Necessity Is The Mother Of Invention

We’ve all heard the phrase, "Necessity Is The Mother Of Invention" before. It is said that this phrase first appeared in the dialogue "Republic" by the ancient Greek philosopher Plato. But, what exactly does it mean?

The phrase has been the subject of different interpretations, as it was first written in Latin. Here are some of the meanings I found:

• "That the primary driving force for most new inventions is the need." 
• "A need or problem encourages creative efforts to meet the needs or solve the problem."

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How does this relate to the financial services industry? Simple, it is the Department of Labor and the Fiduciary rule. I believe that this problem, as I referred to it as a solution looking for a problem to fix, is inspiring many of us to re-examine our business, our tactics, strategies, administration, the companies we represent and the public that we serve. We are not the only ones concerned, and it is not just relegated to the "insurance based" side of our industry. Let me give you an example of what's going on.
 
This morning I had phone meetings with 2 different IMO's and we explored ways to keep advisors and IMO's relevant. I also had a lengthy conversation with the head of an advocacy firm getting an update. Later today, I have a conference call with other IMO's that we work with. So, what are we doing? Let’s see…
 
We are all opening various avenues that can keep us all financially happy regardless of the DOL/Lawsuit outcomes. We are inventing new products, software and solutions for both the advisor and IMO. As a matter of fact, I am pretty darn excited that this is all happening. So, yes there was a need and you will shortly see the new inventions.  
 
Here’s the bottom line: don't make any hasty decisions until the dust settles. Make plans, but don't be hoodwinked into thinking that some group has the answer for you. Stay up to date on information.

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Until next time… good selling!
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Raymond J. Ohlson
Founder & Retired CEO
Ohlson Group
​1-877-844-0900