Should Annuity Advisors Diversify or Specialize?

Photo credit: basketman Photo credit: basketman

What kind of practice are you building? Is it a one-stop shop or are you more of a specialist? This is a question that comes up frequently as we speak with advisors around the country.

I was reminded of the topic recently when I read a newsletter put out by Stephani Lucas, president of the San Diego-based The Annuity Consultants. In the article, Stephani poses the question of the importance of being a specialist.

She writes: “As you come across clients and prospects there will be many variables: age, retirement concerns such as income planning, life insurance and LTC planning needs. The one common theme amongst everyone is that they have had previous experience with another advisor. It’s critical that you are able to highlight the value of your skills and expertise as a retirement planner.”

She goes on to say that: “It’s important to let (these clients) know that their previous relationship has benefited them well though the years but to also ask them this: Would you prefer to work with someone who is an expert in a certain area or someone who does a number of things well? The reality is that there are not many advisors out there that can be experts in all areas of financial planning for all ages of people.”

I ran across this issue recently when speaking to advisor Chuck Layman, president and CEO of Loveland, CO-based GrowSecure, Inc. Layman explained that he did not want to be a jack-of-all-trades to his clients. He’s very comfortable in the annuity world, but with more and more clients requiring help in health-related coverage, Layman brought in a health-care specialist to help clients with those needs. It frees him up to do what he does best.

As you build your practice the question returns to the thesis of this blog—are you a specialist or a jack-of-all-trades?

For more from Daniel Williams, see:

About the Author
Daniel Williams

Daniel Williams

Daniel Williams, Editor-in-Chief of the new Retirement Advisor magazine (formerly Senior Market Advisor) and Annuities Channel Editor for, is an award-winning journalist and business editor with extensive experience in print, online and trade shows. Prior to joining Senior Market Advisor, Daniel was editor of Real Estate Southern California magazine and West Coast South Bureau Chief of, both are divisions of Real Estate Media. Previously, he covered the commercial real estate beat for the Orange County Business Journal. While there, he received a certificate of merit from SABEW (the Society of American Business Editors and Writers Inc.) for a story on "OCs Cash Economy." A native of the Deep South, Daniel relocated from Los Angeles to Denver with his wife and daughter and can be reached at or on Twitter @LHPro_Annuities.

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