Advisors usually preach the benefits of diversifying investments to their clients. When it comes to building their own practices, though, many planners choose to work with clients in a particular profession or workers with a single employer.
Some industry-specific practices have benefited from planners' ties to former employers or proximity to large institutions. Planners who build such a client base say the employer-specific or industry-specific knowledge builds trust and a loyal following, ensuring continued referrals.
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