According to Investopedia a “Boutique” is a small financial firm that provides specialized services for a particular segment of a market. These companies often define their services by industry, client asset size, banking transaction type or by other factors to meet the needs of a business sector not well addressed by larger firms.[i] Keeping that in mind, is the boutique business model just a trend?
Before answering, we need to look at other vocations where boutique models have been successful. These businesses employ purposeful staffing along with unique presentation style which cater to personalized services. This approach enables the customer experience to remain consistent each time for every client.[ii] The boutique client is always the focus. The instant they walk in they become the center of attention throughout the office. Customers are always met with professionalism, warmth and attentiveness. Successful boutiques are staffed with people who have a profound commitment to personalized attention for their customers each time for every client.[iii]