In 1969, a man with a dream envisioned an organization of highly trained, skilled and dedicated professionals who would "help average people to learn how to spend, save, invest, insure and plan wisely for the future, to achieve financial independence." That man of vision was Loren Dunton.

n 1982, after many years of hard work and sacrifice, Loren realized the first part of his dream with the creation of the Certified Financial Planner (CFP) designation. A short time later the International Association for Financial Planning (IAFP) was born.

"When Loren Dunton first envisioned a financial planning profession, it was to serve the needs of the lower and middle classes, not to help the wealthy make even more money. As the saying goes, healthy people don't need a doctor."
-Thomas W. Johnson
There's Something About Gary

Today, it seems that the vast majority of the organizations who promote financial planning — and most of the people who call themselves financial planners — have significantly strayed from Loren Dunton's original vision. Financial planning has become all about helping the wealthy to become wealthier. Their main focus has become about how to make money in the stock market and transfer that wealth to future generations. There is very little training about: helping average people to learn how to spend, save, invest, insure and plan wisely for the future, to achieve financial independence.

"Too many so-called financial planners are placing all of Middle American family's assets at risk in the market with stocks, bonds, etc., based solely on reaping the highest investment returns. This is totally wrong and highly unethical."
-Forrest Wallace Cato
The Terrible Truths About Financial Planning

What has caused this change in focus?
The main reason for this change in focus is that the organizations responsible for training financial planners are focusing almost entirely on the technical aspects of financial planning, and very little on the sales aspects of financial planning. The result is that most financial planners do not understand that they are sales people. They are not receiving any marketing and sales training. If you don't know how to market and sell your services, then you are forced into taking the path of least resistance. You end up giving people what the want, even when it's not in their best interests, instead of helping them to get what they really need. You are forced into taking the easy sale, in order to make a living.

Without marketing sales skills you cannot help people see why they should meet with you. Without sales skills, you cannot help people to understand the problems they face today and the value of investing in the products and services you provide.

"Loren Dunton was a conceptual salesman, one who believed the key to the sale was sales training."
-Edwin Morrow

This change of focus within financial planning is a major reason why we have serious, increasing financial problems in this country and all over the world. As financial planners we are not addressing the concerns and problems that most middle-income families face today. Consumer debt is out of control. Most families have very little saved for their retirement, and it's not going to change unless we, as financial planners, do something about it.

According to the Federal Reserve, the total amount of outstanding revolving consumer credit, which is primarily credit card debt, reached $743 billion this year, nearly nine times the amount recorded 20 years ago. More than half of workers saving for retirement report having less than $50,000 in savings and investments (excluding the value of their primary residence or any defined benefit plans). A larger concern: the large majority of workers say their assets total less than $10,000, according to the Employee Benefit Research Institute's 2006 Retirement Confidence Survey.

It's time for all of us to get back to the basics of real financial planning. We have a duty and obligation as financial planners to really help people. We need to stop focusing on investment returns and transferring wealth. We need to stop taking the easy sales. We must focus our financial planning efforts on helping average people reduce and eliminate all of their consumer debt and then help them start saving for their future. And, as Loren Dunton believed, that means we need to work on developing our marketing and sales skills.

"The Pension and Welfare Administration says in the coming years, Social Security will replace only 16 percent of income from married couples earning between $50,000 and $100,000 a year, and less than 10 percent for couples earning more than $100,000."
-Karin Price Mueller
Retirement Is Closer Than You Think

Where do we start?
It all starts with each of us refocusing our efforts and learning how to truly service middle-income families. It's taking an hour or more each day to learn (or relearn) basic marketing and sales skills, reading everything we can about marketing and sales, taking industry courses and attending industry-training events. It's finding training and support organizations that promote working with middle-income families such as LEAP, Circle of Wealth, Kinder Brothers and our Insurance Pro Shop. Specifically, finding organizations who are not just recruiters in disguise. It's working with real coaches and mentors such as Bill Goode, Bill Bachrach and Don Blanton to fine-tune your sales process. Joining, supporting and actively participating in our industry organizations that promote working with average people such as National Association of Insurance and Financial Advisors (NAIFA), General Agent and Managers Association (GAMA), Million Dollar Round Table (MDRT) and the International Association of Registered Financial Consultants (IARFC).

Can you make real money serving middle income families?
Consider all of the major insurance companies amassed their great fortunes by servicing middle-income families. (Prudential, New York Life, MetLife, Northwestern Mutual, etc.) The largest, most profitable businesses in the world today amassed their great fortunes by serving Middle America: Wal-mart, General Motors, Ford Motor Co., Disney, Exxon, Home Depot, etc.

Industry Sales Legends such as Ben Feldman, John Savage, Sid Friedman and Mehdi Fakharzadeh (the beloved MetLife super agent) all initially built their businesses and their fame by servicing middle-income families.

Legendary Master Agency Builders Al Granum and Norman G. Levine (past president of NAIFA, MDRT and GAMA) each built their agencies and their fame by servicing middle-income families.

Serving Middle-Income families is where the real money is to be made… If you learn the marketing skills needed to attract prospects and the sales skills needed to help people to get what they really need and want. If we, as financial planners, don't help middle-income families, who will?

Lew Nason, RFC, FMM is the creator of the... Found Money Management™ Advanced Life Insurance Sales System. Lew has been helping agents to achieve long-term success in life insurance sales for over two decades. His unique perspective, on how to truly help clients, has enabled scores of agents reach the top levels of their profession. Visit his web site at www.insuranceproshop.com or call him toll free @ 877-297-4608.