How to Fix a Niche that is Too Narrow or Too Broad

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When you choose a client niche, you may find that the focus is too narrow or too broad. Here’s how you can remedy the situation.

Choosing a niche is a difficult decision. When you say “yes” to one niche, you are saying “no” to everyone else. While advisors who have successfully niched know that you end up with more opportunity in the long run, it is quite scary to think you are turning off the faucet of potential new clients in the short term.

Once you’ve moved past that fear and committed to a niche, the question you have will either be, “Is my niche too narrow?” or “Is my niche too broad?”

Advisors are more likely to pick a niche that is too broad rather than too narrow. Most of the conversations I have are about narrowing the niche to become more specialized. Rarely do I find an advisor who has chosen a niche that is too narrow.

If you are worried that your niche is too narrow or too broad, let’s look at how you can remedy the situation.