We’ve seen huge engagement from FPs when it comes to financial literacy initiatives like Prudential’s partnership with dfree to help provide virtual webinar sessions on everything from Covid-19 and stress reduction to managing insurance options during the pandemic. Especially during the pandemic, programs like this can serve as a critical financial lifeline to individuals anxious about money and the future—and many attendees of educational events take the additional step to explore engaging with an FP to address their unique challenges.
In addition to helping community members understand the basics of budgeting and investing, community engagement like this provides opportunities to dispel myths surrounding financial advice, ensuring customers understand that these financial tools come in all variations—from digital to hybrid to in-person—and are not just meant for the affluent.
Build Your Own Community
Financial professionals work in a people-centric business and their mandate from customers is to provide sage guidance to lead them through complex financial challenges, helping them to live the life they want. The latest research says FPs are living up to that mandate on the financial side, delivering the value clients expect. But for many FPs, the connection with clients goes deeper than finances—after all, most live in the same communities as their clients; they may shop in the same stores, frequent the same restaurants and attend the same school events with their children.
For many FPs, building their own “community” of clients and contacts is key to being able to help support customers’ total well-being—not just the financial side. Maybe it’s a recommendation for a tutor that can help their child be prepared to succeed at their dream school, or possibly an introduction to a local travel agent to help plan the vacation they’ve been saving up for. We have even seen FPs partner in developing their communities, tapping into each other’s strengths to reach new demographics or bring key expertise to bear that meets a community need.
Caring for the total well-being of clients not only strengthens the well-being of the community as a whole but can also pay off for FPs by building and reinforcing lasting connections with clients.
While these may seem like simple steps to take, investment in communities pays dividends for FPs. Especially during tough times, FPs have both an opportunity and a mandate to help become catalysts for change and improvement in their local communities. After all, when it comes to financial wellness, supporting communities really is a case of a rising tide lifting all boats.
Brad Hearn is president of retail advice and solutions at Prudential.