Your post-reform success depends on your portfolio. Yet, many agencies are making a serious mistake in how they are diversifying. As they attempt to reposition themselves for the impending reality of fee-based compensation, too many firms are adding products and services for the wrong reasons, and without asking the right questions. Unfortunately, most of these newly diversified portfolios will prove inadequate for post-reform success.
Successful diversification is not about adding great products and services; it’s about adding the ones that are right for your agency. This requires a careful, strategic approach to expanding the portfolio, which begins with understanding the portfolio’s key role in your firm. While a portfolio must provide sufficient revenue and differentiation, its primary role is to be the agency’s toolbox of HR and business solutions.
