Imagine you are in one of those 80’s action movies like James Bond or a Indiana Jones and you are trapped inside a room made of stone, it’s cold and dull and you are not comfortable, you feel something is wrong, now you notice the walls started moving in towards you, clearly designed to crush you, you can hear the stone walls grinding against the floor as it moves in the sound is piercing, like fingernails scraped down a chalkboard, you push hard against one of the walls then the other to stop them but they are to heavy, and the momentum is against you.
You look around a room and there’s nothing you can do there’s no exit no way to get out and no matter how hard you push you can’t stop these walls moving in, they getting closer now and you can put your arms out and reach both walls, you spread your legs to try and stop them and they keep moving towards you.
Now freeze that image right there, pause the picture and sound and step out of the picture and look at yourself standing there with your arms out.
What is the expression on your face look like?
What advice do you have for the person in that picture?
Right now many advisers the feeling this way in their businesses, the stone represents things that are set in stone, one of the walls represents the changes we have seen in our industry and the momentum means we are not there yet, we still have 2 more years before the changer we know about come into effect. In no particular order: fee disclosure, best interest, opt in, life insurance framework, education standards, national exam, fee for service, FOFA, the list goes on.
The other wall represents your business cash-flow, cost to service going up, cost of not servicing high, stuck in unforgiving bad systems that slow you down, and the only way out of this shrinking room is through technology and efficiency.
Systems and processes that free up your time, reduce your cost to service and help you have a stronger engagement with your clients. These products, systems and processes are out there we have seen then, researched them and will continue to do so as they enter the market.
Think about the advice you gave yourself before?
If you are looking for a way to exit the pressure of being trapped between a rock and a hard place, let’s have a conversation.