--- title: "ThinkAdvisor: To Build a Thriving Niche Practice, Learn When to Say No" description: The biggest pitfall for niche financial planning firms is expanding to a parallel niche without the processes in place to provide the same level of service. image: https://www.covisum.com/hubfs/Too%20much%20work%20tired%20sleepy%20young%20woman%20sitting%20at%20her%20desk%20with%20books%20in%20front%20of%20laptop%20computer%20isolated%20grey%20wall%20office%20background.%20Busy%20schedule%20in%20college,%20workplace,%20sleep%20deprivation%20concept.jpeg --- [Login](https://www.covisum.com/login-experience) | [Call: 402-235-4500](tel:1-402-235-4500) | [Contact Us](https://www.covisum.com/contact) ** [![covisum-logo](https://www.covisum.com/hs-fs/hubfs/covisum-logo.png?width=264&height=41&name=covisum-logo.png "covisum-logo")](https://www.covisum.com/) [![Start Your Free Trial](https://no-cache.hubspot.com/cta/default/2755909/b23743cd-d0df-4907-a66d-293b58ab1164.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/b23743cd-d0df-4907-a66d-293b58ab1164) [![Contact Us](https://no-cache.hubspot.com/cta/default/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532) # ThinkAdvisor: To Build a Thriving Niche Practice, Learn When to Say No [IN THE NEWS  |  ](https://www.covisum.com/press/tag/in-the-news)Jul 7, 2021 3:57:54 PM  |  by [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) ![Think-Advisor-Logo-Color](https://www.covisum.com/hs-fs/hubfs/Graphics%20-%20Logos/Think-Advisor-Logo-Color.png?width=543&name=Think-Advisor-Logo-Color.png)This week in his column for [ThinkAdvisor](https://www.thinkadvisor.com/2021/07/06/to-build-a-thriving-niche-practice-learn-when-to-say-no/), Joe Elsasser, CFP®, talks about how the biggest pitfall for niche financial planning firms is expanding to a parallel niche without the processes and systems in place to be able to provide the same level of service you do now. > "But what really defines a niche practice and will regularly present challenges to advisors is saying no to people who are not your ideal client, even if they represent substantial potential revenue. Sometimes an inbound inquiry from a near-fit but lucrative potential client flags a transition point for your business — an opportunity to expand to a parallel niche. Other times, it represents a very real trap. When you expand into adjacent niches before really owning the initial niche you planned to develop, you dilute your value proposition and push yourself back toward the generalist practice. " Read the ThinkAdvisor [article](https://www.thinkadvisor.com/2021/07/06/to-build-a-thriving-niche-practice-learn-when-to-say-no/) in its entirety.  >   ### Share this article [![Share on Facebook](https://static.hubspot.com/final/img/common/icons/social/facebook-24x24.png)](http://www.facebook.com/share.php?u=https%3A%2F%2Fwww.covisum.com%2Fpress%2Fthinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no%3Futm_medium%3Dsocial%26utm_source%3Dfacebook) [![Share on LinkedIn](https://static.hubspot.com/final/img/common/icons/social/linkedin-24x24.png)](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.covisum.com%2Fpress%2Fthinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no%3Futm_medium%3Dsocial%26utm_source%3Dlinkedin) [![Share on Twitter](https://static.hubspot.com/final/img/common/icons/social/twitter-24x24.png)](https://twitter.com/intent/tweet?original_referer=https%3A%2F%2Fwww.covisum.com%2Fpress%2Fthinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&url=https%3A%2F%2Fwww.covisum.com%2Fpress%2Fthinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no%3Futm_medium%3Dsocial%26utm_source%3Dtwitter&source=tweetbutton&text=ThinkAdvisor%3A%20To%20Build%20a%20Thriving%20Niche%20Practice%2C%20Learn%20When%20to%20Say%20No) ## Recent articles [ ### In The News ThinkAdvisor: 4 Biden Tax Proposals That Could Shake Clients' Retirement, Estate Plans Read ](https://www.covisum.com/press/thinkadvisor-4-biden-tax-proposals-that-could-shake-clients-retirement-estate-plans) [ ### In The News ThinkAdvisor: 4 Things Your Financial Planning Software Should Do Read ](https://www.covisum.com/press/thinkadvisor-4-things-your-financial-planning-software-should-do) [ ### In The News Perspectives Magazine: Trusting the Planning Process Read ](https://www.covisum.com/press/perspectives-magazine-trusting-the-planning-process) [See All Articles](https://www.covisum.com/blog) ## Related Blog Articles [ ### In The News ThinkAdvisor: 4 Biden Tax Proposals That Could Shake Clients' Retirement, Estate Plans Read ](https://www.covisum.com/press/thinkadvisor-4-biden-tax-proposals-that-could-shake-clients-retirement-estate-plans) [ ### In The News ThinkAdvisor: 4 Things Your Financial Planning Software Should Do Read ](https://www.covisum.com/press/thinkadvisor-4-things-your-financial-planning-software-should-do) [ ### In The News Perspectives Magazine: Trusting the Planning Process Read ](https://www.covisum.com/press/perspectives-magazine-trusting-the-planning-process) [See All Articles](https://www.covisum.com/blog) ## Covisum’s ecosystem of solutions can help you grow. 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