Exponential Technology: How to benefit from it and not get obliterated by it


Steve Sanduski: The fee advisors can charge to manage money is heading toward ZERO.

Steve Sanduski: The fee advisors can charge to manage money is heading toward ZERO.

A select group of forward-thinking advisors have figured out how to grow 100 to 200% per year. And they’re nailing it!

By contrast, most advisors are focused on trying to grow 10 to 20% per year. Unfortunately, that’s a very crowded highway.

Today’s podcast is all about understanding the concept of exponential technology and how you can incorporate it in your business to accelerate your growth, your profitability, and keep you relevant for years to come.

(Download transcript here)

In this episode, you’ll discover:

  • Why your mindset is a more important asset than time.
  • How a deep understanding of the “6 D’s of Exponentials” will prepare you for explosive business success.
  • Why the marginal cost of sales and marketing is heading toward zero and what that means to you.
  • How a simple exercise called “Add a Zero” can completely change your thinking and your business results.
  • Why you can’t just redesign your process, you have to reimagine the entire client experience.
  • Why radical pricing transparency is critical to your future success.
  • How to move beyond helping clients reach their goals to making a profound impact in their life.
  • The three things you can do that will never be obsoleted by technology..and that you can charge for.

Settle back because you’re in for a ride and a glimpse of the future of advice.

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To listen to all the podcast interviews in your car, on your phone, or at the gym, go to iTunes or your podcast app and subscribe to the Between Now and Success podcast. It’s super easy and pretty soon you’ll be ditching radio and just listening to podcasts!

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Got a question? Email it to me and I’ll give you my take on it. 

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Steve Sanduski, CFP® is a FinTech entrepreneur, New York Times bestselling author, podcast host, and international speaker.
By | 2016-04-07T21:47:57+00:00 June 21st, 2015|

2 Comments

  1. Greg Desmond June 23, 2015 at 12:34 pm - Reply

    Love the recap and all your interviews. Thanks for sharing.

    We are looking into the possibility of add a “robo” solution but are not impressed with Betterment. They still have a ways to go. They really are not ready for prime time yet. Although, I am sure they will get there. Also, costs to advisors have to come down. 25bps to the advisor vs 15bps to the consumer. Really? Even though they will brand it for you, Betterment is clearly visible in many screens.

    B to B is a great way to go, I think Trizic’s offering is awesome for RIAs – i.e. ability to create your own models and execute through your own custodian, billing is tiered so you can create your own schedule (unlike Betterment). Performance reporting is still fairly lame (as is Betterments). But Trizic starts at 10bps and goes down to 5bps. Hope they have the cash to make it. Love to see if Wealthfront rolls out a B to B that is cost effective for RIAs. I like their format.

    The flipside to this is just create our own robo. We have EMX already, we use RedTail CRM and Morningstar Office internally for performance reporting. Only thing we are missing is a good rebalancing software (looking at TRX) and onboarding software. On boarding electronically is practically here, Fidelity (our custodian) is rolling out new stuff all the time. I know the TD has made good strides on this as well.

    Best of luck to you now that you left Carson and have fired up your own consulting arm – you have added a lot of great content fairly quickly. BTW – hard to believe Carson is charging 1.8% for the first $2M AUM. That model has got to be under serious pressure…I am sure he is scrambling trying to figure it out.

    Best,

    Greg

  2. Steve Sanduski, MBA, CFP® June 24, 2015 at 5:31 am - Reply

    Thanks for the very nice feedback, Greg. Have you looked at Jemstep for onboarding? You can also use your own models with them. They may not be setup with Fidelity yet, though.

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