10X Innovations

Key Takeaways

  • Over the next five to 10 years, fees for many of our services will drop by at least 50 percent.
  • To survive and to bring more value to clients, we HAVE to innovate.
  • The potential threat of robo advisors to our business is really just a signal that we’re underserving young adults and slow to adapt to a changing landscape.

Millennials’ Influence on the Future of Wealth Management

Key Takeaways

  • Managing or recruiting millennials? They may seem more narcissistic than other generations, but they’re also more creative, entrepreneurial and open to change.
  • Millennials are not necessarily driven by money. But they do want meaningful work, flexibility, and ongoing professional training and education.
  • Give millennials the freedom and autonomy to work in their own style. They’re more comfortable doing things online and less comfortable in face-to-face team settings.

Deep Differentiation

Stay out of Death Valley

Key Takeaways

  • Don’t get caught in the “Death Valley” of financial services–too small to compete against the dominant players, but not focused enough to have a profitable niche.
  • Independent advisors who don’t have a real niche must work harder and longer, for lower prices, and deal with too much complexity.
  • Successful niche players are able to work more creatively, with lower costs and higher prices. They also serve clients better and enjoy a higher quality of life.

Process to Service to Experience

Key Takeaways

  • I learned early in my career that what the client doesn’t know doesn’t really exist.
  • There are three important levels of the client service experience: having a proven process, delivering great service and tapping into emotion.
  • High-performing advisors “systematize the predictable so you can humanize the exceptional.”