August 6, 2009 – Registered Rep – New York, NY, USA
“My income has taken a hit and I just don’t feel I can afford to put on some of these intimate rainmaking events you described,” said Mike during a break in one of my practice management workshops.
Every advisor with a fee-based business has felt the sting of this financial crisis. It’s okay to identify with the first half of Mike’s statement, but the rest of what he’s attempting to articulate is, well, complete rubbish.
Contrary to conventional wisdom, now is arguably the best time to invest in serious, well-crafted high-impact rainmaking activities. Due to the transitional state of the economy and the fluid nature of people’s finances, the amount of money in motion is unprecedented. Unfortunately, too many advisors are either thinking like Mike or simply don’t know what to do. Therefore, by default, big pools of assets are being parked at the large custodians.
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