When starting your career as a financial advisor, your natural tendency is to take on any client who is willing to work with you. But if you eventually work in a niche, you will be able to use your time and skills more effectively to serve a unique set of clients while differentiating yourself in a competitive market.
Also, by serving a narrow market, you can be more selective in choosing clients and establish credibility with a specific group of clients.
Although finding a niche is important, becoming established in an area of specialization can take years so this shouldn’t be your primary goal when you first set out in the advisory business.
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