WHY ISN’T FINANCE SEXY?

 

Anyone who has ever run a small business would understand that it is good practice to determine who your major competitors are before opening your doors. In doing this, you are able to determine what your competitors do well and more importantly, what they struggle to offer that your business can offer better. Starting a financial planning practice is no exception to this rule so recently my wife and I were pondering this thought.

After extensive market research and a very detailed analysis of the results (read: drinking beers and chatting with friends) we came to the conclusion that our biggest competitor is NOT other financial planning firms, but is instead people’s apathy towards their finances.

We all know that taking care of our finances and planning for the future is very important. In fact, most people we have ever spoken to acknowledge that they would like to have a financial planner and would like to start working towards their goals. So why aren’t they? We have all been guilty of this over the years (including us at Bounce Financial). A good example is when people have more than one superannuation fund. With insurance premiums, administration fees, contribution fees and many more coming out of each fund, you may be paying thousands of dollars in fees more than you have to! Imagine if somebody said to you today that they will give you $1000 for spending 10 minutes sorting out your superannuation, would you do it?

So why isn’t finance sexy? We all consider the outcome of good financial health sexy, the fast cars (such as our 2007 Toyota Corolla), the flash houses, and the spinning rims. We all know we want to achieve this level of financial health but very few want to do it today, it can be done tomorrow, next week, a year from now.

Our biggest challenge as a financial planning practice is not convincing people that they want our service; instead, our biggest challenge seems to be convincing them to act today. How we close this gap is the million dollar question and one we are trying to understand every day.

We would love to hear your thoughts? How do we make finance sexy?

This post is from Ben Brett. Check out our details in the About Us page.

Posted In: Financial Planning and Ben Brett

About the author: Cara Brett

Cara Brett proudly heads up Bounce Financial - founded in 2014 after a successful, decade-long career in the financial services industry. Cara’s experience encompasses both the financial product and financial advice sides. This gives her a comprehensive and holistic knowledge of all facets of financial planning.