Updating Marketing Concepts in the Financial Services Industry (Part 1)
Personal Financial Planning: Strategies For Professional Advisors, 1991
7 Pages Posted: 8 Jan 2009
Date Written: July 1, 1991
Abstract
Academicians have been debating the concept of marketing for the past forty years. Sometimes the question has been whether marketing is a science, sometimes the issue has been the appropriate domain of marketing, and sometimes the issue has been whether marketing has a theory that can help explain market events or predict future market behavior.
In the past fifteen years, a consensus has slowly formed that marketing theory has a central focus on economic "exchanges," or "transactions" that occur between participants in the economy. This slowly developing consensus provides a convenient theoretical hopping-off place for the financial services sector, generally, and financial planners, specifically.
Not only is a focus on economic exchanges misleading from a theoretical perspective, but it would generate impractical advice for real-world financial sector managers, such as financial planners, attempting to make decisions about their own marketing strategies.
Part 2 will focus on the "nuts and bolts" applications of these theories for financial planners.
Keywords: marketing theory, investment advice
JEL Classification: marketing theory
Suggested Citation: Suggested Citation