How Advisors Can Take a Lesson from Batman
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Clearly there is an opportunity for advisors to leverage Batman’s uncanny ability to adapt and prepare.
He first jumped from the DC comic books to television in 1966 as America’s “Caped Crusader.” For three years and 120 episodes, Batman (a.k.a. Bruce Wayne) captivated our youth with his relentless pursuit of the world’s most notorious supervillains. Each week at the episode’s conclusion, Batman left his viewers holding their breath in anticipation of how he would escape certain death or being unmasked.
With Hollywood’s insatiable appetite for re-booting and re-energizing our favorite comic book heroes of the past, Millennials and Gen X-Y-Zers have had an opportunity to appreciate Batman’s ability to adapt and prepare for anything his adversaries throw at him (maybe with a few more special effects and 3D graphics than I remember from the original series in the 1960s). Over the years, his utility belt was equipped with over 45 at-the-ready, unique solutions to defeat his enemy’s most diabolical threats.
Herein lies the lesson for today’s financial advisor. Adapt and prepare. The proliferation of index funds, SMAs, TAMPs and robo-advisors, have led many to believe the business of asset management is becoming commoditized. Advisor fees are being compressed, flat versus asset-based fees are on the horizon and clients and prospects are demanding their advisor bring additional value beyond simply picking investments, asset allocation and money managers.