Did you read the “most read” article on Producers Web in 2013 about financial advisors going extinct?
As of today, June 2, 2014, the”Advisor Extinction” article that I wrote has been read over 43,000 times by financial professionals like you on ProducersWeb alone, so clearly this touched a nerve in the financial services industry. My personal gut tells me that it went “viral” not just because of the provocative title, but the analogy I use throughout the article comparing travel agents to financial professionals is too eerily similar not to take my view somewhat seriously.
Now I don’t proclaim to be a prophet by any sense of the imagination, nor do I believe that any contrary opinion to mine is immediately wrong. Likewise, I don’t get any joy or satisfaction from proclaiming that many financial professionals will become extinct if they don’t adapt. However, I strongly believe that what I am predicting about many financial advisors going extinct will most certainly occur. The question for me is not so much “if” but “when”…
Which financial professionals will survive the “Extinction Phase”?
Although the title of this e-book seems quite gloomy, there is a really exciting silver lining for a large chunk of financial professionals. Mainly, those who adapt with the times. Similar to travel agents who saw what was happening to their outdated business model and took charge to change with the times and create “digital travel agencies” like Travelocity, Priceline, Expedia, etc, there will be individuals and groups in the financial services industry that capitalize on this shift and make a killing. In fact, I am predicting that this shift will create an explosion of “MEGA-producers” and “MEGA-producer groups” like nothing we have ever seen before. Of course, the sad part is that these MEGA groups will be profiting off of the financial professionals who don’t adapt and stubbornly try to stick to the old ways of doing things just like the very last wave of travel agents did before they woke up unemployed…
I highly encourage all financial professionals to take the time to read this powerful e-article. Whether you are an insurance agent, a registered rep, an RIA, an insurance carrier executive, or an insurance distribution company, you will get value and insight from this.
Download the “Financial Advisors Going Extinct” article instantly by clicking on the e-book cover below.
P.S. – Stay tuned for news on a completely new (and certainly controversial) book that I plan on publishing that will further discuss this financial professional extinction phase. But more importantly, this book will contain some powerful chapters on how to avoid extinction and to capitalize on the weak financial professionals who don’t adapt.