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Published by Falkenstein Learning
Corporation
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N
e w s l e t t e r
For Financial Advisors
Volume #1, Issue #2
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Dr. Lynda Falkenstein
"The Niche Doctor"
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Celebrating the One-Person Band
AKA The Independent Advisor
Three cheers for the one-person show! Kudos and
hats off to those of you comprising the fastest growing segment
within the financial services industry—the independent advisor.
I say kudos because by being independent, you have the opportunity
to apply unfettered the entrepreneurial spirit, and your success
is limited by no one, allowing you to enjoy not only an extraordinary
sense of accomplishment but the tangible benefits of financial
success, as well.
Too good to be true? Maybe. Maybe not.
The fact is, there are all too many independents
not achieving their goals. These are people working enormously
hard and often times spending what I've come to describe as
outrageous amounts of money on marketing that takes them nowhere.
That doesn't have to be the case. The rules for establishing
and maintaining a lucrative business as an independent advisor
are very clear. From my vantage point, of course, they all begin
with your niche solidly in place. When that niche is combined
with a powerful marketing system, the sky is the limit. This
month's Niche of the Month-Club Award goes to someone who is
a role model for all independent professionals wanting to grow
a world-class business. He has. You can, too.
With best wishes
from Niche World Headquarters,
Dr. Lynda Falkenstein
Niche-of-the-Month Club Award
This award is given monthly to a business we believe
meets the highest standards of niche- development and, very
importantly, demonstrates that narrow and deep can be enormously
powerful and lucrative. Most of all, we hope that by example,
these individuals and firms will serve as role-models for other
excellent organizations seeking similar success in today's fiercely
competitive world. If you would like to nominate a person or
firm who you believe fits this description, simply send us an
email explaining who, why, and how we can contact your nominee.
(It's okay to nominate yourself!)
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This month's award goes to
REED TINSLEY, CPA, of Houston, Texas. Our
award-winner's story demonstrates what we already know; when
it comes to niche, small is definitely more beautiful and altogether
more lucrative.
When I met him more than a decade ago,
Reed Tinsley, CPA had already concluded he was tired of having
to know a little about a lot. For some time he'd sensed he wasn't
serving his clients as well as he knew he could, mainly because
they came from myriad industries, including oil and gas, hi-tech,
aerospace, etc. Instinctively, he knew that the best customer
service happens when you have figuratively "moved in with your
customer"— when you know the industry and the customer's business
so well you can literally walk in and run it yourself.
Realizing then, that he needed to focus
on something, Reed looked at the range of service lines, eliminating
those in industries he had no interest in or could not possibly
take him where he wanted to go. Early on it was clear that healthcare
was the front runner for his attention. All his own early tests
showed skill in the sciences, plus he saw that there were people
in the industry who needed help. Residents coming out of medical
school who knew nothing about business were sure to need someone
who did. Moreover, with healthcare just beginning to go through
dramatic change, Reed speculated physicians would increasingly
need significant support in running and managing their businesses.
Thus, he made the commitment to healthcare
and began a process that was without question the key to what
has been his unparalled success as one of the foremost consultants
within the entire industry. Reed went on a systematic campaign
to learn everything he could about the healthcare industry.
He spent his free time reading and talking–he worked for some
clients for free, feeling he shouldn't charge them for his learning
curve–he did everything possible to learn about his wish list
client. As he put it, Reed basically "worked his tail off" to
become the undisputed expert in his field. I say he moved in
with his customer!
And that was step one in Reed Tinsley
becoming indispensable to his client base. The fact is, he knows
more about their business than most of his clients. His savvy
evident, Reed reminded me "No one is going to call a generalist
to solve a big problem."
The second and equally critical step
in his success was his relentless marketing. Even today when
his reputation extends throughout the industry and he counts
some of the most prestigious physician groups as clients, Reed
Tinsley makes it a point to do some kind of marketing everyday.
"That's what separates you from the rest." In other words, he
knows as you and I also know, that you can't go to sleep at
your niche.
So what does Reed Tinsley's story
have to do with your success as an independent financial service
professional? Simply put, with a combination of steely focus,
non-stop marketing (even when you're on top of the pinnacle),
and penetrating client knowledge, success is within easy reach.
Have fun and good niche.
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Special Tip:
Make Sure Your Value-Added is Valued
Today, going the extra mile for our clients is
something all of us are familiar with. We know it's not good
enough to just give value. We must give added-value. We must
give our clients a reason to come to us.
Okay. So you are already doing this. But
the story isn't over because your added value efforts may be
totally wasted without one more step. That step is letting your
clients know that what they are getting is extra. That not everyone
gets it. Don't expect them to appreciate your efforts if you
keep them a secret. Lavish them with information about why they
are receiving your premier services. People don't feel special
without a reason. And don't expect them to read your mind.
The best and worst example of value-add efforts
being wasted is from the airline industry and its frequent-flyer
mile fiasco. What started out as an incentive and special program
quickly declined into an expected part of air travel. Once your
added value is perceived as standard procedure, you've lost
the round.
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