Working successfully in a rich niche market is the most talked about “holy grail” for financial advisors today.
If you Google “niche marketing” you’ll find over 14,000,000 hits. Quite simply…everyone talks about it but few every define it and make it happen. In one of our last surveys, niche marketing and referral marketing were requested by well over 60% of advisors. Why is this the elusive “Holy Grail” for so many advisors today?
Both John and I have worked in our niche markets for years…John’s is the construction industry and mine is working with family-owned businesses. We are firm believers that you should have an affinity for the niche you work in. John’s father was a plumber and John was on many construction sites as a kid. I work with my father and the dynamic between us has always been pretty much exactly the same as every other family-owned business….that intrigued me to understand it early on.
For you…what do you have a passion for and can you turn it into your niche market? What would you do if you had to go back to school and start all over? Is there an industry or market segment that really intrigues you?
If you’re still stuck read Michael Kitces article, “How to Find Your Niche as a Financial Advisor?”
Each niche has a language that is unique…for me, it’s family values, legacy planning and family meetings. For John it’s Gantt Charts, blueprints and aggregate. The point is simple…if you’re going to work a niche…know the lingo.
Here’s an article to get you started to help you figure out the lingo: Do You Know the Lingo of Your Niche Audience?
Regardless of whether or not you pick your niche and learn the lingo for that niche most advisors still aren’t going to succeed in their chosen niche. Why Not?
This article explains it best…Building A Niche Advisory Business: It Takes 3 Years For People To Know, Like, And Trust We would definitely agree with his findings. This niche of our helping financial advisors add systems and processes to their planning practice is just now beginning to exponentially take off…if we had quit after the first year…nothing would have taken hold.
We know you can do it, the question is…Will you?