Barron's Advisor Dennis Moseley-Williams: Advisors and the Power of a ‘Really Big Idea’
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Dec 3, 2024 Dennis Moseley-Williams, founder of DMW Strategic Consulting, dives into the transformative power of big ideas in financial services. He emphasizes how advisors can cultivate loyalty by creating a strong sense of belonging among clients. The discussion reveals how modern value comes from experiences rather than commodities, advocating for a shift towards impactful client relationships. By focusing on niche markets and fostering personal connections, advisors can nurture deeper bonds, ultimately enhancing their practice.
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Building a 'Cult' of Clients
- Successful advisors build "cults" around a big idea, fostering a sense of belonging.
- This "big idea" transcends basic financial needs and focuses on deeper values.
Examples of Cult-Like Followings
- Greg Bartalos mentions companies like Apple, Tesla, and Vanguard as examples of cult-like followings.
- He notes that Jack Bogle's success wasn't based on traditional charisma but on his value proposition.
Start Small, Think Big
- Start small, focusing on a niche audience with a "really big idea."
- Emulate companies like Patagonia and Nike, which began by catering to specific groups.