In my last blog, I introduced the concept of “strike teams” as a potential solution to the solo advisor trying to be “all things to all eople at all times” – which is, of course, an impossibility.
So what is a “strike team”? STs are groups of advisors – each with their own specialty or specialties – that work together as a team with EVERY client they each bring to the table. Clients and prospects are introduced to the entire team and the engagement is for the entire team. In the ideal world, this team would include specific formal business arrangements with an accredited mortgage broker, a business and personal banker, one or more CAs or CGAs and lawyers (or law firms) that cover all needed areas of professional practice.
I believe that both eisting clients and prospective clients have the right to expect full service from their advisors with the exception of those advisors who choose to hold themselves out as specialists in only 1 area of practice – and the clients know this and understand they have to go elsewhere for the balance of their financial needs. I believe advisors do a dis-service to themselves, their clients and the industry when they try to convince everyone they can do it all – it just isn’t possible, so why pretend?
I don’t see this as a need for every advisor to run around and find like-minded colleagues with whom they can immediately form this type of team. However, I firmly believe this is the way forward for advisors who wish to be at the leading edge of this profession. In closing, I am reminded of a statement I heard about the difference between generalists and specialists (from a few decades back I am afraid but it is even more true today):
A generalist learns less and less about more and more until they know nothing about everything while a specialist learns more and more about less and less until they know everything about nothing.