In 2020, Ford Motor Company plans to relaunch its legendary Ford Bronco. The Bronco model was taken out of production in the mid-1990s after three decades of sustained success and a cult following. The classic Bronco (1960s and early 1970s model) is selling today, when fully restored, for much more than they were sold brand new. In many instances, a restored classic Ford Bronco could cost you $50,000 or $60,000.
I have a good friend Rob whose wife recently bought him a restored Bronco, and when he wants to go in comfort mode and enjoy a nice weekend drive, the two of them hop into their 1970 model and hit the countryside — comforting times for this soon-to-be retired couple indeed.
When my friend got a look at the new 2020 Ford Bronco model, his first comment was about how he loved that it looked like the classic models. However, the exterior appearance is where the similarities ended. As you would expect, the 2020 model has all the technology and safety features we’ve come to expect, like airbags, blind-spot warning, lane-change warning, cameras, satellite radio, anti-lock brakes and better gas mileage. (I wonder if they’ll even have an electric version?) Rob can’t wait to see one on the nearest lot and be one of the first owners of the new car. He said he would feel confident enough with the brand new one to take it on long vacations and even let the grandkids ride inside.
Confidence vs. comfort — there is a difference. The new Ford Bronco has the classic look which initially attracts people, but it also has all the features that are expected today. Not only is Rob confident in the new version, he even said it looks so similar that it still takes him back to that time in his life when things were a lot simpler, and that comforts him too. The best part is he might be able to sell his classic version for more than the new one is anticipated to cost.
Advisors today are at a similar crossroads. A lot of clients are comfortable in their relationship, but what would happen if they saw a newer version of what an advisor could be at the same or less cost — an advisor who has all the bells and whistles of services, coupled with a great relationship?
Clients want to feel confident that their lives are on track and their goals are within reach. Are you constantly evolving your practice to offer the resources that are expected from clients today or are you relying on what your clients were getting from you years ago? Practice management and advanced planning resources have evolved so much over the years that implementing and expanding your offering is simpler than ever.
Here’s to you retaining your original charm but evolving enough to stay relevant in today’s marketplace.