The Only Thing People Are Buying Is You
This is Don Connelly’s latest guest post for FA Magazine.
I was having lunch with a friend recently. My friend ordered a Coke with his food. The waitress told him they didn’t serve Coke. Would a Pepsi do? Without hesitation my friend said yes. He didn’t care if he was drinking Pepsi or Coke. He just wanted something to drink with lunch.
Clients think like my friend thinks. They don’t care if they are drinking Pepsi or Coke. Clients want to hit their goals. Your selection of managed money, mutual funds or annuities is a lot less important to them than it is to you. The products aren’t going to do the job. You are. If all goes well, they aren’t going to thank Black Rock or Franklin. They are going to thank you. If something goes wrong, they’re not going to blame the products or the process. They are not doing business with Black Rock. They are doing business with you.
That is precisely why you needn’t compare yourself to the other Advisors they are considering.