Clients want financial education services. Here’s how you can help.

Americans have a strong desire for greater access to financial education services. A new poll of 1,030 American adults from the National Endowment for Financial Education® (NEFE®) revealed the following:

  • 88% of U.S. adults believe their state should require semester- or year-long financial education courses for high school graduation.
  • 80% of respondents wished they were required to take such a course in high school.
  • Older cohorts (ages 45-59 and 60+) were significantly more likely (93%) to say their state should mandate financial education.

The fact that the survey showed great support, especially among older adults, for increased financial education services is perhaps not surprising. After all, though the U.S. is the wealthiest country in the world, we rank 14th in financial literacy and only 57% of U.S. adults are financially literate. At the same time, finances are the #1 cause of stress in America, with 72% of U.S. adults reporting that they feel stressed about money some of the time.

It’s clear that the U.S. sees the value in learning about personal finances. Early exposure can turn these trends around. However, public school is not the only place they’re hoping for more education and insights into their financial lives.

Financial education services appeal to U.S. adults

Educational courses on financial matters are increasingly popular among U.S. adults. And these courses convert many attendees into clients for financial advisors. According to research from Conductor, people are 131% more likely to convert immediately after consuming educational content.

We see these kinds of results frequently with comprehensive, objective financial education courses from FMT. Out of the 17 attendees of an average FMT course, 10 will typically book follow-up appointments. Those individual meetings result in millions in new AUM in the financial advisor’s pipeline. According to financial advisor and FMT course instructor Brenda Dozier, “The average per class is a couple million AUM. Sometimes up to $3 million to $5 million. By educating first, the clients will follow.”

Why are financial education services so successful? Well, for one thing, the generation that is moving into pole position for retirement planning is notoriously DIY-oriented. Thinkwithgoogle found that Gen Xers have a deep “sense of independence and willingness to self-start” and are finally “at a place in their lives where they have the means and time to invest in their surroundings, their personal appearance, as well as their health and wellbeing.” 

Self-help offerings like financial education courses give this aging cohort the tools they need to make smart decisions about their own financial lives. Acting as a course instructor also positions you as a trusted expert once when these individuals determine they need further guidance. Many “latchkey generation” adults in their 40s and 50s distrust salesmen and institutions and place a high premium on trust. If you can demonstrate your credibility and the value in your expertise in a low-pressure educational environment, free of sales pitches, this trust can go a long way.

Leverage a proven, turnkey educational platform

It’s easy to expand your offerings to include financial education services, even if you’ve never instructed a course before, with an established platform on your side. Advisors are natural teachers. With a turnkey financial education program from FMT, you can launch a proven course and eliminate the up-front time and cost of creating your course from scratch. 

FMT provides you with:

  • FINRA-reviewed course materials, complete with speaker notes
  • Attendee workbooks to keep and take home (digital and/or hard copies)
  • A marketing area reserved exclusively for you
  • Instructor training and conversion coaching
  • Digital marketing and course RSVP support

The process is simple. Advisors work closely with FMT to lay out a marketing strategy. FMT provides all needed materials, instructor training, and help promote the course. You teach the course, attendees follow up for 1:1 sessions, and you win new clients. Take a closer look at our 2022 digital marketing package here for more details!

We’ve helped advisors to realize incredible growth in their firms for more than 20 years. Reach out to FMT today to get all of your lingering questions answered and get started!

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This article was originally published in May 2022. Updated February 2023.

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