The Weakest Link Continued
![](https://www.happyrichadvisor.com/wp-content/uploads/2019/12/amrPandit-150x150.png)
![](https://www.happyrichadvisor.com/wp-content/uploads/2019/12/amrPandit-150x150.png)
Amar Pandit
A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.
![](https://www.happyrichadvisor.com/wp-content/themes/mfatheme/imgs/calendar-icon.png)
June 25, 2021 | 3 Minute Read
Thanks so much for all your lovely responses.
There were different responses such as
- Process or Method of reaching prospects effectively
- Negativity in media about distributors/advisors
- Do it Yourself Pitches by different people
- Not Enough Prospecting Done
- Lack of Strategy /Process
- Trying to be everything to everyone
- I had to leave other good responses out.
While all of the above are valuable, the weakest link was missed out in those responses. This is because it is invisible to most practitioners until it hits them.
The weakest link in your business is that you do not have 100% of your client’s assets.
Let me explain with 2 scenarios.
a. You have 25% of your client assets.
b. You do not really know what the client truly has except for the investments done through you.
In scenario (a), assume the other 75% is with 2 other professionals. This means there is competition for the client’s account. This is a recipe for distraction and constant comparison. The client has a sub optimal portfolio, but he is unaware about this. He will compare your monthly report cards with that of others. Chances are you will lose this account at some point of time. If you have not so far (because the other 2 are incompetent), great but think about what happens when someone with a far superior value proposition comes.
Hoping that competition will not be tougher or better is being naïve.
Think and answer this question.
Have you ever lost clients (really important for the firm) because they consolidated their assets with someone else?
The firms that operate in Scenario (b) are following the strategy called “Hope”. In fact, they do not even see this as an issue.
This is a real problem and the risk that many simply ignore or do not factor.
How are you addressing this in your firm?
P.S.The winners for the responses are Soorashree Chaphekhar from Pune and Ajay Shekhawat from Indore. They both get a 30 minute session to ask me anything. Thank you everyone for taking the time out to respond.
Similar Post
Nano Learning
The 2 Most Essential Skills for having an Awesome Conversation
Most of you would be thinking about command on the language, being a fantastic orator, a degree in communication and so on. None of these answers are relevant as you are not giving ....Read More
21 February, 2020 | 1 Minute Read
Nano Learning
The Coca-Cola Company and Lawyers
The Coca-Cola company does not sell drinks or beverages. Instead, they sell Happiness. According to them, they refresh the world. Lawyers don’t sell contracts and templates. Th ....Read More
15 July, 2022 | 2 Minute Read
Nano Learning
From Polar Bears to Professionals
Author Shane Parrish wrote some very insightful lines on success and environment. “Success is often a product of the environment. While a polar bear might thrive in the arctic, ....Read More
10 May, 2024 | 2 Minute Read
Nano Learning
The Biggest Client
I asked many of you a simple question. Who is your biggest client? There were different names that I received. Try answering this question, chances are a name or two must hav ....Read More
22 March, 2024 | 3 Minute Read
Nano Learning
From Desk to Beach: Mastering the Art of Being Present
Isn’t this a brilliant visual? While you can interpret this in several ways, there is an amazing insight hidden for all of us. Hint: Be Happy for this moment. This moment is ....Read More
14 June, 2024 | 3 Minute Read
Nano Learning
The NOT To Do List
We all have To Do Lists. They are such an important part of what we do daily. They are important but an even more important one or rather a Superpower is to have a NOT To Do List. ....Read More
27 August, 2021 | 2 Minute Read
- 0
- 0
0 Comments