Incompetent Expert: Financial advisors with a very solid and attractive professional brand among the wealthy and centers of influence, but with limited expertise, are defined as incompetent experts.
The fact that they are not very capable is not a deterrent, in the short term, to their ability to generate a lot of new business and the economic success that comes with it. However, over the long term, their lack of real expertise becomes apparent. Consequently, they are very likely to eventually implode or, at best, fade away.
Provided you are technically adept, being a thought leader is nearly always the vital element that enables you to source new, high-quality affluent clients and generate new business from wealthy clients and from centers of influence. And, most any financial advisor can become a thought leader.
Russ Alan Prince, president of R.A. Prince & Associates, is a consultant to family offices, the ultra-wealthy and select professionals.