A Mack truck is closing in on you quickly and you can now count the number of bugs on the grill.
Here’s the question you have a split-second to ask yourself: Is it too soon to get out of the way, or should I stand fast?
Now let’s freeze that Mack truck for a moment.
Stephen Covey, author of The Seven Habits of Highly Effective People, offers the following insight: “Don’t engage the research if you are not prepared to go where it leads.”
The CLU Institute has a Mack truck closing in on the CLU designation. The marketing research we’ve conducted within Advocis’ demographic data tells us that—as of June 2008—there were 761 members who are eligible to register for CLU program courses.
Now some will argue “That is not possible?” (They may be some of the same folks who may argue that the earth is flat).
As we all know, Advocis membership is a necessary condition for obtaining and maintaining the CLU designation.
When Advocis membership was a condition of employment in the agency system, there was no membership problem. But Advocis has not had a similar source of membership growth for the last decade. Within Advocis the number of CLU members and CLU designees holding the CLU has remained strong, constant and consistent.
The average age of the CLU designate is 61. This means no new market opportunities have emerged, which leaves the current market niche disabled, retired, successioned or dying.
What does this mean? Well, there is a possibility of 10 or so years of life left in the CLU brand. But there also exists the possibility that the brand as we know could eventually be vapourized.
What if the Institute could market the CLU designation to non-members of Advocis?
Doing so would require changing the pricing, licensing and membership rules—to name just a few of the speed bumps.
Right now in this country there are some 14,500 CFP designates who are not members of Advocis. This represents a lucrative niche market that would immediately be eligible for the CLU Designation.
That’s why, throughout 2009, the CLU Institute will conduct research which will include analysis, price modeling, legal requirements and further investigate the members/non-member issue.
This is your blog. The CLU Institute would love to hear your thoughts, pros and cons.
Ask yourself this: How do you want the future of the CLU to unfold? What should it stand for?
That Mack truck is bearing down on us.
I welcome your feedback.
Richard McKenster, CFP, CLU, CH.F.C., RHU