Is the General Practitioner a dying breed of Financial Advisor?

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.

Ian Whiting

Ian R. Whiting CD, CFP, CLU, CH.F.C., FLMI (FS), ACS, AIAA, AALU With more than 40-years of experience in the industry, Ian has qualified 3 times for MDRT, completed LUATC in 1979, the LUAC Financial Planning Skills Course and attended numerous Schools in Agency Management and Sales Management through LIMRA. He obtained his CLU in 1987 while also completed his IFIC qualification and completed his Fellowship in the Life Management Institute with a specialty in Financial Services in 1988. In 1989, he completed qualifications for his Chartered Financial Consultant designation. In 1992, he qualified as an Associate of the Academy of Life Underwriters (Head Office underwriter qualification) and in 1993 he completed his Associate, Customer Service designation program through LOMA. In 1997, he qualified as a CFP and also completed his courses and exams to obtain the Associate, Insurance Agency Administration designation. In 1999, he completed the study and examinations to qualify as a Trading Officer, Partner and Director for Mutual Funds with the BC Securities Commission. As a result, he is also qualified as both a Branch Compliance Manager and Head Office/Provincial Compliance Officer. He served for nearly 18 years with the Canadian Forces (Air) Reserve (reaching the rank of Captain) primarily working with Air Cadets and was award the Canadian Forces Decoration (CD) in 1982. Long known as a maverick and forward thinker in the financial services world, Ian enjoys the challenge of learning new material and planning for the future evolution of his chosen profession.