Lead source specialisation is the first consideration. For example, estate agents are seen by many as fantastic lead sources, however very specific skill sets are required by an adviser to be successful in an estate agency environment and ensure their diaries are filled with appointments each week.
The best estate agency advisers manage the relationship exceptionally well with the manager and staff, they make things happen, they integrate with the estate agency team, develop, encourage and constantly feedback to the team around them, and are aware of every potential opportunity that could come their way. That constant management of their environment needs to be maintained from day 1 of the relationship and then every single day thereafter for as long as they work there. Estate agency specialist are highly successful however its not the right environment for a majority of advisers.
New build is another area of specialisation. Depending on the business model being operated, similar relationship skills are required by the adviser, however the specialisation also has to extend to the back office support provided to builders, which is definitely another area of expertise, which is why typically builders work only with firms that understand their very specific requirements and can deliver the level of specialisation they require.
A highly competent financial adviser without the new build expertise and relationship skills could jeopordise the entire relationship their firm has with a developer, and so specialist processes and service standards are key to success in this sector also.
Specialisation also extends into product sales, with GI and protection specialist in the vast majority of cases, achieving far higher penetration rates than a busy adviser having to manage introducer relationships, lead flow, and often having to administer their pipeline of new business if no administration support is in place.
Client servicing is another great example, especially when advisers are busy with new leads sources, as it can't be a top up lead source for when you have time. The client relationship and communication in these cases should to be managed by the business centrally engaging the initial adviser or a specialist servicing adviser when an advice opportunity is identified.
Professional case administration is the most commonly embraced specialist resource that improves completion rates, increases adviser capacity, and can certainly enhance the customer experience.
The same is true of advisers focusing on wealth management only, who in turn have their individual areas of expertise, with specialist distributors such as Brightstar providing expertise in areas such as commercial, bridging and secured loans.
Whether the specialist expertise is in house or in some cases outsourced, in today’s world advisers wearing too many hats does not deliver the best outcome for them, their clients or the businesses they work for.
