Most people have a physician that they see for regular health check-ups and initial health concerns. However, when a specific health concern arises, these “generalist” doctors will usually refer their patients to a “specialist” doctor. In other words, while they have a breadth of knowledge covering nearly everything health related, if you have a specific heart condition, intestinal issue, or required surgery, you will end up going to a doctor who has a depth of knowledge about one or two health subjects and can apply the needed remedy for that specific health concern. It is generally agreed upon within the medical industry that you won’t just visit one doctor or clinic for every health concern.
However, this same principle is not always applied when one is diagnosing and treating financial concerns and needs. Most people need some type of assistance with having a safe place for their money, help with taxes, assistance with purchasing a home, advice for investing, and financial protection through insurance. Like the medical profession, there are general practitioners and specialists. Some have a breadth of knowledge on all financial planning topics, and others have a depth of knowledge about just one or two financial planning topics. For example, while the big banks may offer advice for every financial problem, their knowledge is general. On the other hand, an accountant may not know much related to the best investments but will be very skillful in helping you to get all available tax breaks. Even within a specific financial planning area such as insurance, there are specialists in auto insurance, property insurance, life insurance, health insurance, disability insurance, and long term care insurance.
In receiving medical advice, service, treatment, and products, we are certainly willing to sacrifice the convenience of “one-stop” shopping for the quality and expertise of various specialists. However, when seeking out the best advice, service, treatment, and products for your financial planning do you have an accountant, an investment advisor, an attorney, and an insurance agent, who each specialize in their respective fields? Having financial planning “specialists” on your side will bring you far more profitable results than going to a “one-stop shopping” bank or financial planner for counsel and treatment for all your money issues.