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Insights | July 23, 2015

‘Everything to everyone’ lacks opportunity.

To help explain, everything to everyone means just that – you will take anyone that comes along and provide any core service it is that they require.

It’s our belief that anyone can go anywhere in today’s connection economy. It’s easy to find an average provider doing everything, so instead of presenting yourself as a generalist, start specializing.

Specializing means looking at your natural market and offering services tailored to this group. For example, let’s look at a handful of natural markets you could begin specializing within – business owners, retirees, pre-retirees, professionals and executives and affluent families.

Now ask yourself: What pain does each specific group experience? What do they need and require?

Pain refers to the problems the individuals face within each natural market. For example, business owners could be helping them extract cash from their business in a tax efficient means so they are not personally taxed at a greater rate.  By conveying your ability as a specialist, you can provide a higher understanding and unique solution offering to better serve this group.

Each natural market wants to know their needs are being handled by a specialist offering strategies specific to the concerns they face with their wealth.

For decades, many advisors saw comfort in the “middle of the road” – the place where the clients were. It’s what felt safe and secure. But today, with so much change, so much pressure and so many new ways to do just about everything, the middle of the road has become the crowded road to nowhere.

This is why you need to specialize to stand out.

 

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