The Decision that Will Make You an Expert
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
How would you answer this question, “What makes you different and unique from everyone else who does what you do?”
There is no right answer, but there are wrong ones. The key to this question is the word “unique.” If your answer sounds much like all the other financial advisors you know, then you’re not unique – answers such as, “I give the best service in town,” or, “My fee structure is very competitive,” or, “I’m a fiduciary,” or, “I grow 100% by referral.” Those answers lose you in the sea of ordinary advisors. When you’re ordinary and too similar to everyone else, standing out as an expert in anything becomes that much more difficult.
One decision can put you on the path to expert status.
Making the decision to pursue a niche will pull you away from the pack instantaneously. When you focus your practice to serve an exclusive audience it will have a magnifying ripple effect that will ultimately give you the right to claim expert status.
In Bob Veres’ recent Advisor Perspective’s article, Fearless Forecasts for 2022, he discussed how important it will be in the near future for financial advisors to specialize by serving a niche. Knowing that COVID19 has forced us all to adapt to working with our clients and each other virtually, prospects will be looking for you through a wider lens as well. Bob emphasized the need to niche as a way of offering more specialized services to make yourself more attractive to prospects. His example of a real estate agent being more drawn to an advisor serving real estate agents was spot on.