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Today, we’ll discuss a crucial topic often overlooked in our industry: profits.
It's interesting that most advisors don't talk much about household profitability. This is probably because most of us have been taught that there is no such thing as a bad client and that more is always better. However, this is not always the case.
My goal for this episode is to broaden your understanding of what it truly costs to maintain a household in this sector and inspire actionable steps to enhance profitability.
I also discussed:
- (06:40) The first thing advisors need to understand about profits
- (07:16) How do we drive profits?
- (09:31) Why advisors cannot operate as nonprofits
- (10:12) Why we should make it our duty to understand our numbers
- (14:15) Why every household should stand on its own profitability