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 differentials are also applicable to the difference between the best wealth firms and the rest.
The difference is huge, but the sad part is that most do not see it. Most do not realize that is costing them real money.
Let me give you an analogy. I play cricket. I play pretty well. I played for my college, but I am not Sachin Tendulkar. There is a 100X or probably a 1000x difference or higher between his cricketing skills and mine. Yet I used to teach him through my television set while he played. You should have played like this or that. Don’t we all do it?
Just because I play cricket does not mean I am Sachin Tendulkar, or I play as well as him. Similarly, just running a firm and building the best firm are 2 different things.
A common response by many distributors and advisors is “I also do this.” This is exactly like me saying “I also play cricket.”
Can you see the difference?
There is real money at stake here for you. Do what is necessary (even if it makes you uncomfortable) to bridge the gap between the best and the rest.
There are no shortcuts or magic pills.
The best become the best because they pay the price and do the work that needs to be done (even if it makes them uncomfortable). They keep practicing, improvising, learning, and getting better. They also unlearn when it is necessary to do so and relearn. It is for no reason they are called Masters. By the way Sachin does not stop practicing because he is Sachin Tendulkar. He in fact practices more because he is Sachin Tendulkar.
Do you even know how much “inaction” costs you? According to McKinsey, it is costing you a lot. You can either bridge the gap or make it wider.
The choice is YOURS.
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