“Peace of mind” is the new commodity that can be sold by anyone, anytime, anywhere – especially if you are a financial adviser. It’s the talisman of “financial well-being”.
Mercer Money has been designed to support better financial decision making and help improve people’s lives today while giving them peace of mind that their future needs are met. Corporate Adviser – Mercer launches Financial Well-being Platform
IFAs have an endless stream of customers lining up to get some peace of mind from knowing what they’ve got, The cost of these financial placebos is a wealth tax equivalent to around 25% of the expected growth on a portfolio, which – since it’s taken out of the investment, means that the outcomes are under-performing of necessity. Henrytapper.com IFAs are living the life of Woodford.
It doesn’t much matter if you are a one man vertically integrated wealth manager or the mighty mercer, you can peddle “peace of mind”.
A trouble shared?
Whether with a wealth manager or the Mercer app we are being asked to share our financial and life goals with third parties
As Chris Budd puts it on the Ovation website
we encourage our clients to accumulate life with their money, not the other way around
This kind of openness is not for all, especially when the third party is your boss.
What is on sale here is a kind of hand-holding that I’ve seen people like Chris Budd, Al Rush and Charlie Goodman carrying out quite brilliantly. It is undoubtedly worth it and I’ve no doubt that the good people at Mercer thoroughly believe in their product.
Overwhelmed with the reaction we are getting on the launch of #MercerMoney! This approach is set to revolutionise how we provide financial #wellbeing and #pension services – get in touch if you’d like to know more. #fintech #innovation https://t.co/dpPH57Jsq5
— Maria Nazarova-Doyle (@Maria_N_Doyle) November 7, 2019
But outcomes matter more..
Show me the value
I’m going to be within two years of being 60 tomorrow and my financial wellbeing is dependent on the outcomes of the money I’ve saved, the defined benefits I’ve accrued and my capacity to carry on working.
The outcomes of my saving matter to me more than mentoring, counselling and goal-setting.
Show me the money.
The money I have now has been diminished by the various commissions and fees paid to all the people over the years who I’ve employed to help me to the eve of my 58th year and do you know what, I am not of the view that I got much value for all this advice I paid for or the advice delivered me in the workplace by well-meaning bosses.
To all those who want to sell me “peace of mind”, I can share a piece of my mind. Please don’t patronise me – let me be – and show me the money that I have and how I can use it to get myself a wage in later age.
I have no idea about the overall cost of all the advisers who’ve had a bit of my later life , even less – of the value I’ve got for this money. It would be great if someone would show me this money.
In one word – I want “accountability”
Will Robbins and Charlie Goodman and I sat down in Citywire’s Vauxhall Walk offices to discuss whether you can really sell “peace of mind” as a financial commodity.
After 50 minutes of passionate debate, I was asked by Will to give one word that would convince me that peace of mind could be sold as it is being sold – as a financial commodity.
That word was on my lips from the moment the discussion started.
If you are prepared to be accountable for my peace of mind – today and tomorrow – you can sell me your capacity to deliver it.
And if you are using “peace of mind” as a hook on which you sell me your services , I demand some evidence that my happy today will translate into a financially secure tomorrow.
Right now – I remain deeply sceptical.