6 Myths that IFAs have about their value or how they need to demonstrate their value
As I had mentioned earlier this week, I am presenting the first Nano Learning for you.
It will only take 1 minute to read but you should take a few minutes or more to reflect and think about it. You might also want to revisit it sometime later so visit the blog again or take a print of this and keep it where you can see it.
6 Myths that IFAs have about their value or how they need to demonstrate their value:
We have to spend a lot of time with clients. Yes, spending time with clients is the single most important thing but here I am talking about just clocking in the hours to show value.
We have to show off our technical skills / domain knowledge. Thus we have to sound intelligent about markets, products and the world.
We have to generate Alpha or beat the benchmark … (beat Beta – written this to sound intelligent).
We have to choose the highest return product.
We have to do everything for the client – Be a ONE Stop Shop (Mutual Funds, Stocks, PMS, Real Estate, Insurance etc.). Even start distributing Airline Tickets and Currencies (I was being sarcastic here but yes, there are people who do it).
Finally we have to know everything that is going to happen in this world and then protect the client exactly before things go wrong and get them back in exactly before things start turning around. (One example is timing the market (equity/debt/gold/everything else) and some people claim to be world class market timers. Generally we don’t even know what will happen the very next minute but here we think we have to become financial astrologers.)
I am pretty sure that all of us have been guilty of at least a few of them at some point of time and many continue to vehemently believe in the above 6 myths.
Do take some time to reflect on this and I can assure you that these are nothing but Myths …
P.S. What do you think about these 6 myths? I would love to have your feedback on what you thought of these 6 myths. Feel free to share this with your friends or print it for further use.