Go to any seminar on marketing and one of the top suggestions on becoming an elite adviser is to develop a niche. Doctors, airline pilots, teachers, golf nuts, tech employees – the niche possibilities are endless. Having a niche can create efficiency, simplify marketing and make you an expert in the eyes of a well-defined cohort. But is a niche based on what people do – and not who they are – really a wise choice?
Financial advisers who transition from other professions may gravitate toward a natural niche. I would know: Switching to planning from a career in medicine, physicians seemed an obvious choice for me. I understand the occupational concerns, lifestyle and benefits, and easily use the same vernacular. But there was a slight problem I had with the physician niche – too many have the personality of a screaming jackal (sorry, former colleagues). A bonus of changing careers was leaving those jackals behind. How would I attract just the physicians who would be delightful to work with?
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