"That the primary driving force for most new inventions is the need." Another states, "A need or problem encourages creative efforts to meet the needs or solve the problem." So, how does this relate to the financial services industry? Simple, "Houston we have a problem” and it is the Department of Labor and the Fiduciary rule. I believe that this problem, as I referred to it as a solution looking for a problem to fix, is inspiring many of us to re-examine our business, our tactics, strategies, administration, the companies we represent and the public that we serve. We are not the only ones concerned, and it is not just relegated to the "insurance based" side of our industry. Let me give you an example of what's going on.
This morning I had phone meetings with 2 different IMO's and we explored ways to keep advisors and IMO's relevant. I also had a lengthy conversation with the head of an advocacy firm getting an update on the upcoming lawsuits. Later today, I have a conference call with other IMO's that we work with. So, what are we doing? Let’s see…
We are all opening various avenues that can keep us all financially happy regardless of the DOL/Lawsuit outcomes. And, we are inventing new products, software and solutions for both the advisor and IMO. As a matter of fact, I am pretty darn excited that this is all happening. Now, don't get me wrong, I think this all a bunch of phooey. This administration was coming to get us (sorry if I showed my political stripes). But, better they try now and we are prepared for the future. So, yes there was a need and you will shortly see the new inventions.
Here’s the bottom line: don't make any hasty decisions until the dust settles. Make plans, but don't be hoodwinked into thinking that some group has the answer for you. Because... they don't. Just stay tuned and it will all come to life very shortly. And, just in case you thought this saying went out of style and print, let me remind you that Frank Zappa named his 1964 inventive jazz/rock band The Mothers of Invention. This may not have been what Plato envisioned. So, maybe next week we will explore "What goes around comes around." What does that mean?
Until next time... good selling!