Can You Be a Specialist and Do Better?

Which of these 4 financial specialties are best for you?

Isn’t it pretty much agreed that specialists do better than generalists in most professions? So then why do so many advisors still do a little bit of everything to make a buck?

Part of the reason I think is that few advisors truly understand the concept. There are 4 types of specialty in financial services: Product, Process, Project, and People. Each is a very professional approach. And when you focus on yours, you make your entire business easier, more profitable and get more referrals too.

For instance, you can be a Product specialist in Life Insurance, Living benefits, Group or Money. Then you focus on product benefits and application nuances to fit the right product with the right person in the right way.

You can also be a Process Specialist - like leading with Financial Planning, Business Planning or Cash Flow Management. Here you help people arrange their financials for optimal effect.

Project Specialists meanwhile handle specific financial concepts like Tax Minimization, Retirement Income Maximization, or Philanthropy. They focus on a specific client objective that’s critical to their success.

Finally, there are the People Specialists. These advisors provide a full suite of products and services for a focused demographic like young families, lawyers, doctors, dentists, accountants, contractors, or even people in a specific, geographic community. Specialties can be combined for a hybrid approach too.

The key to consistent high performance is to decide on your focus and stick to it. That’s how to make the most of your expertise, experience, and effort.