The ‘Positivity for Planners’ campaign set out to raise $100,000 in 60 days for the creation of videos, blogs and other professionally-made content as a way to bring financial planning success stories to the wider public.
However, only $25,000 had been raised by today’s crowdfunding deadline and the money is only deducted if the target is met, said the campaign’s leader, Melinda Houghton of AON Hewitt-authorised rep firm Houghton Strategic Solutions.
“The financial planning community is actually even more fragmented and divided than I thought, with feedback given to us showing that the majority of planners are still sitting in their own little bubbles of what they do, without much of a sense of community or team happening, and no wish to promote the profession in case it affects themselves,” she said.
“We think we got the reach that we needed; there’s just clearly not enough support.”
After Ms Houghton announced the campaign’s less-than-stellar status, Baz Gardner, founder of financial planning consultancy The Social Adviser, sent out a mass email urging advisers to step up before time was up.
“So much is said about the public perception of financial advice and financial planning and yet planners themselves leave it to their licensees, to the media, to regulators to spread the message of what real advice does for people. Right now, there’s a real but fleeting opportunity, and there’s only a day left for you to be able to say that its failure was not because of your own apathy,” he said.
“How is your conscience going to feel? Are you going to be part of letting this fail?” he said.
While the email prompted thousands of more pledges, it was not enough to save the campaign, Ms Houghton said.
She added that there are no short-term plans to relaunch the crowdfunding aspect of the campaign. However, the hashtag #PerceptionCorrection will still be used on social media to highlight positivity within the industry.
“The people on the committee are running their own practices and we can’t afford to stop and start again for something that may or may not work,” she said.
“[The crowdfunding aspect] is over, but the positive message will continue.”
Thanks for your feedback. What you have both missed though is that the campaign was aiming to bring more people to advice in an overall capacity. It wasn’t about you or me and our existing happy clients, it was about the big picture and improving lives with advice.
We were focusing on outcomes and not on detail about how someone pays for it, that debate is already being played out. It was about how to get more advice to more people and improve the consumer knowledge of the value of advice.#MoreAdviceMorePeople
I applaud Melinda on her efforts, but agree wholeheartedly with Bento. My clients and referral sources know my values and professionalism and competence and are the only advertising I need.
I was told when I began in this career:
“the only advertising you ever need to do as an adviser, is in the quality of your work. People will find you if you’re competent and doing the right thing by your clients.”
Why would I donate to a group who don’t share my values around conflicted remuneration in any case?
I’ll leave the marketing to my clients and trusted associates.
Join our Positivity for Planners facebook group to continue to see positive messages, share your client stories and keep up with what is happening in the profession:
https://www.facebook.com/Posit…