The Quarter Inch Hole?
We recently read a post from Jason Fried (of 37Signals) where he quotes Harvard Professor Theodore Levitt. “People don’t want to buy a quarter-inch drill they want a quarter-inch hole”.
How often do Advisors talk about the drill, whether it’s performance, the zephyr analysis or the “rank in peer group”? Sure there is a portion of the investing public that cares about the drill. They need to know how many RPM’s it has and how much torque it can produce. But what do most participants really want to know about in the end? Will they have the hole they desire? Will they have an outcome they can track and understand.
In our estimation we have access to more funds, ETF, stocks, bonds, mutual funds, REITS, LP’s, UIT’s, BDC’s (and I can go on and on) now that at any other time in the 18 years we’ve shared in this industry. We pit one against the other in the hopes of winning the “Portfolio Envy” game.
The question we are facing recently is “What kind of hole can we deliver”? Can we scale it and can we track it? Can we make a profit? Who will benefit and how can we demonstrate that success. Can we attract, motivate and retain the “Next Generation” of local advisors to execute the plan. Can we survive the onslaught of regulation and media noise?
Hilti Products from Germany are the finest made and most expensive construction grade drills in the world. They have been marketed to deliver the most holes at the best price while maintaining their placeholder as “most expensive”. Perhaps we can too?
Let’s continue our conversation about the hole and let the drill talk cool down a little. Click Below For More!