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Jeff Bezos, founder of Amazon.com, has shared numerous times how he believes Amazon.com became such a success. It has to do with asking the right question. Bezos said:
I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two…
Amazon’s success lies principally in the knowledge that people prefer fast delivery at low prices. And that focus has driven Amazon’s initiatives. What drives your philosophy and business initiatives as a financial professional?
What WILL Change for Investors?
We know that investors’ focus and goals change over the course of their lifespan. It may begin as saving for a home, then move on to education for children, creating a stable retirement income stream, and building a lasting legacy.
Investors may change how they prefer to interact with their advisor. They may prefer in-person meetings at times, phone/video calls at other times, and texts at other times. They may change how often they want to meet/interact with their advisor.
Investors may change their preferences for food, shopping, hobbies, where to live, and even what they value in life.
But there are several items that do not change for investors. And that is where advisors should invest heavily in – because those are enduring.
What WON’T Change for Investors?
We all invest in our businesses. Investment often requires money, but it is also the investment of our time, attention, and priority. Are you investing in things that won’t change over the coming decades? That is where you are likely to get your greatest ROI since the duration is extensive.
- Investors will always prefer less stock market fluctuation to more. We can’t control the amount of fluctuation in the markets, but each investor can control the amount of fluctuation he or she experiences.
- Investors will always prefer certainty to uncertainty. The very fact investors tune into forecasts is evidence they want certainty about an uncertain future. Unfortunately, they often fall for the illusion of certainty, which can be a very costly practice.
- Investors value peace of mind and confidence over anxiety. The media doesn’t make this easy as they thrive on the emotions of investors to tune in. Understanding the plan and creating conviction in the plan can produce the confidence investors need.
All of these issues can be addressed through effective and consistent sharing of investment truths and correct perceptions. How much time do you spend (time, money, and attention) in your business resolving the above…those things that won’t change for investors? It may be worthwhile to consider your plan for 2024 and how you may effectively address the above points.
Related: 4 Questions Every Advisor Should Review With Their Clients