Custom vs Off the Shelf

In reference to my last article about value, I came across this article in the WSJ about how fitness buffs are automating their gym experience rather than accepting the workout regimen they have always been offered.

Lawyers are seeing it from LegalZoom, stock brokers are seeing it from any number of online trading platforms, and accounts are seeing it from Quickbooks, there are low cost off-the-shelf solutions available for people that don’t require customization.

But complex problems demand skilled practitioners that know how to customize solutions for demanding clients. These folks can demand higher fees because no off-the-shelf solution is available. In the case of the gym, they need to find ways of creating a bespoke experience that people will pay for.

In the case of real estate, I predict that smaller deals will eventually become automated as complicated transactions demand high intensity solutions. And the fee structures will follow this divide.

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