It’s about differentiation!
There are a number of ways Financial Advisors can attempt to differentiate themselves.
Suggesting that investment management is a unique skill or offers differentiation makes relatively little sense. Daniel Kahneman, behavioral economist, 2002 Nobel Memorial Prize in Economic Sciences reports:
Virtually all investment products are commonly available. Differentiation based on unique investment product offerings cannot not a winning strategy.
As a differentiating strategy, pricing is usually a very questionable approach that may work at best as a tactic for a short amount of time. There is always someone willing to accept a lower price. Lower and lower pricing will create an unprofitable business.
 Thinking Fast and Slow’ by Daniel Kahneman
David I. Leo
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com