Consider Specializing for Greater Success

If you are trying to be all things to all people, you are likely not to be much of anything to anyone. There is a saying that when you try to do absolutely everything, you are a "Jack of all trades, and a master of none!" As an example of this in the past, a lady from a captive sales organization once called me to inquire as to what she would be able to offer people if she joined our company. She had a long list of things she was thinking about offering, based on the fact that she was so restricted by her present company. The list included life insurance, securities, mortgages, real estate, P&C insurance, vitamin pills, and you name it. I told her that she could pursue almost any other legal business with our company as long as it did not create a licensing problem. I also told her that the strategy of pursuing unrelated disciplines was more likely to lead her to failure, as how could she possibly become great or even really good in that many unrelated areas. Her current dire economic situation was possibly an indication of her general lack of focus in her chosen field at that time.

When a person is trying to accomplish something great, whether business, sports, medicine, or anything else, they are usually massively focused and sometimes their life is a little out of balance as a result. My sister once commented that, while some people have tunnel vision, I looked at life down the barrel of a BB gun. She thought it was funny that I took this accusation as a huge compliment. I love the fact that my focus is clear and observable. It is a trait that I observe in a lot of successful people. During his Hall of Fame NFL career, Raymond Berry, was considered abnormal and a little strange because of his almost obsessive focus on being the very best receiver in the league. He was so focused, his head coach, Weeb Eubank, would sometimes make exceptions for Raymond that he would not make for any other player including Johnny Unitas, their star quarterback. Today, Raymond is always preaching to me about the desired "balance" in life, and while it is a great goal, it can be difficult one for some obsessive types like us.

Try thinking about it this way: suppose you had a foot ailment and were also experiencing heart issues. Would you want your podiatrist to treat your heart issues instead of a cardiologist? I sure would not. I would want the best person I can find to handle each of these important issues. Still unsure? Imagine you are being sued in a civil matter that will require some remarkably complex litigation. Would you want an in-house corporate lawyer handling this matter? Absolutely not! Interestingly, neither the doctors nor the lawyers in both cases would want to handle things out of their expertise. I want to work with a professional in these and other important areas such as plumbers, electricians, mechanics, etc., They should be as engaged and focused on what they do as I believe I am on what I do. Don't you agree?

Yet, so many advisors in our industry want to do everything in addition to the basic financial planning where they have expertise. I believe this is because they are terrified to leave a dollar on the table. Being a complete financial planner allows for a lot of services and sometimes it can make business sense to add a service which supports your main area of business. The best professionals do what they know how to do and then provide their clients with the referrals for the required expertise they need for other services. I want to be the quarterback for my clients, directing them where they need guidance to other professionals I trust and respect. For example, we do not handle car, home, or other property and casualty type of insurance, but I have an associate in that business that I trust which I can give referrals to. He does a fantastic job and never tries to solicit these referrals for anything else. In fact, he sends his financial planning, life insurance and investment clients to us in return.

In keeping with this mindset, If I have a huge life insurance case or perhaps an estate planning circumstance or premium finance situation where major expertise is required, I am going to seek out the most knowledgeable people I can find to help complete the transaction. Further, I am absolutely pleased to split the case with the expert, in order to do it right and make things happen. I have always thought that 50% (for example) of something is better than 100% of nothing. I have seen many people in financial services fearful of losing a dime, who thought they would or could do it themselves but ultimately blow it, giving up thousands of dollars and ending up with nothing. On the other hand, I have a very close friend who is super successful in another line in our industry and refers his life insurance to us. He never concerns himself with how much he is going to make, only with how well his clients will be treated. Coincidentally, my friend is worth well into the 8 figures. You might say he can afford to be this way. I will tell you he became so wealthy because that is the way he has always been in reference to his clients and his focus.

Becoming a top flight financial planning professional will allow you to you build a solid business. Through effort and determination this great focus will help you create a practice and a lifestyle that few others might achieve. A career in this industry where there is massive opportunity and growth potential is highly desirable; the better you are, the better you become, the bigger your opportunities and potential will be. Instead of a jack-of-all-trades, master your desired area of expertise and give yourself a chance to win in a bigger way than you could ever imagine!

 

 

Securities and advisory services offered through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Investment advisory services may also be offered through HBW Advisory Services LLC. HBW Insurance & Financial Services, Inc. dba HBW Partners and HBW Advisory Services LLC are separate entities which do not offer legal or tax advice.

Online Privacy Policy · Privacy Promise · Business Continuity · Important Disclosures · Order Routing · FINRA Broker Check

 

SOCIAL