I didn’t intend to write an article about niches for financial advisors.
However, when I went looking on the web for a list, I couldn’t find one! Amazing! Why? Years ago, when I examined the history of niche marketing, the information available suggested that this strategy originated in the financial sector!
You may remember a time when you banked at a commercial bank if you were a business, and a personal bank if you weren’t a business. You didn’t go to a personal bank if you wanted a business loan and you didn’t go to a commercial bank if you wanted a residential mortgage. Or maybe you remember a time when brokerage firms were either institutional or retail.
Looking at Niches
Niches are very broad segments of the population. They can be categorized by general characteristics such as an occupation, a passion/hobby, or by the type of service consumed. In many cases, the categories overlap. A niche has nothing to do with who can afford to pay you what you’re worth–that’s Step 2 and it involves creating an ideal client profile.
Below is a list of potential niches for financial advisors. Did I miss your niche? What would you add to the list? If you own a niched website send me the URL. Post your responses below.
General Population Characteristics
Executives from companies you know well
Professional couples with children
Unmarried women professionals
Physicians specializing in a particular human or animal practice area
Older women married to younger men
Older men married to younger women with 2nd families
High net worth
Specific sexual orientation
Unemployed with 401K plans
Middle market executives
Graduates of specific colleges
Members of a club you’re a member of
Franchise business owners
Under-40 business owners
Business owners in specific industries
Football fans with season tickets
Home beer brewers
Chess players (or other games)
Pet owners/breeders (dogs, cats, snakes)
Type of Service Consumed
Fee-based financial planning
Business succession planning
Tax reduction strategies
Personal financial planning
Retirement distribution planning
Estate planning & conservation
Investment management planning
Socially responsible investments
Niched Website Examples:
While looking for niched websites, I came across one that listed age groups from 20 to 70, along with descriptions of the services offered to each age group. That is not a niched website. Most financial advisors’ websites aren’t niched.