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July 11, 2019 – 4:26 AM
Elmer Rich III
As marketers, we recognize excellent marketers and Edelman is one. It does take massive investment of time, money and resources to become an advisor-celebrity. He could be selling anything and likely continue to drive mass-marketing success. Ken Fisher plows the same field.
However, (very) few advisors embrace either the celebrity or the mass-marketing business models. Also, Edleman’s pronouncements fit his mass marketing approach and services — not everyone.
Solo practitioners can probably take heart in his (defensive?) statement they are doomed. It’s a very bullish contrary sign. McDonalds has not killed the custom or gourmet burger demand — to the contrary.
Everything else for the wealthy is getting more customized and “artisan” — even beer. Name calling is usually a sign of personal insecurity and doubt.
Great quote from Ric Edelman… “You can’t do 10,000 things,10,000 ways for 10,000 clients.”
So true, but too many advisors try to still be all things to all people. Listening to Edelman’s advice might make them more successful.
Mike Byrnes, President
Byrnes Consulting, LLC