Welcome to this special episode of the Practice-Power Podcast. In this episode I want to give you a briefing on how our San Juan MasterMind meeting went and, I want to share with you some key points from my presentation to the group.

As we all know this profession is changing rapidly. If you can, think back to how we conducted business ten or twenty years ago verses today. If you stop to think about it, there were two forces that made us as an industry evolve. Technology and regulation has had a major impact on our business.

The internet made information a commodity and all your clients now carry a mini Bloomberg terminal in their pocket called a smart phone. They have more data than an advisor did 20 years ago, think about that for a second. FINRA and SEC enact rules that change how we do business and how we can market our businesses.

Trading and information has now become commoditized thanks to the advent of the internet and on-line brokerage.

So what’s next, here is what I believe is going to happen over the next several years:

D.O.L. rules and regulations will cause commission-based products to disappear. Everything fee-based.

Technology and Artificial Intelligence (think robo-advisor/planner) will commoditize the planning and asset management business.

If you don’t plan to be in the business in five years then don’t listen to this podcast.

If want to stick you head in the sand and be in denial, then don’t listen to this podcast.

If you want to thrive and have a real competitive advantage then grab a cup of your favorite beverage and just listen.

After you listen to this episode and if you agree with my vision, I want you to share this will all your industry colleagues.