“If you need to take clients golfing or out to dinner, you’re selling something undifferentiated. If someone’s taking you to basketball games, you’re paying too much. Vanguard’s not buying you lunch — but your wealth advisor with courtside seats? She’s charging you onerous fees.”
I saw this in Scott Galloway’s newsletter and chuckled.
It is both funny and true. And a good reminder to ensure we’re in the business of selling and buying things that are differentiated.
