With all the different firms that are out there, it is probably a good guess that there are hundreds of thousands of financial advisors practicing in our country at any given time. That is a lot of competition. We have to compete for business with people who are sitting next to us, on another floor or another firm.
As if the competition was not enough, we also have another hurdle. Commoditization. We, in our opinion, are in a commoditized business. If you ask “Joe Investor”, they will probably tell you that all advisors are the same. After all, we all sell mutual funds, insurance, and other products, right?
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