I’m Troubled…..And it Might Be Your Fault

What Every High Achiever Has Conquered | Divorce Financial Training

June 7, 2023

Nancy Hetrick, CDFA®, MAFF®, AWMA®

I got the results early for the 2023 IDFA survey of CDFA® holders and at first, I was really thrilled about the results….then I went “hold on. Wait a minute!”

Since I started the training center in 2017 one of the statistics I watch really closely is how many CDFAs® do at least 10 cases a year. In 2017 it was less than 25%.  The most recent survey is up to 32.67%! Wow! Oh, but wait! There are only 327 people that responded to the survey. That’s about 10% of the total number of CDFAs. Then it occurred to me, the only people responding to the survey are the ones actually doing the work!

So we have to look at the numbers themselves, not percentages. 106 CDFAs report doing more than 10 cases a year. Compare that not to the 327 respondents but to the total number of 3000 and holy cow! Only 3.5% of the total are doing the work actively. Dang!

I don’t get it. WHY? Advisors pay a lot of money for this credential. Now I realize that there is a large percentage of CFPs that are maybe just getting CE hours and don’t really plan to niche market in divorce and that’s fine. But what troubles me most, is realizing how many couples in this country are getting divorces with zero financial guidance.

Now that my entire business is divorce, we do about 50-75 divorces per year and guess what? There are way more people than that who NEED to work with us and don’t. And because we’re at capacity, I don’t work too hard to market to those folks. They just lose out.

So what’s holding you back? Are you scared to dive in to this niche? Feel insecure and unprepared? Doubtful about the ability to grow your wealth practice working with these clients? If you knew you couldn’t fail, would you do it? I’d love to hear your thoughts. Comment on the Facebook group and let’s talk about it.

If this resonates with you and you REALLY want to learn more about diving in to divorce as your niche, consider joining us at the next Business Blastoff on June 16 and 17 either virtually or in person just to explore possibilities and get clear on whether it would be worth it or not for you.

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