Journal Article

Grow Your Practice by Finding Your Niche

McManus, Kristine

2024

Overview

McManus offers several tips for financial planners to grow their practice by finding their niche. To attract prospects, some advisers take a wide-net approach to marketing, offering their services to a large number of people in the hopes of attracting a few ideal clients. However, this approach can be inefficient and time-consuming. Instead, advisers can benefit from focusing their marketing efforts on a niche market. Niche advisers are specialists who solve specific problems for a select group of people with similar needs. Research has shown that advisers with niches have higher satisfaction levels, attract clients with higher income and net worth, and experience higher client growth rates compared to non-niche firms. To develop a niche, advisers need to identify a target market, ensure it will be profitable, and leverage their natural strengths to serve that niche. Specializing in a niche allows advisers to be strategic about the clients they serve and is particularly useful for those adopting a virtual mindset or seeking remote clients.

• Publisher: Financial Planning Association
• Subject: Client relationships / Financial planners / Financial services / Market strategy / Marketing