What’s the difference between a financial advisor with a specialized field of expertise and one with a general practice?

“It’s the difference between building a business and building a book of business,” says Michelle Smith, chief executive of New York-based Source Financial Advisors. “If you’re a generalist, you have a hodge-podge of clients and are building a book with a commoditized skill set. If you’re a specialist you’re differentiating yourself and building a business as ... the go-to person for centers of influence in that field.”

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