Upscale
"Upscale." "High-end." Advisors seeking information from the Research Network often use these terms when they make their requests at their clients’ behest. But do your clients have any sense of what these terms mean when they say them? High-end does not merely mean that the items or services provided sell for a higher price, an assumption I’m getting when an advisor merely "passes through" the clients’ question (not a good idea, by the way.) Upscale means that the product being sold is not only more expensive but also of a higher quality than the average product of its type. In the service sector, it means a greater amount of time and effort being exerted. The client cannot just slap a higher price tag on what they are doing and expect to receive it, at least over the long term. There are some industries that are more mature, so that the sense of upscale is well-defined. The restaurant industry has codified upscale. Restaurants are divided into limite...