Lecture Notes: Discussion on CFP Board's Ad Campaign

Introduction

• Recent ad campaign by the CFP Board targeting college students.
• Ads suggest CFP as an alternative to imaginary dream jobs.
• Mixed reactions from the CFP community.

Guest Introduction

• Michael Kitsis, influential financial advisor.
• Head of Planning Strategy for Buckingham Wealth.
• Co-founder of XY Planning Network.

Initial Reactions to the Ads

• Michael Kitsis' reaction: Confusion and disbelief.
• Controversy over static ads portraying trivial 'dream jobs' alongside CFP.
• Concerns that ads trivialize the profession.

Ad Campaign Details

• Created by PR/marketing agency Lambert in Michigan.
• Video commercials are effective but static ads are problematic.
• Examples of static ads with trivial job titles like "Lead Burrito Scarfer".

Issues with the Static Ads

• Still images misrepresent the profession.
• Ads appeared on financial advisors' Facebook feeds, causing confusion.
• Concerns about clients seeing these ads and misinterpreting them.

Target Audience and Marketing Challenges

• Ads aimed at college students and job seekers.
• Concerns about attracting the wrong kind of candidates for CFP.
• Importance of targeting individuals with traits suited for financial planning.

Attributes of Successful Financial Planners

• Goal-oriented and future-focused individuals.
• Strong motivation to serve and help others.
• Interest in finance and personal finance, not just investments.

Suggestions for Improvement

• Emphasize financial planning's appeal to those interested in helping and finance.
• Acknowledge the static ads as a misstep and focus on video ads.
• Gather data and feedback to refine future campaigns.

Positives About the CFP Board

• Increasing number of CFPs, with a diverse and young demographic.
• Success in attracting more women and younger professionals.

Conclusion

• Discussion on how to move forward with ad campaigns.
• Importance of targeting the right candidates for long-term success in the profession.
• Continued evaluation and refinement of marketing strategies.

Key Takeaways

• The ad campaign's video components are effective, but the static images have backfired.
• Important to match marketing efforts with the characteristics of successful financial planners.
• The CFP Board's continued growth and diversity are positive signs, but marketing strategies need alignment with the right audience.