Why Financial Advisors Should Offer Niche Services
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One of the best moves you can make when growing your financial advisor business is to offer niche services. A niche service is an offering that focuses on one specialization within a broader market that your business can serve. It could mean that you focus on serving one particular type of client, offering a particular type of service, or offer a combination of a specific client type and service.
For example, at Crystal Marketing Solutions I focus on serving financial advisors, a niche within the professional services industry – not attorneys, architects, or IT consultants. And we offer full-service marketing and marketing consulting, not business operations or accounting.
Although many of the same marketing principles and best practices apply to a broader range of professional services, I choose to stick with financial professionals because we are experts in that industry. We could expand our services outside of marketing to become a one-stop-shop for financial advisory firms. But by focusing our service offerings on what we do best, clients are more likely to trust our experience and expertise.
Because we have niched our services, we don’t have to ramp up our knowledge about the financial industry or undergo extensive training every time we begin working with a new client. Instead, we can begin an engagement with confidence, steps ahead of a more generalist marketing agency.
Niching works for all kinds of businesses, including financial advisory firms. Many of my clients have found success by focusing to serve a particular market or offer specialized services. Here’s why this works.