing me?”, “What’s it like working with crazy people?” or my personal favorite, “Can you tell what I’m thinking right now?”
The truth of course was far more mundane than Freud, madness or telepathy.
Financial advisors face the same sort of misunderstandings.
It is more than just irksome and/or amusing.
An unfortunate number of people (prospective clients) believe the service provided by financial advisors is predatory, commoditized, or worthless - and possibly all of the above.
The field is of course none of these things.
But it could seem that way if you have no clue what financial advisors actually do!!
(It inspired this Video Vignette on the subject featuring an advisor and a prospect at the proverbial cocktail party. Watch, laugh, cry and share. Bonus points if you recognize the movie reference.)
Part of the benefit of MarketPsych Insights is that in addition to enhancing FA value, it helps clients/prospects recognize and understand that value.
More to follow on that.
In the meantime, happy Columbus Day.
And hey, let’s be careful out there.
Frank Murtha, Ph.D.