10X better! and for the same price

SPONSORED BY

Happy Saturday!

So, I’ve learned the market is not efficient after all. There are still some huge arbitrage opportunities.

Mainly in paying the same price for something but receiving a completely different value. Arbitrage might not be the right word, but I think its the right concept.

I’ll start with the easy one. Some clients pay 1% AUM and get lots of great service - regular meetings, well-designed and implemented portfolios, a thoughtful digital experience, and great client service when needs come up.

Others pay 1% AUM or even more sometimes and get no service, sometimes even for years, once I saw a portfolio that hadn’t been touched for 12 years… because the advisor forgot to invest the cash.

Across the board, I think clients of financial advisors are getting more value than they have in the past, but there are some getting an “inefficient-market’s worth” of value… and therein lies an opportunity.

All the things you do to make your business better, your tech stack better, your client service better, your client experience better… today, tomorrow… it will pay off (most likely), if you stick with it.

PreciseFP Integrates with Holistiplan

• Read all about it

• Watch a user spotlight:

Ok, the 10X software for the same price?

Trustworthy is $120/yr or $10/mo

Prisid.io is $119.88/yr or $9.99/mo

And to be honest, I thought Prisidio was cool until I saw Trustworthy (thanks to LinkedIn and Adam Wilson for sharing)

Trustworthy is the intelligent digital vault for families

Trustworthy does a much better job of building out the shell of the documents / items you might need to add, has drag and drop AI file analysis, a more intuitive UI, is much more comprehensive… it just feels overall like a much more convenient and powerful tool.

For the same price. I feel like once you had seen Trustworthy, you’d never go with Prisidio. But last week, I wasn’t aware of Trustworthy and it hadn’t come up in my Google searching.

So a lot of the difference in that arbitrage-able value comes down to marketing, i.e. awareness. If you’re the best at a certain price of what someone is aware of, they’ll go with it. But you can’t compete with much better solutions - that is if those solutions have reached enough people, have the SEO, etc to be known.

⬆️ That paragraph has way too many words, but I think you know what I mean.

For example, IMO, and not for everybody… Advyzon is a much better solution than Orion, and half the price (or something like that). But I don’t feel like they’ve done much market blasting, seems to have grown quietly in the background and dominated on the advisortech surveys for many years. I think they’re around 1600 firms. Altruist on the other hand, has done some serious market blasting and they’re over 3,000 firms in a much shorter time frame.

Now when a bigger player makes moves that leads RIAs to want to switch, Advyzon is there waiting. And then Advyzon’s onboarding/service teams get swamped and their service goes down (although I’ve actually been pretty happy with it)

I better trademark market-blasting before Matt Jarvis does. :)

“We would never dream of sending them a risk tolerance questionnaire…”

Stay tuned for my next newsletter with some thoughts after talking with an advisor that serves $50-100mil clients

But I’ll need a week to think those thoughts… so…

Until then,

Joe

Disclaimers:

• PreciseFP is a sponsor

• Trustworthy happens to have easy affiliate links baked in

• Advyzon is just on my mind