How Advice Became Commoditized: Try Before You Buy

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For years, your title of financial advisor has been your unique value proposition: you provide financial advice.

That proposition has probably been good to you over the years. It was and still is the foundation of your current book of business.

Logic says, “Keep doing what you’re doing; don’t change.”

However, that assumes the time period in which you’ve built your core book of business is equivalent to the norms and thinking of the market now.

There is a shift that needs to happen in your mind. You must realize that your current prospects are coming to you from a different mindset than the ones you’ve got in your book, which were acquired at a different time in history.

Your prospects now — even high net worth prospects — are most likely in “shopping mode,” potentially viewing you as a commodity … hence why you might be one of many advisors they’re “interviewing.”

It never used to be like that, and it’s a dramatic shift.

From their perspective (not yours), they want to “try before they buy,” so they’ll take you in different directions in your initial meeting to “assess” whether they believe your advice and approach to solving their issues is worthy of their decision to hire you.