The financial industry is quickly changing such that both customers and organizations have to change to incorporate the new trends in the industry. One of the new trends in the industry is that a significant number of customers want to take significant control of the industry by dictating how investment companies should be behaving. Randal Nardone, due to his extensive experience, understands that most of the customers are very interested in getting products that are tailor-made to meet their needs.
The experienced financial analyst was surprised to find that the traditional products, some of which have been in the industry for a few decades were no longer attractive. Randal Nardone, therefore, decided to conduct a detailed analysis to discover why a large number of customers wanted to get tailor-made products. He was surprised to find a significant number of valid reasons, some of which he had never anticipated.
One of the reasons that Randal Nardone found was that most of the customers wanted to have an input in their investment decision. For a more extended period, financial organizations have been controlling the industry by deciding what customers would get rather than allowing customers to decide the products they would like to include in their portfolio. This was a justifiable reason as some of the customers have significant financial knowledge, and they would be able to come up with some products that meet the market standards.
Randal Nardone also discovered that a significant number of customers in the financial industry wanted to get some products that would suit other investment tools in their portfolio for close monitoring. Providing different financial product was not an attractive option as it left a significant number of customers including an investment tool that is different from other investment products in their portfolio.
Lastly, Randal Nardone also discovered that not all the customers were the same. Traditionally, financial institutions provided similar products because customers were relatively choosy and they would not question the authenticity of a particular product. However, customers have become selective to the extent that it is difficult to provide specific products without consulting a customer.
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