The Disadvantage of Subscription-Based Financial Planning
We’re all addicted to subscriptions. Netflix, Hulu, Spotify, Apple Music. I even indulged over the holidays and bought our family a Disney Plus subscription. For $7 a month we can now watch every Disney and Star Wars movie ever created. To me, that’s a great value! How can Disney afford to charge only $7 a month?—by Economies of Scale. The cost advantage of selling more products at reduced prices. Disney signed up 10 million subscribers in one day and had added 14 million more just a few weeks later. Their goal is to have 60-90 million paying subscribers by 2024!
The same logic applies to Subscription-Based Financial Planning, in which a user pays a monthly fee for financial advice (for as low as $30/month). How can an investment firm afford to charge only $30/month? You guessed it: by selling more subscriptions! However, while the idea is the same as Disney, the product couldn’t be any more different. How can an investment firm, particularly a smaller local firm, feasibly care for the financial well-being of thousands of clients required to sustain their business model? Will they really take the time to listen and get to know you? To understand what keeps you up at night? To constantly monitor and adjust your customized financial plan based on life events and economic conditions? To meet face-to-face with your family and beneficiaries to understand their needs?
While we continue to enjoy the fantasy world that Walt Disney helped create, Position Wealth understands that real-life demands more than subscriber-level service. You deserve specialized attention that applies to your specific situation, not cookie-cutter advice. Position Wealth helps you discover what actual value will be provided to you and your family. If you’re interested in experiencing the kind of value that we can provide, let’s set up a free consultation.