Technical Side of Money versus Life Side of Money
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.
June 19, 2020 | 1 Minute Read
Most distributors and advisors obsess over the technical side of money – the products to choose, the benchmarks to beat, costs, returns, designations, better excel sheets and so on. They think that this is their differentiation and value add to a client. However, every value proposition sounds extremely similar and the client promise is setup for a failure at the outset of the client relationship. Best of all we send monthly or quarterly statements to show how this promise is not kept (because the focus is products and returns).
The Future is about Focusing on the Life Side of Money. How can you help a client live a Happier Financial Life? How are you getting clients to make progress in their financial lives?
Think about how valuable your guidance is to the client that even in COVID-19 times, he/she is able to maintain his/her lifestyle and does not have to worry about money. How valuable is your offering when it can help a family sleep well at night knowing that they are doing OK and that they are on track? There is no cost/price that you can attach to this (because it is priceless) and clients feel this when you have done this for them.
If you do this in a world class way, you do not need to show quarterly reports to justify your value.
Your role is to Answer Life’s Expensive Questions such as “How much is Enough to lead the life that I want? Do I have Enough? What do I need to do to have Enough?” (This is not an exhaustive list, but I am sure you get the drift.)
The Future is all about focusing on the Life Side of Money and the sooner you get this, the better and stronger your firm will be.
Similar Post
Nano Learning
The Tactics Treadmill
Have you ever wondered whether you should focus on Twitter/LinkedIn or digital marketing or traditional marketing? Have you wondered about which videos or pieces of communication ( ....Read More
15 December, 2023 | 2 Minute Read
Nano Learning
Redefining Failure
In the book “Getting There: A Book of Mentors” by Gillian Zoe Segal, there is an interesting lesson Sara Blakely, Founder of Spanx, recalls – “When my brother and I were gr ....Read More
12 April, 2024 | 3 Minute Read
Nano Learning
Charts versus Hearts
There is a mad obsession that many of us have about numbers, data, and the technical aspects of our craft. We keep going back to charts for everything. However, the edge lies in wi ....Read More
7 April, 2023 | 1 Minute Read
Nano Learning
The Truth About Being Creative
There is a creative person in all of us...yes in all of us...but many of us kill our creativity (and the creative person inside of us). The best part is that we don’t even realiz ....Read More
17 November, 2023 | 2 Minute Read
Nano Learning
The Similarity between Horses and Excel
Henry Ford once said that if I had asked consumers what they need, they would say Faster Horses. However, the reality was that they needed cars. Fast forward today in our industry ....Read More
29 May, 2020 | 1 Minute Read
Nano Learning
Which Business are you in?
We are in the "Investor Management" Business not in the Investment Management Business. We are in the "Personal" Business not in the Finance Business. We are in the "Trust" Busines ....Read More
6 March, 2020 | 1 Minute Read
- 1
- 0
0 Comments