Price vs. Value

Key Takeaways

  • Smart advisors constantly reinforce their value and don’t get sidetracked by discussions about price.
  • Your competition is not necessarily other financial advisors or wirehouses; it’s companies that provide an outstanding customer experience–companies such as Disney, Starbucks, Four Seasons and Cirque du Soleil.
  • A great wealth advisor’s value cannot really be quantified by a fee based on a percentage of client assets managed.
  • Focus on the “MVP”–the Meaning, Value and Purpose of how clients’ money is going to make their lives better.

Healthy Perfectionism

Key Takeaways

  • Healthy perfectionism is something that’s value driven and intrinsically driven, in your desire to help clients move forward.
  • Unhealthy perfectionism stems from worries about what others think of you or fear of making mistakes.
  • Delivering a really great experience for clients has certain elements of perfectionism, but it’s also something that’s very deeply driven by values.

Are You the HIPPO in Your Company?

Key Takeaways

  • HIPPO is an acronym for the Highest Paid Person’s Opinion—aka the one whose opinion counts. Sound familiar?
  • Don’t be the HIPPO in your firm. Empower everyone at your firm or organization to share their insight and make a contribution.
  • When trying to solve tough challenges, be humble and think about the others on your team; allow them to disagree, share ideas and tell higher-ups to “climb a tree.”

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.