Passion, Aptitude and Profit Create Your Niche
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There is no easy answer for determining which niche an advisor should focus on. However, you can find your niche by examining the intersection of passion, aptitude, and profit.
If there were an easy answer to finding a niche, everyone would have one, and there would be no competitive advantage.
The best niche for your firm will be revealed by determining what makes you unique. Randomly picking a niche market is not a successful strategy.
Start with passion because you want your work to be something that not only interests but excites you. Passion is contagious, and prospective clients will pick up on this energy, making them want to work with you.
To brainstorm what you are most passionate about, ask yourself:
- What are my interests and passions?
- Who am I passionate about working with?
- What types of people do I naturally network with or spend time with?
- What would I be doing if I weren’t a financial advisor?
- Which types of clients are enjoyable and easy to serve?
Answer those questions professionally and personally to discover the best options to consider.