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Specialists are worthless unless they're coordinated i.e. INTEGRATED. I get relevant specialists for each project. I listen to them, but someone has to choose which specialties should take part in the first place! True, the pace of change has created space for people who are super specialized to have a direct relationship with brands. But would you really go and buy ONLY for instance Social Media without trying to integrate it with the rest of your communication? No.
you need both for now. good integrated agencies are still very hard to find. so find one with best-in-class specialists close at hand.