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Personal Finance Reimagined for Professional Services

Updated: May 13


Contact: Jeff Hulett


It is common knowledge that the United States has increasing wealth inequality. But why is that? Part of that challenge is that the incentives of the Wealth Management industry point toward wealth inequality.


  • Wealth managers' incentives (% of AUM) encourage serving the already wealthy. 


  • Because of significant compliance and operating costs, well-intended wealth managers find it challenging to provide the same level of services to help people who are not YET wealthy. It is a tricky Catch-22 problem!!


  • And it shows – wealth advisors have significant client turnover.  Approximately 80% of clients leave after a major life change. [source: Osterland, The Great Wealth Transfer, CNBC]


Just because wealth manager's incentives point toward higher-wealth clients, certainly is not to suggest wealth managers do not desire to help lower-wealth folks. They absolutely do! But, unfortunately, systemic incentives are relentless and take great effort to overcome.



Personal Finance Reimagined bridges the gap:

 

There is no question that wealth managers are extremely well qualified to assist those high-potential but not wealthy yet individuals and families.  Wealth managers possess an amazing combination of financial experience, education, and certifications. Also, most wealth managers sincerely desire to help the other 95%.

 

PFR bridges the gap between well-intended but incentive-challenged wealth managers and their desire to help the other 95%.  Personal Finance Reimagined is for those wealth managers, accounting firms, and related professional services providers who wish to deliver value-added personal finance services at a cost aligning with the realities of the other 95%.  


PFR considers the goals of the other 95% and the wealth managers as being very aligned:

  • For the wealth managers - They wish to develop the next generation of high-potential clients. Especially as the massive generational wealth transfers occur.

  • For the other 95% - They wish to build enough wealth to be attractive to the AUM-hungry wealth managers.


“Making a lifetime of personal finance decisions with a consistent, repeatable decision process”


The PFR approach is enabled by neuroscience, the behavioral sciences, and particularly behavioral economics. We leverage scale-enabling smartphone tools and technology demanded by the 95%. We draw upon linkages with major universities to provide ongoing research and development.


What is the latest science:

  • Neuroscience and behavioral psychology teach that people are naturally poor at making personal finance decisions.  This relates to evolution and natural selection. 

  • Behavioral economics-inspired choice architecture is an essential tool to help people routinize their decision process.  We make personal finance decisions so infrequently that it is super challenging to build competence and confidence unless you are professionally trained. 

  • PFR is completely changing the game.  Personal Finance Reimagined builds individual decision processes to deliver accelerated, confidence-inspired, and transparency-enabled personal finance decisions throughout life. 

  • Our goal is to help people make a lifetime of great personal finance decisions with a consistent, repeatable decision process.

  • Our process drives down costs to enable wealth managers, accounting firms, and other professional services firms to attract and serve "high potential but not wealthy yet" clients.

  • Personal Finance Reimagined is integrated into the professional services firm delivery process. This expands the firm's client loyalty.


What is scalable:

  1. Our resources and tools are made for the digital world – they are infinitely scalable and consistently refreshed.

  2. Our Choice Architecture toolset, Definitive Choice, is in production and has been student-tested.  It is very scalable.

  3. Our R&D is ongoing and has created hundreds of research articles by several researchers.  It is ongoing and has past the tipping point for informing all manner of personal finance decisions.


What leverages the scale:

There is no substitute for the human touch.  The good news is, that our scalable capabilities dramatically improve the quality of counselor–student touch points at a fraction of the time and cost of traditional education. 


Our Founder, Jeff Hulett, is a Personal Finance professor at James Madison University, a banker, and a behavioral economist. 


The PFR goal is to provide learners with a consistent repeatable decision process leading to financial Decision A-C-T:




 Learner and professional feedback and outcomes confirm this approach works!


Let's get it started!


How PFR works with Professional Services firms:


Value-added client service

Let PFR provide a decision confidence seminar!  Many topics are available to reinforce the consistent, repeatable decision process.

Attract new clients

Integrate PFRs low-cost, fixed fee structure to attract new, high-potential clients. This includes the children of current clients.

Serve existing clients: 

Provide ongoing assistance to help clients create and stay on track with their personal finance plan.

Personal Finance as an employee benefit

Reduce attrition and increase employee wellness.

Engage with PFR content 

Do you need a fresh voice on your website and socials? Make use of PFRs high-impact content.

Leverage PFRs patented choice architecture technology 

Both for clients and the professional services firm’s more complex business decisions.

Integration with PS platform: 

As desired PFR may easily be integrated into the PS firm's client platform



Getting started is easy!

Schedule time to learn more


 

About our founder:  Jeff Hulett is a career banker, data scientist, behavioral economist, and choice architect. Jeff has held banking and consulting leadership roles at Wells Fargo, Citibank, KPMG, and IBM. Today, Jeff is an executive with the Definitive Companies. He teaches personal finance at James Madison University and provides personal finance seminars. Check out his new book -- Making Choices, Making Money: Your Guide to Making Confident Financial Decisions -- at jeffhulett.com.



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