Who doesn't love regulation? At one time, the financial services industry and the airlines were regulated. Everyone charged about the same amount for the services they provided. Competitors differentiated themselves through their extras. Brokerage firms talked about the depth of their research. Airlines offered decent food in coach.

Firms stuck with their specialty. Stockbrokers sold stock. Bankers created loans. Insurance agents sold insurance. When these industries deregulated competition, it drove fees down (and many firms out of business). Companies moved beyond their traditional competencies and competed in other categories.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.

Bryce Sanders

Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He spent 14 years working with a financial services firm as a financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a trustee of the James A. Michener Art Museum, a member of the board of associates for the Bucks County Chapter of the Fox Chase Cancer Center and a member of the board of trustees for Stevens Institute of Technology, and as a church lector. He is the author of the book “Captivating the Wealthy Investor.”