White Label Solution Podcast Transcript

White Label Solutions Podcast Transcript

SPEAKERS

Hank Multala, Founder-Adviser First Partners

Hank Multala  00:00

Well, welcome to the podcast. This is a chat with Hank. And I'm Hank Multala. Well, Happy New Year to everyone. And thanks for taking some time to listen to this podcast on this side of the calendar. I'm sure you like all of us had an unusually different holiday season. And I hope this coming year brings you all the joy you're absolutely entitled to. As I mentioned, in other podcasts, I feel it's a better use of your time to spend 10 minutes listening versus a 45-minute phone call. And additionally, if you if you want to share something on a podcast, I'm open to having a chat with you about your ideas. So if there's any continued interests, feel free to reach out to us our adviserfirstpartners.com. Since we're fortunate to have a successful release of the compatibility matching services we provide, we decided to expand those matching services and everything else that is included with it into a white label solution. So you may be wondering, why would you develop a competing but different solution alongside an existing and very productive result. We had numerous discussions with mid and large tier firms, broker dealers, RIAs hybrids, OSJs and multi-partner practices. And we were humbled by how impressed they were with what we had developed. And since we took some time to listen to the needs of the industry, we felt a duty or an obligation to introduce a solution that addresses the needs of the firms that were seeking to build a similar method or have comparable results. If you've visited our site, you know, we were the first to develop and collaborate with psychologists to develop a compatibility matching between financial professionals that were looking to make a change of their present platform, and financial firms that are looking for those financial professionals to join them. And I've used the analogy before. But for those of you who may be familiar with the process, it's like eHarmony dating site, but for our industry. And if you want more detail, you can listen to the first part podcasts in this series, where I provided an outline of that feature of how we run that side of the business. So now on to white labeling. So you may be familiar with white labeling but give me a minute to provide more detail for those who may not be as familiar. White labeling enables a successful brand to develop a specific product, a specific service or solution that they can either use in house or make available to prospects, customers, or the industry. And this in the solution of product is customized with their own brand, their own logo and identity without them having to invest the time and dollars in a technology and the infrastructure that's required in the development. And any firm with a quality brand can benefit on their powerful reputation from having a white label solution. So let me give you an example of white labeling. An amazingly simple one is grocery stores do not manufacture and package their own pasta. They would in turn work with a large pasta company, let's say Barilla, and Barilla would manufacture and make all those, all the pasta, and package it with a grocery stores name, their logo, and their identity. And it's known as name brand products. And then there's something called private labeling. An example of this would be Nike, Nike works with manufacturers that produce all the components of their sneakers. But instead of being an existing solution, Nike does the design work. They have all the components combined into a specific Nike product. So all the parts are sourced from manufacturers and then sold exclusively to the company under Nike brand. And then just for informational purposes. And there's a multi-level approach. An example of this would be a car company. I use a lot of car company analogies because I just love reading and finding out about cars but as you may be aware car companies are not manufacturers, they are engineering firms, they are design and  they're assembly companies so under white labeling, they may work with manufacturers for common parts. It could be windscreens, toolkits, wipers, batteries, and brake pads. They often will use off the shelf items like interior and exterior lightbulbs, tire sensors, plugs and electrical components. And additionally, they may private label items like engine components, exhaust or brake components. And some elite automotive companies will do all the manufacturing themselves because they feel that the quality control that they have is best done in house versus outsourcing. So it's a constantly changing mix of, of white label and private label off the shelf items and self-manufacturing. So I hope this gives you an overview of how products and services and solutions may come to the market. Now, while it's easy for me to say how amazing white labeling is, because the service we offer, it's only fair to address the slight negatives, just so you have the information. But fortunately, you'll realize the pros significantly outweigh the cons. So why shouldn't somebody white label? Well, the first three negatives I'm going to discuss are most often specifically related to manufacturing of a tangible product, let's call the product the widget. So if you're creating a white label widget, you may experience inconsistency in quality, because you have less control. So a producer of a product may not follow the same procedures in building the product which results in some inconsistency. It also you can have problems in purchasing and repackaging of products, which results in a larger inventory. And again, a physical product. And finally auto liability where someone could get sick or injured or killed. And again, it's a physical product. on the technology side, there are some slight negatives. First ownership, you don't own it. So you can't it can't be repurposed. It can't be resold; it can't be shared with others. And there may be some limitations to making great capability changes with it without some capital infusion. But quite often that can be easily negotiated. The other negative is it is not good for exceedingly small companies, as you do need some brand presence or some awareness in your industry. So if your company has no brand presence, or is limited industry exposure, the thought that adding a white label or even a private label product will do something, it does nothing to immediately increase brand awareness and exposure with your industry. So those are, those are the negatives. And really for technology, it's the ownership. And it's, again, it's not good for the smallest of companies. Now, the benefits, and there's several of them. And at the end, I'll go over specifically how white labeling our services can be of a great benefit. And the benefits are really categorized under three general areas. Speed, ease, and cost. And at times you'll see an overlap of all of these. So let me let me give you just a quick list of this. First white label products are ready to go off the shelf. So you have faster startup, you have quicker speed to the market, which obviously can give you a competitive advantage. It does boost visibility and capability of a brand. And it's cloud supported, and service supported by our firm, white label products are a complete package again, you get quick and it's the quick and easy. You can customize with your brand, your logo, and your identity, you're going to gain features and functions that would be prohibitive to build. So you're not spending the time and money in developing tools and solutions that already exist. Because it's a complete package that also helps you get to your end goal without months or even years of development and the products have been evaluated. So there's no need to waste a lot of time for no reason, there's no need to worry about making mistakes, because others have made those mistakes, and now they've mastered them. Another area is you avoid spending substantial amounts of human and financial capital. So there's no need to dedicate staff to spend most of their time on a project that takes them away from other duties and obligations. So it allows you to focus on the core competency of your business without disruptions to existing workflows or revenues and the resources that you save can be used elsewhere. So there's no need to invest in the infrastructure and technology creation around the solution by hiring a developer. It also allows for it eliminates a lot of the troubleshooting and you have a quicker learning curve. And if you take all these factors that I had just discussed with regards to being a complete package, you know is ready to go off the shelf. and avoiding spending the enormous amounts of human and financial capital. If you take this upon yourself, we all know that all the above can derail even the best efforts and financial budgets of any project. So, who should consider using our white label services? And so as growth needs surge, and broker dealers, hybrids, RIAs, financial firms, OSJs, as they look to create business development processes in efficiencies, they look to consolidate information, and perhaps a look to showcase practice solutions over a larger territory, even nationally, they will seek a single platform to consolidate all this, as well as integrating into that platform, their podcasts, their webinars, their news, and any marketing content that's been created to formulate this into one solution. And quite often, all these solutions are housed on numerous platforms with no means of a simple integration into an efficient manner. And the challenges again, associated with developing such a combination from scratch, are often prohibited by the time constraints and the financial commitments and the human capital commitment to this. So as a broker dealer, the hybrid, or RIA, financial firm or OSJs, the only two solutions really exist. One, you can do nothing, and you can piecemeal things together, or to spend big dollars or to spend big dollars, I'm sorry, combine those two things in one. So you can piecemeal things together, you can spend big dollars, there's zero in between. And this is where our white label services can help. We have the solution you're pursuing. We've built the infrastructure to expand our successful model into a white label solution that can be completely customized with your brand, your logo, and your identity. Think about the rapid deployment, the ability to consolidate, and distribute all the business development efforts I had mentioned before and the marketing into one platform, with the opportunity to deliver the compatibility matching we have made available between advisors visiting your site and considering your firm against all the uniquely different business models and locations represented by your firm, again, at a regional or at a national scale. And most importantly, you need to recognize the efficiency and the control this creates to reach or exceed the business development goals you have set forth. So I want to thank you again for taking time out of your schedule to listen to this podcast on how white labeling can create the efficiency required to streamline business development functions into a single platform. I'm profoundly grateful that you let me bend your ear for the brief period. To find out how we can create solution for your business we'd be happy to chat. And as I stated in beginning if you want to share something on the podcast, I'm happy to have a chat. You can contact us at adviserfirstpartners.com, you can reach out to us at 855-502-8919. And please subscribe to our podcast. So good luck in your search. Thanks for listening. Take care.