Even family doctors have a specialty. It’s a very important part of the system and necessary for “Ologists” to prosper. General practitioner family doctors are expert “diagnosticians”. They need to recognize what’s wrong and get patients the best help. They work hand in hand with specialists to give the best possible medical care to their patients. It’s a good model for the financial advice business too.

There are three levels of financial care just like in health care: primary, secondary and tertiary. Primary care doctors (general practitioners) provide entry-level advice. Primary care financial advisors do the same. They direct clients to specialists to handle complicated problems. Secondary care specialists (the “Ologists”); handle more complicated problems and their solutions. Tertiary care sub-specialists, handle the fine details necessary for the most difficult challenges. So, while neurologists specialize in the nervous system, some do brain surgery and others reconnect severed nerves. The same is true in this business.

The best “family financial advisors” specialize in the general needs of the family. They are experts in the solutions to the most common family financial problems. They lead a team that gets the best job done. They know the experts that best suit their clients and how to coordinate the team to build financial health and prosperity. Each team member sticks to what they know best.

Team leadership is vital to clients and the industry. It’s also a misunderstood role. General practitioner does not mean “Jack of all Ologies”. Done right it means “Leader of the Team”. Do you have a team?

The late great Ben Feldman said years ago: “The business is a mile wide. My business is just an inch wide… but a mile deep.” It’s even truer today, except the business is even wider today.

Your business can be a mile wide and an inch deep. Or, it can be an inch wide and a mile deep. Who do you suppose gets the most business? Who gets the most referrals?

The industry needs expert diagnosticians, the” family financial physicians”. It’s an important expertise. Just be a conscious competent – know what you know and what you do not. Do your part.

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