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?

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access