There’s a quote attributed to Sean Lennon (the son of John Lennon) that reflects my current thinking about the future of the advisory business: “We live in a pretty bleak time. I feel that in the air. Everything is uncertain. Everything feels like it’s on the precipice of some major transformation, whether we like it or not.”
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Here’s the uncomfortable reality missing from the discussion about differentiating based on value: There may be no way for advisors whose primary value is investing in index funds and coordinating with other service providers to justify their asset-based fees.
Being aware of your personality type and recognizing the personality of your prospect is very helpful if you want to maximize the possibility of converting that prospect into a client.
My coaching clients tell me they are losing wealthy clients to robo-advisors. They want advice on how to better articulate their value proposition.
To succeed as an advisor (and improve your personal relationships), focus on your empathetic skills.
I thought a comprehensive understanding of investing would be enough to grow my advisory practice.