Should Advisors Have More Than One Niche?

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Financial advisory firms often consider launching multiple niches rather than focusing on just one. Though sometimes successful, this approach can dissipate your marketing efforts. This article offers guidelines to determine whether having multiple niches is for you.

The answer comes down to your resources.

Each niche requires its own marketing plan and champion to spearhead the effort. For example, let’s say your niche is employees with equity-compensation plans. You will need a website (or at least a webpage) for that niche. You will have to create content, such as blogs or videos, to demonstrate your expertise on topics directly relevant to your niche’s financial pain points (no generic content!). You will have to optimize your website for search engines and implement strategies to drive people to your website. You will have to participate in online and offline communities where members of your niche gather. You will need to develop niche-specific campaigns (e.g., download the ebook, register for a webinar, attend an event). And you will need to have at least one staff member who takes full ownership of the niche to ensure this plan gets executed consistently.