Business Advisory Services: The Untapped Blue Ocean Opportunity
The Virtual Family Office Framework
A comprehensive virtual family office (VFO) encompasses five key areas:
- Tax Planning & Compliance
- Risk Mitigation
- Wealth Management
- Legal Services
- Business Advisory Services
Among these, business advisory services remain the most underutilized yet potentially valuable opportunity.
Understanding Business Advisory Services
This discipline includes multiple facets:
- Company culture development
- Key performance indicator management
- Succession planning strategies
- Operational systems implementation
- Strategic growth planning
The Market Reality: Supply vs. Demand
Recent survey data reveals striking contrasts:
Investment Management:
- 95% of business owners seek services
- 88% satisfied with current providers
- Only 7% represent opportunity
Succession Planning:
- 80% of business owners seek services
- Only 1% satisfied with current solutions
- 79% represent untapped opportunity
The Right Approach
Instead of becoming a jack-of-all-trades, successful professionals should:
- Focus on core strengths
- Leverage expert partnerships
- Build comprehensive solutions
- Create unique value propositions
The "Who Not How" Strategy
Rather than learning new skills:
- Identify existing experts
- Build strategic partnerships
- Create collaborative solutions
- Leverage virtual family office model
The key isn't competing for traditional services but addressing unmet needs through collaboration. When done right, traditional services like AUM and insurance "come along for the ride" as trust and relationships deepen.
This approach creates a unique market position that transcends traditional competition and builds deeper, more valuable client relationships.
