Ask Brad: The Toxic Lesson from Dry Cleaners

This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.

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You provide a lot of value to your clients. Save them from making even a single catastrophic financial mistake and your fees will forever be a moot point.

I was reminded of this by a thread on Twitter, which I acknowledge is a source of information. I am lacking when it comes to tweeting, but I am an avid consumer of tweets.

If you sort through the noise of the platform (tip: mute people who add no value to the conversation), it is amazing who you can learn from – particularly from those in industries you might not otherwise cross paths with.

I stumbled upon an anonymous account of a guy who owns and operates commercial strip malls (“StripMallGuy” @RealEstateTrent.) Have I ever considered investing in a strip mall? No. But before you know it, my fascination with his tweets kept me digging down his rabbit hole of knowledge.

A topic he touched on was the impact a dry cleaner business can have on a commercial property.