Interesting Ad Age Article

Posted by Admin

June 18, 2008

In order to try and stay on top of black card mentions on the news, I constantly get Google Alerts for black/centurion card mentions. Just yesterday I noticed an interesting Ad Age article. This article, about midway through, asserts that:

Financial planners, I predict, increasingly will assume the roles of American Express Black Card concierges. Already, planners are helping clients find the right college for their children, and soon they’ll assist in finding the most-satisfying second career or best fractional jet-ownership program.

It is an interesting thought that I figured I would pose to you all for discussion, since many of the readers, have both a black card and a financial planner. Personally, I can see how financial planning firms/advisers might want to try and differentiate themselves from their competition, possibly trying to offer more catered services for their high end clientele. Not to take anything away from American Express concierge staff, but I would think that if financial planners start taking on tasks, literally like the author asserted, it would cheapen the image of their services a great deal. I would also hardly liken the services of the Amex concierges to helping find the right college or choosing a career.

At least for me, in the few meetings I have had with my financial adviser, there is a role that I feel is similar to teacher/student. Meaning, while he respects me, the respect flows much more in his general direction. As I think it naturally should, since he is the expert in his field. While in my few dealings with my Platinum concierge at Amex, they pretty much kiss my ass the whole time. Personally, I just don’t think I can agree with the author. Anyone have an opinion? Particularly someone who might be a financial planner.

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