Advisor meets with family

Find Your Niche as a Financial Advisor

At the beginning of your professional life, you’re looking for any client and every client to fill your books. You’re a generalist.

Eventually, you’ll likely carve out a niche. Maybe it’s due to your personal interests and experience, maybe it’s due to the part of town you’re in. This can be an intentional choice or it can be a natural evolution of your business. No matter how you get there, having an area where you excel can set you apart from your competition.

Here’s how you can find and solidify your niche.

1. Examine Your Background, Experience, Education and Interests

Financial advisor niches usually develop organically based on your own life experiences. Do you have any special education or business interests? What events were formative in your life? Where do you spend your time outside of work? It’s very possible you have a ton of clients from your child’s school, your fitness center, your church or your favorite charity.

2. Identify Your Current Favorite Clients and What They Have in Common

Who do you like to work with? What results have they seen? A client audit can help you pinpoint common themes, life stages, occupations and more. Determine similarities in the clients you’d like more of. Remember: You spend hours with your clients every day — you should seek out people whose company you enjoy! As you categorize your findings, consider these types of financial advisor niches.

Personal Demographics

Do you hope to lead underserved populations like women and low-income earners to financial security? Or have you noticed an uptick in clients collecting Social Security? Explore where you may have more experience in helping certain groups of people.

  • Millennials
  • Families
  • Retirees
  • Underserved communities

Life Events/Transitions

Losing a loved one, having a baby or planning an estate are dramatically life-altering events, and not just financially. Guiding your clients through big transitions takes empathy, trust and an understanding of how these transitions impact your clients’ financial planning.

  • Funding college
  • Changing a job
  • Saving for retirement
  • Estate planning
  • Business succession

Industry and Occupations

Experience and ongoing education go a long way when financial advisors focus on a certain occupation or business types. Those working with physicians may look into the Certified Medical Planner (CMP) designation. Wealth Management Advisors with small business clients may pursue a Certified Exit Planner (CExP) program.

  • Entrepreneurs and small business owners
  • Healthcare professionals
  • State and federal employees
  • Farm owners

3. Conduct Your Research with Your Ideal Clients

Armed with your potential niche(s), it’s time to refine your idea with some investigation. Remember the clients you identified? Pick their brains about what brought them to you in the first place, what services they love and what offerings they would like — and don’t make assumptions.

4. Jump in with Revamped Marketing

You’ll need to get the word out about how you can really help your specific target clients. Boost your visibility online and share updates that your target audience would be particularly interested in. Start doing specific outreach, whether it’s through events, associations or educational opportunities.

Find your Home at Farm Bureau

Revitalize your skills at Farm Bureau Wealth Management. We’ll provide you the independence and support you need to build a thriving business.