A Tale of Three Vendors

Photo by Nadine Shaabana on Unsplash

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The market for financial advisors is becoming increasingly competitive. More advisors compete for every opportunity.

In this new environment, rapid adaptation to new ways of doing business is critical. This means adjusting to commonly used technology.

Maximizing Zoom

The shift to videoconferencing is the most glaring example. For a relatively small investment, you can have a very professional set-up for your home office. Just having access to Zoom isn’t enough. If your audio sounds tinny and you have a low-quality video camera, your credibility will suffer.

Recently, an advisor had a Zoom conference with me. His background was his bedroom. It was difficult to take him seriously. Apparently, he wasn’t aware that Zoom gives you the option to create a virtual background.

I’ve had three other experiences with vendors seeking to assist with my new book, Ask. They all wanted my business.

Check out the stories below. They illustrate the need to adapt and be flexible.

Be open

Negotiations with potential clients require more flexibility. I recently had an experience where this flexibility was lacking. It cost the company my business.

I was all set to retain a company to help me market Ask. It had an impressive presentation and was cost-effective. I asked them to send me their agreement. When I reviewed it, I found an arbitration provision permitting them to designate any location in a given state where the arbitration would take place. Theoretically, they could require hearings in the basement of the home of its president. There were a couple of other one-sided clauses.