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The Multi-Purpose Craftsman From Farming to Finance July 17, 2000 (SmartPros) Amid this wave of consolidation in the financial services industry, our aim at SmartPros is to help the banker whose customers also want to purchase auto insurance and mutual funds; to inform the life insurance agent who needs to learn about tax implications; and to aid the accountant whose client is ready to finance a new home. Appropriately enough, this consolidation trend comes just when professionals at every level had finally gotten on board with the specialization trend of the past couple decades. Then Glass-Steagall is repealed, and the multi-purpose craftsman is back in high demand.
Have you ever seen the bank checks used in the early 1900s? The ones I've seen were written in pencil, usually made out to a seed company, and often for amounts less than $10. My grandfather was a farmer. He was also very hi-tech at a time when hi-tech meant being the first to run your own telephone cables and electric lines down the closest stretch of highway. He was also a skilled mechanic. And did I mention that he knew a lot about veterinary science? Half a century ago, success -- even simple survival -- required a broad range of skills.
But then major events and movements such as war, automation and technological advancement led to specialization within individual industries. Electricians no longer practiced accounting, banking and plumbing. Electricians were electricians. And even those electricians found specific niches in residential construction, home electronics and other sub-fields. But in the business world of the 21st century, the banker who is only a banker will lose profits just as quickly as the farmer who couldn't repair his own tractor or treat his own sick livestock.
This week several SmartPros authors take a proactive approach following the repeal of Glass-Steagall. "Blurring the Lines" recounts historical observations and foreshadows future implications of the Financial Modernization Act through the eyes of one financial planner/accountant. "Community Banks Gain Competitive Edge" and "The Glass is Half Full" also profile some more aggressive industry professionals who are learning to install their own electric lines.
Tune in to us regularly. And please fill my inbox with your commentary, questions and article proposals: information@smartpros.com.
2000, Smartpros Ltd. All Rights Reserved.
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