Story of the Day:
Today was rescue day at the large pond near me. The fire department spends a day practicing their icy water rescue skills. I watched as a “victim” thrashed around in a hole of frigid water with only very thin ice to support the rescuer. To my amazement, the fireman skillfully managed the thin ice, entered the water and rescued the person in under 30 seconds! (I timed it)
Wow! That’s the power of experience and skill. Anybody else would have taken much longer, probably made things more dangerous and maybe drowned with the victim.
What’s that have to do with you? You are the financial heroes of the world. You can rescue your clients with a skill and speed they can’t possibly match.
In a DIY world where everything looks cheap and accessible, professionals can struggle to establish value. We are in midst of a massive shift in delivery of goods and services. Similar to the Industrial Revolution when craftsmanship became replaced by assembly line manufacturing.
Don’t despair you’re not making cars, appliances or electronics. You are in the information and experience business. You know far than many clients, even the educated and savvy ones. They don’t do what you do everyday. Just like we can’t rescue a person competently and quickly like the fireman. You bring experience and knowledge that many clients need.
Tip of the Day:
Have confidence in your value and focus your branding on what clients can’t do on their own effectively.
Resource of the Day:
A new study details the actual behavior of wealthy clients ($1million or more in investable assets) during the last 2 years.
Here are the highlights:
- While 97% said that they lost some value at some point since January 2008.
- Despite losses, very few (8%) actually took their investments out of the market
- Almost half (43%) are quite active and even more (49%) are actively seeking more opportunities
- Most wealthy clients like to be involved in the decisions (80%), while only 20% delegate most or all the decisions to their advisor
- Even though they’re not hands-off, the large majority (70%) trust their advisor to help them grow their investments
To read the full article click on the link below
