6 Myths that IFAs have about their value or how they need to demonstrate their value
Amar Pandit
A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.
January 27, 2020 | 2 Minute Read
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:
MYTH 1:
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.
MYTH 2:
We have to show off our technical skills / domain knowledge. Thus we have to sound intelligent about markets, products and the world.
MYTH 3:
We have to generate Alpha or beat the benchmark … (beat Beta – written this to sound intelligent).
MYTH 4:
We have to choose the highest return product.
MYTH 5:
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).
MYTH 6:
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.
Similar Post
Nano Learning
The Way to Price
Pricing is a complex subject (not to mention the creativity that is often required in it) and one that is rarely understood by most people. Knowing the costs of your services is no ....Read More
20 May, 2022 | 2 Minute Read
Nano Learning
The Edge Lies Here
We often obsess about goals or outcomes. But the edge lies elsewhere. Hint: I have mentioned this recently in one of my posts. In his newsletter, Author James Clear wrote, ....Read More
10 February, 2023 | 2 Minute Read
Nano Learning
The way to handle an important prospect conversation
“I need time to think” is a centuries old excuse people use, when they cannot decide. Have you come across a prospect who tells you “I need time to think”? Do you think the ....Read More
30 October, 2020 | 2 Minute Read
Nano Learning
Any Idiots out Today, Dad
Many of you loved Tuesday’s post “What’s your Water? Just thought of extending that post with an insight. I had asked this question, “What’s the Water you are not seein ....Read More
6 May, 2022 | 2 Minute Read
Nano Learning
Did you know this 12X Difference?
According to McKinsey’s latest US Asset Management Report, the gap in valuations between the best and the rest is 12X. Aren’t you shocked or surprised? Similar or higher diffe ....Read More
2 July, 2021 | 3 Minute Read
Nano Learning
The Skill of Every Century
Philosopher Eric Hoffer wrote, “In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists. ....Read More
1 December, 2023 | 2 Minute Read
- 0
- 0
0 Comments