At Vise, we believe in giving financial advisors the tools to not only automate their investment management, but also grow their businesses. That’s why we recently held our first-ever Vise Evolve Event, an hour-long fireside chat for our advisor community to learn about building a business from world-renowned executives.
The goal of the event, and future ones in the series, is to give our growing advisor community access to insights they couldn’t get elsewhere. We believe that our resources are our clients, and we’ll go to great lengths to make them available at all times. One of those resources is our expert network as you’ll see from this recap.
In the inaugural event, Vise co-founder and CEO Samir Vasavada spoke with two business giants: former Instacart COO/CFO and current Sequoia Capital partner Ravi Gupta, and Michael Ovitz, founder of Creative Arts Agency, former president of Disney, and perhaps one of the most powerful people in show business.
Here are four key takeaways from the discussion that advisors can use to supercharge their practices, and outgun their competitors.
The two most important (and scarce) resources advisors have at their disposal are time and energy. During the discussion, Ravi said that focusing your time and energy on the most pertinent and high-impact tasks is perhaps the most important lesson he learned at Instacart.
For Ravi, that meant focusing on three key things: selling as many groceries as possible, increasing the profitability of each order, and creating an environment where the best people in the world wanted to work.
By simplifying his thinking and focusing on big-picture goals, Ravi was able to help Instacart grow into the behemoth it is today.
Michael sees the challenge of building a business through a similar lens.
“At the end of the day, I like to look at what I call “R.E.T,” he explains, an acronym that stands for relationships, education, and time. The three work together, creating a foundation for a relationship that will pay off for years. For advisors, they should focus on building trust with their clients by first learning about their clients’ specific needs. That trust can help save time and money down the road. Clients will be more inclined to refer their advisor to friends or family, and thereby generate more business for the advisor.
Michael believes that advisors can start building these relationships by asking one simple question, “What can we do for clients that nobody else can do?”
Both Ravi and Michael also say that communication is the key to everything in business. That’s because, once again, constant communication builds trust between a client and their advisor. Staying on top of the news cycle and market shifts, and helping clients make sense of what’s happening fosters a significant level of trust that will only strengthen the advisor-client relationship.
The link between communication and trust is incredibly important, as it’s ultimately what will determine your success as an advisor to clients who need direction.
“Your advice is important, but it will fall on deaf ears if there’s no trust and no connection,” said Michael.
Whether you’re a seasoned advisor or someone looking to build out your client base, one lesson that both Ravi and Michael stressed was the importance of consistency and never giving up.
“Persuasion is about consistency. Consistency of communication. Consistency of doing things for your clients, consistency in letting them know you really care about them. Then they rely on you, and they’re going to refer you to other people,” Michael said.
Ravi recounted one way in which Instacart came through for customers who wanted Trader Joe’s added to the platform. The grocer wasn’t willing to sign up with Instacart’s service, but Ravi says that Instacart’s team found a creative workaround that involved snapping photos of Trader Joe’s products, listing those products on Instacart, and assigning Instacart shoppers to go purchase them for customers outside of an official channel with the grocer. That, Ravi says, effectively satisfied customers’ appetites for Trader Joe’s products.
Similarly, Michael said that his team gained an upperhand by calling prospects at 8 a.m. rather than the industry-standard 9:30 a.m., a simple but brilliant tactic that allowed his agency to secure commitments from clients before his competitors had even clocked-in.
It’s this type of creative thinking that will move the needle for advisors.
The insights from Michael and Ravi are merely the tip of the iceberg when it comes to the resources that Vise offers advisors. And, of course, there’s a lot more to unpack in each session.
This inaugural Vise Evolve Event was designed to give you a glimpse of what’s to come. Consider becoming a Vise Advisor in order to take part in future Vise community events, where you’ll be able to network and communicate with business leaders from across the spectrum.
Vise AI Advisors, LLC is an investment adviser in New York, New York. Vise AI Advisors, LLC is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Vise AI Advisors, LLC only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Vise AI Advisors, LLC’s current written disclosure brochure filed with the SEC which discusses among other things, Vise AI Advisors, LLC’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov.
Please note, the information provided on this website is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs. Please refer to the disclosure and offering documents for further information concerning specific products or services.
Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.
This site may contain forward-looking statements relating to the objectives, opportunities, and the future performance of the U.S. market generally. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward-looking statements or examples. None of Vise AI Advisors, LLC’s or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.
Certain hyperlinks or referenced websites on the Site, if any, are for your convenience and forward you to third parties’ websites, which generally are recognized by their top level domain name. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with Vise AI Advisors, LLC with respect to any linked site or its sponsor, unless expressly stated by Vise AI Advisors, LLC. Any such information, products or sites have not necessarily been reviewed by Vise AI Advisors, LLC and are provided or maintained by third parties over whom Vise AI Advisors, LLC exercises no control. Vise AI Advisors, LLC expressly disclaim any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites.
Any reproduction or distribution of this website, as a whole or in part, or the disclosure of the contents hereof, without the prior written consent of Vise AI Advisors, LLC is prohibited.
Monte Carlo simulations have material limitations. Market movements may be more or less extreme and more or less frequent than those that occur in the model. Certain asset classes and investments have shorter histories than others and may not be as reliable. Market Events and other factors may influence the reliability of the potential outcomes.
All investment strategies have the potential or profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions, may materially alter the performance of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will either be suitable or profitable for a client’s portfolio. There are no assurances that the portfolio will match or outperform any particular benchmark.
Back-tested performance results have inherent limitations, particularly in the fact that these results do not represent actual trading and may not reflect the impact that material economic and market factors might have placed on the advisor’s decision-making if the advisor were actually managing the clients’ money.
Nothing provided herein constitutes tax advice. Individuals should seek the advise of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or any other jurisdiction.