Think back 10 years ago. Did you have competition in 2005? Did you think there were a lot of regulations prior to the financial crisis? Did you think it was difficult to do business 10 back then? How would your answers change now? A lot is different, but at the end of the day, nothing has really changed.
Compared to a decade ago, there’s more competition today, from a variety of channels. Banks are more prevalent in our industry. And, disruptors like Google are entering the business, making it easier to sell, underwrite, apply for and sell insurance. The financial services industry continues to evolve and, in general, grow in complexity. Because of that, more regulation burdens us than ever before.
Additionally, applications are longer, more information is requested of clients, and our revenues continue to shrink. Nothing has really changed.
Jim Rohn, American author and businessperson, said to not waste time wishing things were different. Instead, you should wish you were better. One of my wholesalers told me our new world is difficult and challenging. I argue that today is just as challenging as it was 10 years ago, proportionally.
The successful salesperson will adapt. The successful salesperson will understand the new complexities of our industry. The successful salesperson will be more transparent than ever before and demonstrate the value he or she brings to the client engagement for the fee charged. At the end of the day, the successful advisor will simply get better.
This year, let’s turn our attention to our skillsets. Focus on adapting to the changing environment by gaining new insights that will enhance the client relationship. Focus on becoming more effective at designing income-generating portfolios that provide guarantees, safety and predictable increases in income. Don’t wish things were different (because they can never be the same); wish you were better – and do something about it!
Bottom Line: Don’t wish things would change back to, “The good ol’ days.” Wish you were better and focus on how you can improve for your clients’ sake.
© 2018 Ash Brokerage LLC.