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Many of the advisors I coach and mentor are familiar with how I refer to doctors as the ideal business model.
It’s because doctors:
- Never have to chase business; their patients come to them.
- Are problem-centric, not solution-centric and never have to sell anything.
- Have an endless supply of inbound leads.
But within the doctor-patient model there’s a finer distinction – it’s the difference between general practitioners (GPs) and specialists.
A GP is an all-arounder in terms of expertise.
They deal with common, everyday issues faced by the general public, and 90% of the time those issues can be solved with generic, readily available over-the-counter solutions.
That’s why general practitioners have standard fees and you have direct access to them.
But when someone has a problem that is more nuanced and requires in-depth knowledge and focus, what happens?
They go see a specialist.
A specialist is a different doctor altogether.
Specialists don’t deal with general, everyday health problems. They’re focused on specific problems related to one area or function of the body.
Specialists assess whether your problem qualifies for their attention, in terms of its specificity and urgency, and if they agree to see you there’s almost always a waiting list.
Why?
Because a specialist’s time is valuable, and they must protect their position.
Specialists have specific skills and expertise, and they focus on special problems for which common and generic solutions do not work.
Consequently, they are differentiated from general practitioners as a trusted authority.
Unlike a general practitioner, a specialist:
- Has in-depth knowledge that makes them the authority on the particular area or function of the body they specialize in – the narrower their focus, the greater their authority.
- Only sees patients with problems related to their area of specialization whereas a GP has to cover a wide range of different problems – this makes their work simpler and more consistent.
- Only sees patients in urgent need and with a much higher priority than everyday medical issues.
- Can charge significantly higher fees than a GP – and work less but earn significantly more.
The last and most important insight is that specialists and general practitioners start out from the same place.
Both receive the same medical training and acquire the same base level medical knowledge.
But the decision to focus on a specific area allows the specialist to become a trusted authority, and this is what leads them to a more differentiated position than that of a GP.
As an advisor, the question you need to ask yourself is: “How can I become a trusted authority to a pool of ideal high-net worth clients?
If it works for you to be an advisor who operates like a general practitioner, being viewed as competent but not necessarily special, and having to see many clients with a wide range of asset values and financial priorities, then by all means continue to do so.
But to be a trusted authority/specialist, so you can earn higher fees, simplify your work, see fewer clients, and enjoy a steady stream of ideal inbound leads due to your authority positioning, then you must think like a specialist advisor.
You’ll need a different mindset and market positioning system.
The good news is that it’s not a question of being smarter or having more knowledge than anyone else.
You have the core requirements to re-position yourself as a specialist.
It’s a matter of whether you are open to learning how to do it.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trusted Authority” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
Read more articles by Ari Galper
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
