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February 28, 2007 at 07:00 PM
It’s official. Times are changing, business is evolving … and so is the traditional financial services firm model.
In the not-so-distant past, being a “specialist” was the coveted title. Brand yourself as the “tax specialist” or the “retirement planning specialist for seniors,” and that becomes your business model. Although being a specialist is important, there is one problem with the business model – it’s too defined, too specific, and by virtue of the name alone, will exclude you from becoming the firm of choice by many prospective clients.
Why? It tells your prospects you handle one thing, and one thing only, and as far as the rest of the details pertaining to developing an entire financial solution… well, prospect, you’re on your own.
A financial advisor is not the only professional that is important in developing a comprehensive retirement and/or financial solution. Other professionals are equally as important and your prospects know this. They understand estate planning and tax planning are necessary, along with the financial planning component, to create a comprehensive, holistic and sustainable financial plan.
So when your prospect is faced with the decision to choose a specialist that does only one thing, or to choose a multi-disciplinary practice – where tax, legal, and financial planning professionals work together, under one roof, on its clients’ behalf – which model do you think sounds more attractive to your prospective client?
