Why I'm happy to be a generalist

By Mathew Tenison

In recent years, there has been a lot of talk around the benefits of becoming a specialist and focusing on a specific demographic or niche market.?

I'm not here to argue against this; I can see the merits and have considered this path myself several times. However, we have decided to stay in the “generalist camp” and I feel compelled to share my reasons for this decision.

To me, it feels like being a GP – both the specialist providers and the general (advice) practitioners have important roles in our industry.

I started in this industry close to 25 years ago as a young whippersnapper with no idea about financial services or what I wanted to do as a career. At the time, I liked the idea of landscaping because I love being outdoors.?

For one reason or another, though, I became convinced this wouldn’t be a suitable path for me. And serendipitously, my partner’s father was a risk insurance specialist who also did financial planning. Since I wasn't sure what I wanted to do, he asked if I could do some admin work to help out for a few weeks.?

Those few weeks were the start of the journey to where I am today.

What began as going through files and deleting tax file numbers evolved over the next few years into learning all aspects of the business. It was a small business, and I was very close with the family. They later sold that business to a large practice with many joint venture financial advisors, each with their own niche markets.?

During this time, I learned the art of paraplanning and became the senior paraplanner, handling the more complex advice documents and strategies. This helped me accrue a wealth of knowledge in all areas of advice – everything from the simple super and insurance plan to more complex tax planning, retirement and aged care, SMSFs, gearing and everything else in between.?

Eventually, I became a financial adviser myself and moved to Mortgage Choice Financial Planning, where I met my current business partners and built the business we have today.

Working closely with mortgage brokers and having a wide network of referral partners, I found that no particular niche stood out as an area we wanted to focus on. While we have been focusing more on retirees lately (given the increasing demand for retirement advice), I still love working with young families, small business owners, professionals, and a range of other clients who walk through the door.

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This broad approach means we need to stay on top of many different fields, of course, but I like having that ability to still meet a wide variety of potential clients. To me, it feels like being a GP – both the specialist providers and the general (advice) practitioners have important roles in our industry.

The other benefit I’ve found is that working with different demographics often results in overlaps. So, when you’re dealing with young families or professionals, it's beneficial to work with someone at the end of their journey who can reflect on their experiences and offer valuable insights.?

Similarly, we can also help clients who are transitioning from an employee role to starting their own business; I can share my own experiences in this area, for example, or talk about other clients who went on the same journey.?

One last (quite topical) note: we often hear about the transfer of intergenerational wealth. Because we’re in tune with clients from all walks of life, we’re in a good position to demonstrate that we can help all members of a family – now and into the future.?

All that said, I think the best thing we’re doing as an advice community is continuing to provide advice in the face of adversity. We’ve had an exceptionally tough road, and whether you’re a specialist or a generalist, the most important thing is that we’re still out there helping Australians get the advice they need.

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