Target a Profitable Niche: Become a Specialist to Attract Wealthy Investors

What is the one question all affluent investors ask when financial advisors vie for their business?

“Why should I do business with you?”

One of the best answers to that question is: “Because I specialize in working with individuals like you.”

All wealthy investors believe they have unique financial needs.  They would rather work with someone who is a specialist in their area, rather than a generalist who works with everybody and anybody.

Positioning yourself as a specialist will put you ahead of other financial advisors and will give you exposure to affluent investors within the niche field.

Concept Application

Rob is an advisor who likes working with corporate executives.  He chose that niche as his specialty and developed expertise in concentrated stock and headging strategies, which matched exactly what corporate executives, especially C-Level executives need.

Rob took the initiative to spend time with the concentrated stock experts in the firm’s home office.  He soon connected with corporate executives with the goal of highlighting this expertise as early as possible in his conversations with them.  This allowed him to differentiate himself and demonstrate the value he could bring to a potential relationship.

Rob was proactive in seeking their business and became their go-to guy when they were ready to invest.  He developed a reputation as the preferred provider for that group and was able to develop clients on both a local and national scale.

Take Action

Choose a niche, a subject area that interests you and that includes wealthy investors.  Now begin to immerse yourself in this market by developing expertise, getting involved in industry-related organzations, reading applicable publications, attending relevant trade shows and marketing to target prospects.

You want to become an industry insider and then leverage your specialized knowledge to network with prospects.  Becoming an expert is a great way to differentiate yourself in a crowded field.  And the higher you raise your level of expertise, the harder it will be for others to compete with you. This is exactly what the most successful advisors in the industry do.

Learn More

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