The Weakest Link Continued
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.
June 25, 2021 | 3 Minute Read
Thanks so much for all your lovely responses.
There were different responses such as
- Process or Method of reaching prospects effectively
- Negativity in media about distributors/advisors
- Do it Yourself Pitches by different people
- Not Enough Prospecting Done
- Lack of Strategy /Process
- Trying to be everything to everyone
- I had to leave other good responses out.
While all of the above are valuable, the weakest link was missed out in those responses. This is because it is invisible to most practitioners until it hits them.
The weakest link in your business is that you do not have 100% of your client’s assets.
Let me explain with 2 scenarios.
a. You have 25% of your client assets.
b. You do not really know what the client truly has except for the investments done through you.
In scenario (a), assume the other 75% is with 2 other professionals. This means there is competition for the client’s account. This is a recipe for distraction and constant comparison. The client has a sub optimal portfolio, but he is unaware about this. He will compare your monthly report cards with that of others. Chances are you will lose this account at some point of time. If you have not so far (because the other 2 are incompetent), great but think about what happens when someone with a far superior value proposition comes.
Hoping that competition will not be tougher or better is being naïve.
Think and answer this question.
Have you ever lost clients (really important for the firm) because they consolidated their assets with someone else?
The firms that operate in Scenario (b) are following the strategy called “Hope”. In fact, they do not even see this as an issue.
This is a real problem and the risk that many simply ignore or do not factor.
How are you addressing this in your firm?
P.S.The winners for the responses are Soorashree Chaphekhar from Pune and Ajay Shekhawat from Indore. They both get a 30 minute session to ask me anything. Thank you everyone for taking the time out to respond.
Similar Post
Nano Learning
The Billionaires’ Blueprint: Acting Now to Shape the Next Decade
The reason you are seeing success today is because of something you did 10 or 15 years ago. You planted a seed then...It’s now grown into a tree. Isn’t it right?
2 February, 2024 | 2 Minute Read
Nano Learning
Which Door do you Prefer?
Steven Pressfield in his marvellous book “Do the Work” says “A perplexed person stands before 2 doors. One Door says “Heaven”. The other says “Books about Heaven”. Wh ....Read More
2 October, 2020 | 2 Minute Read
Nano Learning
Get into Flow NOW
One thing that I see now among financial professionals in our industry is Anxiety. There are several reasons for this and for many of us this is probably the most challenging phase ....Read More
23 October, 2020 | 2 Minute Read
Nano Learning
The Architects of Aspirations
Musician Nick Cave wrote, “The everyday human gesture is always a heartbeat away from the miraculous. Remember that ultimately, we make things happen through our actions, way ....Read More
19 January, 2024 | 2 Minute Read
Nano Learning
Practice This Today
If there is one skill that all of us need to truly master, it’s this. Have you guessed it? Let me give you a hint with a Maimonides quote: “The risk of a wrong decision i ....Read More
29 October, 2021 | 2 Minute Read
- 0
- 0
0 Comments