Do You Know What Your Expertise Is?

By Forrest Wallace Cato, RFMA, RFC, FMM,
CRR, CPC

Financial planners are supposed to be skilled at financial planning.  Media advocates for financial planners are supposed to be skilled at establishing the desired awareness and trust perception -- that influences prospects and reassures clients -- through targeted media exposures.  This is the way both of these disciplines are supposed to be. 

Loren Dunton, the founder of financial planning, hired me to promote this "new profession" he created.  Loren wanted planning to become accepted.  We knew that planners must be qualified, respected, and valued if this professional discipline was to ever be established.  I am not a financial planner.  I am a media advocate for financial planners.  Formerly I was a media advocate for financial planning. 

For over twenty-seven years I have witnessed planners display media image-building skills that ranged from outstanding to non- existent.  A few even did themselves harm.  I witnessed many planners become qualified with the related specialty knowledge that is necessary to (A) build great skill in practicing this new discipline and (B) serve the best interest of clients.  These planners made me proud of them. 

I also continue to witnessed some planners assume they are skilled media experts without having any significant experience or real qualifications for this.  Often they actually know very little or believe generalities and even myths about creating, establishing, and maintaining their desired image as the leader in their markets. 

Some agents and planners expect to establish their market awareness in a few weeks, failing to realize that this requires a process over time, not a few quick exposures.  In addition to this "know it all" problem, far too many planners do not have a clue about how to exploit or merchandise their media exposures (if they receive any) even though this is where their major benefit or payoff is obtained.  Thus they fail to receive the major benefit or payoff possible from this effort.         

You know what your expertise is.  Certainly you are grounded in reality about this.  And, no doubt your expertise is well communicated -- if you are successful.  Surely you do not need to ask yourself, "What is my area of expertise?"  I doubt that you need to ask "What is the area of expertise of a media advocate?"  But here are four real-life examples I frequently experience, where financial planners made assumptions that are as absurd as watching television then assuming you can write, produce, direct, act in, schedule, and promote any type of television series – all in only a few weeks.

How Many Best-Selling "Legit"
Books Have You Written?

1.  Financial planners routinely advise me about how to ghostwrite a best- selling book - and yet they have never written one best-selling book.  Not even one legitimately published book.  I have ghosted five books that made The New York Times top-ten best-seller list, plus many other titles published by major legitimate book publishers.  Few book industry editors have achieved this.  Input regarding creating a book can range from "very useful" or "worthless time-wasting."    

At best some planners have vanity (self-published) books.  I've placed books in seventeen countries.  They have not placed one legitimate book in one country.  For over 27-years I have attended or spoken at book industry conventions in the US, England, Canada, and Japan, and acted as a literary agent calling on major editors in Manhattan (America's book publishing center).  I was once Editor-In-Chief for a financial book publishing company.  Yet almost every month a planner will tell me how to get a legit book published and, of course, the planner has never accomplished any of this.

How Many White House
 Visits Have You Arranged?

2.  Frequently financial planners tell me how to get them invited to the White House but they have never arranged for anyone to be invited to the White House.  I have arranged many White House visits that included photo ops with the President of the United States.  I have also arranged trips aboard Air Force One and appointments to Presidential Commissions. 

My former assistant once became the assistant to the White House Chief of Staff.  Yet, routinely, planners with no White House experience or media connection tell me how to work with the President's Office.     

When Were You On
Network Or Cable TV?

3.  Often financial planners tell me how to get someone booked on a network or cable TV talk show, yet they have never arranged for anyone to appear on a major network TV talk show.  I do this frequently. 

Are You Now Serving
On The Board Of Directors?

4.  Almost every month financial planners instruct me on how to get someone appointed to the board of some organization.  Yet they have never done this, not even once!  Again, I have accomplished this many times.  For twenty-seven-plus years\ I have arranged for financial professionals to be appointed to boards of corporations, associations, foundations, and other types of organizations.

One planner attempted to embarrass me into performing one of the above projects.  ("If this is beyond your capability then I will do it myself.")  Another threatened me.  "(If you don't get this done then just remember, I know where you live.")  Another bluffed.  ("I can write a best-seller any time I like but I'm too busy today.") 

Most of the time they think they know what they are talking about, but now-and-then they simply lie.   ("I have lots of pictures of Warren Buffett with me but I can't find any of them right now."   "My radio program reaches millions-and-millions of listener's world-wide over the Internet.")     A few have demanded that I do everything I know how to do for them, -- all in one month and for half the price! 

Fewer still make an impossible order like:  "Get my TV series syndicated!" when the person making this demand does not actually have even one TV program.  Another impossible demand I received last year was, "Promoted me as a Master Financial Planner-In-Chief."  (No organization grants such a designation.)    

Does Your Expertise
 Really Include All Of This?

For financial professionals I have been executing plans that include accomplishing projects, -- for over 27-years, -- that involve:
   

• Obtaining Hollywood Walk of Fame Stars.
• Getting names in lights on Times Square.
• Arranging for celebrity endorsements.
• Ghostwriting and placing legitimate books.
• Getting legit books reviewed, listed in syndicates and in catalogues.
• Obtaining national and international speaking engagements. 
  
• Arranging appointments to State and Federal Government Commissions
• Directing mutual projects with the Commerce Department
  (or other state or federal agencies). 
• Arranging meetings with world-famous VIP types.
• Arranged for speakers at the world-largest financial conference in Dubai (UAE)
• Having American flags flown over the Senate Office Building in the planner's honor.  
• Securing various types of official awards and formal honors.   

       
                                    … And the list goes on.
    
These are projects that some planners assume they know enough about to accomplish on their own.  The planners who tell me how to do this all ignore my years of successful experience at accomplishing these projects and more, all as part of a coordinated on-going program. 

The planners who instruct me in this area of expertise often pretend they understand what is involved.  However, they can not actually accomplish any of this, with the possible exception of the flag honor.  Not with professional results.  They do not assume they can pull teeth, perform surgical procedures, milk dairy cattle, practice scientific research, cut hair, operate a sawmill, or dance in a ballet, but they are certain that they are qualified media advocates.

So I sometimes think I know everything.  Most of these good folks merely "paid through the nose" for some fourth-rate advertising or attempted public relations.  That is their idea of professional image-building promotion.  For some unexplainable reason they believe they know what they are doing.  Mostly they know just enough to "screw-up everything." 

Little is accomplished in any specialty area by anyone who doesn't really know what he or she is doing.  Bluff and bluster, or exaggerated claims don't help.  I believe that most of the planners who pretend expertise in promoting their practice are actually outstanding financial planners.  But I doubt their ability to write effective direct mail copy or to cut and style hair.

How Are You Really Doing
At Managing Your Media?

Do you "manipulate" your media to your best marketing advantage?  If "manipulate" is too negative a word then substitute the word "manage."  Do you manage your media to your best marketing advantage? 

All – not most but all – of the most successful financial professionals world-wide, manage their media to best serve their marketing advantage.  Most use skilled professional help.  Do you manage your media to best serve your marketing advantage?  Or, do you know how to do this but for some reason you don't do this? 

Forrest Wallace Cato, RFMA, FMM, RFC, CRR, CPC, has over 25-years of successful experience as a multi-national Media Advocate for financial professionals.  He is former Editor-In-Chief of Trusts & Estates: The Journal of Wealth Management and Financial Planning Magazines.  Presently Cato is Editor-In-Chief of The Inspirator International Magazine circulated in all of the Pacific-Rim countries.  He is also Executive Editor of Advisor Magazine, circulated in China and Taiwan.  Cato is International Editor for Insurance Magazine in Bangkok, Thailand.  His most recent book in China is Dynamics That Expedite Your Success As An Insurance Agent Or Financial Planner.

Cato wrote the Introduction to the classic book, How To Sell Your Way Through Life by Napoleon Hill.  Dr. Hill is author of the all-time best selling motivational book Think And Grow Rich. Cato's most recent book is You Can Sell Like Ben, Mehdi And Norm.  For more information contact: Intergroup II/Atlanta, Inc., 915 River Rock Drive, Suite 101, Woodstock, Georgia 30188, United States of America.  770-516-9395 (Phone), or for fast access on the Internet you can go to www.CatoMakesYouFamous.com (Web Site), wcato7@juno.com (e-mail), or  770-516-9396 (FAX), or 770-366-8441 (Cell).    He presents The Cato Award  during the annual  IARFC Forum Convention.