Hidden Value: Choose a Niche for Your Financial Planning Practice
Lauren Laferla, PR & Content Marketing Manager
October 11, 2019
Hidden Value is a column in ThinkAdvisor where Joe Elsasser, CFP®, answers common questions with insights that advisors and their clients may not have considered. This week, Joe discusses the benefits of choosing a niche for your financial planning practice.
According to recently survey by TD Ameritrade, niched advisor practices showed 35% higher client growth, 25% higher revenue growth and 17% higher profit margins than non-niched financial planning practices. As the industry gets more competitive the advisors who will thrive are those who niche their practice and tailor the client experience to the niche they've chosen.
"In order to better serve the clients in your specialty, you must be willing to forfeit the potential for business from individuals outside of your niche. It is impossible for an advisor to be an expert in every single aspect of the financial planning industry. Advisors who act in the client’s best interest should recognize that their 'headspace' is limited and that those who chose a niche are more likely to have the ability to master the financial planning process for their specific clientele."
Download this guide designed specifically for financial advisors, and you’ll get the exact information you need to clearly define your niche and be on your way to establishing how you can serve them better than anyone else with your financial planning practice.
Lauren is a content marketing enthusiast with a love for storytelling - on camera, in writing, and through others. She has a robust communications background that includes: public relations, content creation, internal communications, digital marketing, and copy editing. Driven and motivated, Lauren holds a bachelor's degree in English and is an avid reader.