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What’s your real value? Are you replaceable?

In Uncategorized on December 21, 2009 by Cottee Tim Tagged: ,


As a financial advisor, what is your value?

Is it taking their financial statements and entering them into a piece of software ? (You are replaceable – client-friendly software already exists).

Is it knowing something they don’t know, like some esoteric product or tax facts? (Again, replaceable. There is more than you or I know already on Google. Go and check. I’ll wait here until you are done).

Is it focussing on the sale of one type of financial product exclusively? (Replaceable. Companies can move to a direct-to-client model, or change your preferred product at will. Even if they don’t, there are plenty of advisors out there that are cheaper/more knowledgeable/ more persuasive than you).

It’s not your products, or the companies you represent, or the fact you are a whiz at Excel. It is not your ability to time the markets (or your delusion that you can to be specific), or your sales techniques, or whether you are the cheapest, or smartest. Replaceable, replaceable, replaceable.

It is purely and simply your ability to help clients set themselves up to fund their unique goals, and then keep an eye on things and stop them from undermining themselves.

Care about them. Listen. Find out what is truly important to them. Help them arrange their existing stuff, and make good decisions with where they put the next dollar, and the next. When markets go down (they will), keep them on track. Be calm. Gently tell them no, if that’s what they need to hear. Say it louder if you need to. Same when markets go high (they will).

It is not easy. But who ever said the work of angels ever was?

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3 Responses to “What’s your real value? Are you replaceable?”

  1. I like this post and the points it makes. I like that you reinforce the fact that all that knowledge really is replaceable in the end.

  2. Thanks! I have fully endorsed taking a ‘knowledge vacation’, where you fight against the urge to ‘know more’, which seems to be used as an excuse (“But I can’t act until I know everything!”).

  3. […] for others to learn it.  It may take longer, it may cost more etc etc but it can be done.  This blog entry shows the difference between some tangible work knowledge that you may think you’re unique in […]

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