Stockbrokers have been around for a long time. The New York Stock Exchange was founded in 1817. In “The Great Gatsby,” Nick Carraway, the narrating character, was a bond broker on Wall Street when he wasn’t attending Gatsby’s parties.
For as long as there have been stockbrokers, there have been people looking for clients — prospecting. Over time, everyone has been looking for the Silver Bullet, the magic strategy that brings new clients, with a minimum of effort.
The Silver Bullet exists. Walmart discovered it. Just be cheaper than everyone else, adjusting your prices downwards if anyone beats you. No financial advisor wants to be the low-cost provider. They want a better Silver Bullet, one that brings prospects to your door, eager to pay full price.