![]() ![]() They don’t care about what is easy or fast. They don’t care what other advisors think of them. The fastest growing advisors are all about finding a specific market segment and owning it completely. Here’s my take: In this environment, if you aim for the middle of the road, you’re going to get run over. Many advisors are being challenged as never before - finding their services increasingly marginalized, sometimes by fin-tech companies with deep pockets, but also by self-directed investors fueled by memes, free trading apps, and feverish speculation.Ĭouple that with increased fee compression and a virtual explosion of new ‘investing’ instruments to learn about, and on the surface, this could give every appearance of a full-blown, sky-is-falling crisis.īut what if this situation isn’t a crisis at all, but rather an opportunity? What, if like Spielberg and Jaws, the savviest advisors are being presented a golden opportunity to leverage seismic shifts in the marketplace to grow their businesses?Ĭonsider the possibility that what we have out there is a client market begging for education and creative solutions a dynamic market where sameness, clichés and mass appeal messages are proving as effective at building individual advisor equity as Spielberg’s mechanical shark would have been at striking fear among moviegoers. So why do I share this story with financial advisors?īecause even as you read this, our advisor community is facing the market equivalent of Spielberg’s mechanical sharks. Until the very end of the film, anyway, he was careful to show only the effects of the shark, the devastation of the shark and, above all, the eerie anticipation of the shark.Īnd when he did that, what could have been a good, and maybe even great film, suddenly became an all-time classic, not to mention the biggest box office hit that Hollywood had ever seen. He created a shark that appeared less on the screen and more in viewers minds. ![]() He took, in other words, a huge liability and turned it into far more than a simple asset. He took a bad situation, flipped it on its ear, and made it work to his benefit. As a result, among Stephen Spielberg’s many problems, the biggest was the fact he had a multimillion dollar film about a big, bad shark without a big, bad shark, anywhere to be found. In fact, on camera they looked downright laughable. Among the young director’s many problems was the fact that none of the three mechanical sharks he planned on using - all of them named Bruce, after his attorney - were functioning properly. Soon, the film was not only woefully behind schedule, it was running far over its allotted budget. It put him in charge of what they hoped would be a big-budget Christmas-season smash about a rogue shark wreaking havoc on the outer banks of Long Island.Īlmost from the get-go, the production seemed ill-fated, with Spielberg facing one issue after another. But the studio took a chance on him anyway. When Stephen Spielberg directed the now-classic 1975 thriller, he was just 27 years old and still far from proven. But how many of us ever stop to consider the possibility that choppy waters and rough winds might be exactly what we need us to get where we want to go?Ĭonsider the movie Jaws. Regardless of the endeavor, people always hope for smooth sailing. ![]() Robert Sofia, CEO at Snappy Kraken, uses the story of very familiar blockbuster movie to demonstrate some important lessons for financial advisors.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |