United Capital's FinLife Platform Hits $22.5B

In 2018, United Capital released FinLife CX so third-party advisors could integrate their own data and other tools with those of several client relationship management systems.

'Value Is Perception'

At last week's Inside ETFs conference, Duran told a large crowd of advisors near Miami: The value of advisors isn't their impact on "average clients, because they don't exist," he said. "All of us live once-in-a-lifetime experiences."

Think about "what you do in terms of the client experience and deliver it" accordingly, said Duran, pointing to firms who excel at this like Starbucks, Apple and Southwest Airlines.

"Value is perception, not reality," said Duran. "Price is fact. Value is perception 100%. And it's driven by how [that value] delivered, how it's explained to you and how it's experienced."

When your clients ask themselves if your work as an advisor is worth the fee, they reflect on the client experience. Their view? "They must feel it's worth it, which is what great brands understand."

What's your biggest enemy to growth? "Not being good enough," Duran said. "What you were doing a decade ago does not cut it today, and it won't be [so] for the future. The market will evolve, so … change before you have to."

— Related on ThinkAdvisor:

• Joe Duran: Asking for Referrals Is 'Demeaning and Cheap'
• Here's How Much Money Americans Need to Be 'Wealthy'
• United Capital Delivers a Richer Digital Client Experience