My CPA spends vastly more time studying the subject. He has more years of experience with it than I ever could achieve, he has a better grasp of the changing tax landscape, etc.
None of that, though, is the primary reason I pay him. I pay him because I have ZERO desire to figure all that stuff out on my own, even with all the needed information to do so freely available for my consumption.
You should, likewise, never underestimate the value you bring to your clients. It’s not the information you know. It’s not your years of experience. It’s not your network.
It’s the fact that in one easy swoop, you solve your clients’ financial challenges. They don’t NEED you; they WANT you.
This is not always remembered, though. I can relate with my own business.
I make explanatory videos/podcasts for my firm, where I help advisors learn how to transition their practices to the RIA model. I’ve released over 50 such episodes.
I vividly recall a tenured executive in our industry who once told me that such a strategy would never work. Per his belief, if I gave away all that information, advisors would never have a reason to contact me.
That is no less of a fallacy than thinking consumers want to spend thousands of hours trying to replicate the same result they can simply and easily obtain from you.
Next time a client or prospective client comes to you, remember what they desire the most.
They want you to have experience, requisite knowledge and the needed resources. But what they really want is for you to solve their problem for them.
No client needs you, but a lot of them want you.
Brad Wales is the founder of Transition To RIA, a consulting firm uniquely focused on helping established financial advisors understand everything there is to know about WHY and HOW to transition their practice to the RIA model.