We said it last year and the year before, but it's still worth repeating - no matter how bad the economy is today, there will be winners and losers that emerge within the financial services industry; this is true whether you run your own RIA firm or work for a broker/dealer or investment management firm.

The winners will be those who adapt to what many are calling the "new normal." We're going to focus on three aspects of your business that you can control - your brand, the client markets that you serve/target and the way that you run your business. By controlling these three aspects of your business, you will position yourself for success no matter what the "new normal" turns out to be.

Control Your Brand

What distinguishes you and your firm from the competition? If asked, could you answer the simple question "What is your value-added proposition?" And if you could, is this value proposition compelling enough to convince someone to take the time to consider moving their business to you and your firm?

Competition has increased, and clients, partially as a result of the tumult of the past two years, have become more discerning and skeptical. It's more important now than ever to have a compelling story - a real reason why working with you and your firm makes sense - and then to have the goods to back it up.

For example, one of the first things many prospects will do is go to their computers and research you and your company. When they go to your website, will your brand and value-added proposition be clear and prominent, and will they reinforce what prospects already know about you? If not, the odds are that this prospect will not become a client.

A top-notch website - one which is designed to be user-friendly and which contains high-quality content - may not always get you new business, but it can certainly help you from losing the chance at competing for that business. It can also help reinforce to current clients why they do business with you. The same can be said for your other marketing collateral.

Control Your End-Markets

Are you targeting the right prospects? Or for distribution organizations, are you targeting the right channels? Too many? Too few?

You may think your distribution and marketing focuses are right, but it's important to ask yourself the question of whether or not the definition of "right" has changed.

Your prospecting and distribution capabilities must complement your product offerings and client servicing capabilities. For example, if your organization has reduced its head count over the past few years, have you made the necessary adjustments in your sales support capabilities so that you're not overreaching? Has the profile of your end-client changed such that your services may no longer be the match that they once were?

Take the time to assess what products and services you are providing and to whom. Your brand and value-added proposition should be consistent with your products and services, which should be consistent with your target market(s).

Control The Efficiency of Your Business
Finally, is your business operating as efficiently as it can? Do you have the right people, in the right places and do they have the right planning, processes and support mechanisms in place?

There are a lot of "rights"  which must be aligned in order for you and your company to successfully accomplish your mission (assuming you have a defined mission - which is a whole different discussion!). If one of of these "rights" is "wrong," the odds are that you will not achieve the success you desire.

Take the time to assess your organization now in order to position yourself for success in 2011 and beyond. You can control your future success regardless of what's happening in the economy.