Young Financial Advisors Need a Niche
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Niche marketing is the path to success for younger advisors, who can naturally develop marketing strategies based on sharing their expertise. Firm owners should coach their younger advisors and, in the process, groom the next generation of leaders.
Younger advisors are at a disadvantage
Let’s face it, younger advisors are at a disadvantage when it comes to attracting new clients to a firm. They lack the network, relationships, and experience needed to convince prospective clients to work with them. In my experience, most advisors in their 20s and 30s working at independent firms don’t have the killer sales instinct that is common among older financial advisors. Instead, they tend to prioritize servicing existing clients over marketing and business development.
Many firm owners find this frustrating. They know that for the business to grow outside of their own efforts and to eventually transition the firm to the next generation, the younger advisors must learn the skills to bring in clients on their own.
In defense of younger advisors, employers rarely equip them with the marketing skills and knowledge they need. They are expected to “pound the pavement” in the same way the firm principals did to build the business. This expectation exists even though many of those tactics have lost effectiveness; nor are they a natural marketing style for the younger advisor’s personality type.
If you are an owner of a financial advisor firm and find yourself in a situation with less-experienced advisors you hope to groom into the future leadership of your business, coach them into working with a niche.