The one-stop shops formed in the late 90s after Glass-Steagall was repealed dulled the senses of the investing public. It bred confusion. Today, this has resulted in less clarification of services. This has made it harder for advisors to differentiate themselves.
Advisors know that having a successful advisory practice takes dedication. It also requires some conscious decision making. What kind of business are you really doing? If you are providing a service that is general in nature and covers more ground, then having a well-defined process is key.
Otherwise, it will be hard for people to know what you really do. If you have a well-defined process, it is essential to have every detail of that process solidly within your expertise. Otherwise, it’s easy to spread yourself too thin and offer a level of service to which your clients will not stick.
This is such an imperative that it would be better to abandon the entire business focus if you are not willing to ensure that every detail of your process is fine-tuned and mastered. Yet, many of the most successful advisors have chosen to appeal to a few clients who fit right within a particular niche
. This breeds trust from investors. They feel that someone who specializes in a particular area may best know their particular needs.
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