November is "pay it forward" financial planning month

By Bob Wilgus

RME360


I'm declaring November as "pay it forward" financial planning month. Select one prospect who doesn't meet your ideal client profile (whether by investable assets, 401(k), etc.) and help him or her plan for retirement. If every financial advisor did this, nearly 300,000 individuals and their families would have their first financial planning experience this year alone. Now that's called making a difference.

The concept was popularized with the book "Pay It Forward" by Catherine Ryan Hyde, which was later made into a movie with the same title. Simply put, it's doing something for someone — a random act of kindness — with the only reward being a promise to do the same for someone else.

Every time I talk with financial advisors looking to conduct a lead generation campaign, they say something like, "I'm only looking for prospects who have (insert a large dollar amount here) in investable assets, who are ready to make a financial decision in the next 30-60 days."

I get it, we all have to make a living. But imagine the impact on the public's perception of the financial planning profession if, just once a year, every financial planner helped one prospect without regard to compensation!

We are a part of a noble profession — this is one way to prove it.

See also:
Pay it forward — way, way forward
Small business advisors: help your clients design their ideal "retirement"