Recently, a new prospect visited my office to discuss having my firm become his financial planner. For the past 19 years he had worked with a financial advisor who helped him build wealth and manage risk through investments. Despite espousing the virtues of this individual's ability to communicate effectively in turbulent times, rebalance his portfolio periodically and maintain a proper risk/reward balance, the prospect was looking for a change. I had to wonder why, so I asked, "Why are you here?"

"Well," he said, "for the past 19 years it's been a lot of fun—but now it's time to get serious." If that isn't the statement that sums up why the mass affluent are oversold and underserved, then I'd be hard pressed to find another.

ADVISOR OR INVESTOR

Here is someone who grew enamored with his advisor. He was provided investment ideas, hypotheticals, strategies and reports designed to help him grow his wealth—but when it came time for actual financial planning advice, he didn't see his advisor as the one who could help him. His advisor was the guy who had new investment ideas, whom he could brag about to his friends at a cocktail party.

"Tell me more," I said. As it turns out, John, the prospect, was 71 years old and his wife June, 69. Together, they had investable assets of $735,000 in a variety of accounts. They owned their home, worth about $500,000, outright, and held a few life insurance policies. Their combined Social Security income was $27,000, and they thought they needed another $33,000 to make ends meet.

"Well, we've been starting to draw money from my IRA to support my income, but I'm not sure I'm having the right taxes withheld—you see I received a huge refund in 2008," John said. "We're also thinking of selling our house and moving into a 55-plus community, but we're not sure we can afford it. I'm also wondering if I should keep all these insurance policies we've accumulated, and about long-term-care insurance. I need someone to ask me more questions and help me feel my financial house is in order," he added.

John and June are perfect representatives of the mass affluent. They represent a segment of the population that needs ongoing planning advice, not just money management ideas. Any financial professional can eyeball this client's net worth and figure out that achieving his spending goal won't require rocket science. Elaborate investment products and strategies are not required. Yet that's what too many mass-affluent people find that their advisors focus on. What they want, though, is someone committed to raising issues and allowing the client to talk through personal financial planning concerns.

ONE EXPERT GUIDE

I'm curious. Is John a great prospect for your firm? I bet he and June are typical of the clients most readers of this publication have and/or pursue. They certainly hit the sweet spot of our client base.

The mass affluent are looking for one person who is willing to be their advisor, coach, sounding board and voice of reason. They are willing to reflect on difficult questions; they just hope someone trustworthy will ask them those questions. Whether it's helping them decide whether to buy or lease a car, exploring the costs of buying into a retirement community or simply reviewing the withholdings on their pay stubs, the mass affluent want you to be their superhero. They want you to be the one who talks to them with respect, and not as a distraction.

As a profession we have the ability to serve the mass affluent well, and earn money too. This is a segment of our population that is ready to get serious—and they want to get serious right now. FP

Marc S. Freedman, CFP, is president of Freedman Financial in Peabody, Mass., and author of Oversold and Underserved: A Financial Planner's Guidebook to Effectively Serving the Mass Affluent.