Trying to be all things to all people is a strategy that is proven to fail. Financial service firms have finally realized that truth and decided to go after specific niches in the market. Advisors should do the same. Deepening your role in your niche market can be a rewarding way to not only expand your business expertise and knowledge but also to significantly grow your revenue within that niche.
If you had a career before becoming an FA your natural niche would be in that field you worked. It makes you invaluable to clients and prospects because you know more about them than someone who hasn’t worked there. You can also develop a niche by emerging yourself in the culture of the company. Go to their convention, talk to clients who are in that field, talk to receptionists, human resources, bid on their retirement plan, hold seminars in subjects they would be interested, sponsor special events they are involved with. There are a hundred ways you can add value by deepening your role.
Not only do you want to find and develop your niche but you also want to work with everyone in your practice as if they were unique—which in truth, they are. That’s why financial planning is the heart of a Supernova practice.
When you describe our Concierge practice to your clients and your prospects, make it clear that your investment process is planning-based. Also emphasize that your planning is multigenerational. You are saying to clients and prospects that one size does not fit all.
The ability to tailor your offerings and your service to meet your clients’ needs is an important distinction that you bring to your practice. Everything you do for your clients ought to be discussed as custom-tailored, designed specifically them. We know that what worked yesterday for clients may not work today. Younger clients are in an accumulation phase while our older clients are in preservation or distribution phase. Clients need to know they are distinctive in how you service and manage the relationship.
The Supernova process allows you to get to know each client over time through your 12-4-2 process. It is that knowledge which allows you to custom-tailor the process rather than offer a one-size-fits-all approach that may actually fit no one.