I kicked off this week in Charlotte with clients and friends, where we were also accompanied by absolutely perfect weather.

This week represents a bit of calm before the storm as conferences ramp up to the next level this coming week.

If you're anything like me, the 4th quarter is absolutely packed with all kinds of activity.

Here's hoping that you are crushing everything you need to do and really getting ready to make the absolute most of this next 2.5 months.

About a year and a half ago, the major shift I made was to make sure that all of my annual planning was done before Thanksgiving because it's an absolute disaster to try to plan anything in December.

This week's newsletter focuses on one of the world's premier brands, how it's struggling, and why it's struggling to get its footing in 2024.

Here’s this week’s Connected Advisor.

1. How Nike Lost Its Footing—and What We Can Learn

2. Delivering Reliable Value in Financial Services with Mark Weiskind 🎧

3. Bookmarks

   1. Wispr Flow: Bringing an AI-Driven Walkie-Talkie to Work

   2. CurrentClient Wins XYPN Fintech Competition

4. Milemarker On the Road ✈️

Let’s go.

How Nike Lost Its Footing—and What We Can Learn

Quick question: When was the last time you laced up a pair of Nikes?

For decades, Nike has been the go-to brand. The iconic swoosh. “Just Do It.” Michael Jordan flying through the air. Chances are, you’ve got some Nike gear in your closet right now.

But here’s the thing: Over the past few years, Nike has been stumbling. Their market cap has taken a hit, dropping significantly from its peak. Meanwhile, new brands are sprinting ahead.

So, what happened?

Let’s rewind.

If you’ve read Phil Knight’s memoir, “Shoe Dog,” you know Nike’s story is all about grit, relationships, and partnerships. It was built day by day, handshake by handshake. Nike didn’t just make shoes; they forged alliances with retailers, suppliers, and athletes. They created an ecosystem.

Then came a shift.

Under CEO John Donahoe (former eBay chief), Nike decided to go all-in on direct-to-consumer sales. They started pulling their products from big retailers like Dick’s Sporting Goods, Zappos, and Amazon. The idea was to control their brand narrative and boost profits through their own channels—like the SNKRS app and Nike’s own stores.

Sounds like a smart move. Cut out the middleman. Own the customer relationship.

But there was a catch: When Nike stepped back, other brands stepped up.

Enter the new players:

• Hoka One One—those chunky-soled running shoes you see everywhere now.

• On Running—the Swiss brand with the funky soles.

• Allbirds—comfortable, eco-friendly kicks.

• Brooks—no longer just for die-hard runners.

These brands filled the shelves Nike left behind. Customers tried them—and liked them. Some even loved them.

The Lesson?

Isolation can be costly.

By fencing themselves off, Nike lost the ubiquity that made them a household name. They underestimated the power of partnerships and overestimated the loyalty of customers in a market overflowing with choices.

What Can We Learn?

1. Don’t Burn Bridges

Partnerships amplify your reach. When you isolate yourself, you might keep more control, but you also limit your exposure. Collaboration can be a powerful growth engine.

2. Diversify Your Channels

Relying on a single path—whether it’s direct sales, a specific platform, or a single client—is risky. Spread out. Be where your customers are, not just where you want them to be.

3. Stay True to Your Roots

Remember what got you here. For Nike, it was community, relationships, and being accessible. They built a brand with people, not just for people.

4. Adapt Without Abandoning

Embrace new strategies, but don’t ditch the old ones that still work. It’s about integration, not replacement.

Looking Ahead

Nike has the opportunity to course-correct. Re-engage with partners. Balance direct sales with broader distribution. Rebuild the ecosystem that made them a titan in the first place.

Over to You

How does this resonate with you? Are there areas in your business or life where you’ve isolated when you could have collaborated?

And on a lighter note—have you found yourself wearing new shoe brands lately? Maybe a pair of Hokas or Ons? Where did you discover them?

Hit reply and let me know. I’m genuinely curious.

________________________

On the Pod: Delivering Reliable Value in Financial Services with Mark Weiskind

In this episode, KVP talked with Mark Weiskind, Founding Partner and President at Fairway Wealth Management. Since helping to establish the firm in 2002, Mark has been dedicated to providing clients with world-class, high-touch, independent, and objective advice. We discuss how smaller firms can offer comprehensive financial planning without joining large platforms or consolidators, and how technology plays a crucial role in streamlining processes and enhancing the client experience.

Key Takeaways:

• Reliable Value Through Controllable Factors: Focusing on tax efficiency, cost reduction, and behavioral guidance offers consistent value to clients.

• Tax Optimization as a Key Value Add: Advisors can significantly impact client outcomes through effective tax strategies.

• Strategic Use of Technology: Leveraging technology enhances efficiency and improves the client experience when used thoughtfully.

• Competing as a Smaller Firm: Personalized service, strong client relationships, and investing in employee development allow smaller firms to stand out without joining larger platforms.

Notable Quotes:

• “For most firms in our industry, the value proposition is based on aspirational concepts and predictions—things investors and advisors don’t have any control over. We focus on things that are controllable, where the value is reliable and consistent.” — Mark Weiskind

• “I think the way to succeed is by being hands-on and really just serving the heck out of your clients. As a small boutique firm, if you can exceptionally do that, you can truly differentiate yourself as an advisor.” — Mark Weiskind

Listen to Episode

⚡️Bookmarks

Wispr Flow: Bringing an AI-Driven Walkie-Talkie to Work

Over the past couple of weeks, I’ve been trialing a new application made by the team at Wispr. This application allows me to program a key on my computer and use voice dictation to speed up my ability to create content throughout the day.

The cool thing is that it integrates with my email, Slack, texts, and all kinds of applications, giving me a seamless way to input content and make adjustments. Even better, the team at Wispr has been excellent at taking feedback, making adjustments, and shipping new updates.

It’s worth a try if you’re curious about how to speed up your work.

Use the link below to check this out.

Current Client Wins at XYPN Fintech Competition

I entered and won the XYPN FinTech Competition back in 2018. It was way more fun than I expected.

Today, I’m a big fan of this event and am thankful to Alan Moore, Michael Kitces, Bill Winterberg, and the other judges who make it possible. I believe our industry needs more innovative work and should inspire innovators to achieve excellence.

Dustin Belliston, who runs CurrentClient, is an exceptional founder, and his product is truly outstanding. I highly suggest you check out CurrentClient because I fundamentally believe it will change how you communicate with your clients.

Congratulations to Dustin and to everyone else who was nominated and participated in this year’s competition!​

Check out CurrentClient here.

Milemarker on the Road

Catch our team on the road at the following events or cities:

1. October 23-24 - Nashville, TN

2. October 25 - Charleston, SC

3. October 28-30 - San Francisco, CA

4. November 4-5 - New York, NY

5. November 11-12 - Charleston, SC

6. November 12-13 - San Diego, CA

7. November 12-14 - Arlington, TX

8. November 18-20 - San Francisco, CA

9. November 21-22 - Omaha, NE

10. December 4-5 - New York, NY

11. December 9-11 - Las Vegas, NV

If you’re in any of those cities and want to arrange a meeting time, reply to this email, and we’ll get something on the calendar.

Jud Mackrill