- 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.
- 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.
- 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.
- 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.”