'Mindset' is the last of the 6 Pillars of Financial Advocacy, my system that teaches attorneys how to start solving their clients' financial problems and make money while doing it. Mindset is the most important pillar because it sets the tone for everything else. When you understand and embrace the Financial Advocacy Mindset, you'll easily add value to your client relationships.
What is a Financial Advocate
A financial advocate is NOT someone who pushes financial products. Instead, they are financial strategists that provide unbiased solutions to their clients. They leverage technology, software and knowledge from industry experts to provide financial guidance to their clients. Financial advocates are trusted leaders in their clients' lives.
Why Consumers Need Financial Advocate Attorneys Right Now
The current commoditization of the financial industrial complex is doing a major disservice to consumers. The industry is so siloed that consumers aren't getting holistic guidance. Their accountant can't talk to them about investments, their life insurance salesman can't talk to them about reducing taxes, etc. Also, most financial advisors, brokers and insurance agents are linked to larger institutions. They purposely limit the solutions they offer to consumers and push the products of the institution they are employed by. As a result, the consumer is left with an incomplete picture of their finances.
When consumers do seek guidance from major financial institutions they are often pushed off to FAQ pages and call centers. These financial advisors simply don't have the time to have high-quality conversations with their clients.
The lack of customer service in the financial services industry has caused many consumers to pursue DIY options and self-education. The major problem with this is that consumers often find too much, conflicting information, and are confused about what to do. So, they don't take action.
Now may be one of the most vulnerable times financially for consumers in recent history. Current political and economic trends are setting middle and upper-class folks up for a major confiscation of wealth. With the national deficit rising, the government needs money badly. Taxes will NEED to go up soon, and my theory is that retirement accounts and estates will be hit the hardest.
More than ever, consumers need financial guidance, and they're not getting it.
Why Attorneys Naturally Fit the Financial Advocate Role
Attorneys naturally fit the Financial Advocate role because our practices are already similar to that of financial advisors. It's easy to leverage your current client base, offer them financial solutions, and make more money as a result. You'll also create better client relationships. Estate planning, business, and family law practices are great for this role.
Technology has made it easier than ever to become properly licensed as a financial advisor. It doesn't require a lot of time or money.
At Wealth Solutions Network, we provide you with all the training, resources, and mentorship you need to be successful.
How Financial Advocates Can Help Consumers
Financial advocates flip the script on the financial industrial complex. Instead of insurance salesmen and brokers targeting our clients with products that aren't a great fit for them, we teach clients about their financial situation so they can go to a broker or insurance salesmen knowing what they need.
Want to be part of the problem or part of the movement?
The financial industry is in desperate need of change. It is time for you, as an attorney, to step up and become the financial advocate that your clients urgently need. This is not only an opportunity to grow your practice and enhance your client relationships, but it's also a powerful way to reshape the financial landscape and become part of a transformative movement. Remember, with the right mindset and tools, you can make a significant difference in your clients' lives.
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