It’s that time of the year when vendors are having their meetings and that means you need to understand what you’re walking into.

The vendors want your business and they will do what it takes to keep you on board. Since they’re essentially in the commodity business, they have to come up with reasons to convince you otherwise. One of the ways they do this is to create a Financial Advisor Hall of Fame to provide you with perks and highlight the work you do. This can and should feel great, but it’s a tactic they will use to keep you locked up and make you keep pushing for these benefits.

But it doesn’t always make sense to keep pushing to grow and chase this hall of fame when it comes down to the bottomline of your business. And that’s what it’s all about, right?

So as you go through the episode today, keep an ear out for some of these topics that we cover:

• What really is vendor?
• The ways in which they can try to convince you can be cultish.
• Vendors creating a hall of fame to entice you. Be aware of this tactic.
• Why adding to your team and bringing on more staff doesn’t always mean more money.
• Hear about four Renegade Advisor members that had great success and how they did it.
• Understand what’s at play when you go to these vendor meetings.

For more on this topic and other strategies to grow your business, join us over at AdvisorArchitect.com.

 

Show rundown: 

0:55 – Vendor meetings

2:21 – Cultish behavior

4:22 – Financial Advisor Hall of Fame

6:08 – We’re running a business

7:37 – Four successful Renegade Advisors members

12:16 – Is it worth the time commitment