This has been struggle for countless advisors over their careers. It’s always exciting exploring different markets and my advice would be to focus on what specific problem you want to fix — not the products.
I’m thinking specifically of your comment: “the idea that I can be a valued and trusted resource for a family over a number of years really excites me.”
This is where you should start!
You seem passionate about working to acquire longterm relationships; gear your practice to cater to those looking for the same. This may mean picking up another skill set; however, be very careful not to over-complicate your business chasing potential profit through offering additional products. This is typically a long road that leads to frustration and burnout. Look for natural product integrations and outsource the rest. (Everything else is a distraction.) When we focus on products as advisors, we quickly become substitutable in the eyes of our customers by offering a commodity. Instead, focus on what problems you want to solve for a specific group. When you become the expert is a specific area, people talk, referrals flow, and business becomes both more predictable and profitable.
The lifetime value of a client is exponentially more valuable than the initial commission of your first sale to them. People purchase life insurance seven times throughout their lifetime; unfortunately through five different advisors. The industry lie that you need to sell more, increase the total commission value of each client, or expand your product offering is simply not true. If you serve your clients well, they will tell their friends and family. If you sell your clients products, they will soon become someone else’s client.
In order to become your clients’ lifetime advisor, your message and value must be clear and easy to communicate. In any profession, those with the highest levels of specialization are able to earn the most. So specialize and remember, riches are made in niches.
Best of luck,