‘Advisors need to identify a niche based on problems clients have and how [advisors] can [help clients] fix those problems in their unique and special way,’ says Darren Coleman,senior vice-president, private client group, and portfolio manager at Raymond James Ltd.Darren Coleman is the poster child for financial advisors who are looking to develop a niche business.
If done well, a niche can help advisors answer the question of how to deal with commoditization and differentiation within the investment industry, says Dan Richards, chief executive officer at Toronto-based Client Insights. Simply put, most competitors look and sound the same, so it can be difficult for prospective clients to pick one advisor over another.
However, it’s important to look beyond external identifiers, such as whether your clients share the same profession. Mr. Gerstel, who originally began advising entrepreneurial clients, noticed they experienced similar problems around the topic of intergenerational wealth transfer either as they approached retirement or as they considered the prospect of selling their businesses. Now, in addition to serving entrepreneurs, he helps families navigate a large handover of wealth.
In Mr. Coleman’s case, he knew that cross-border clients often have complicated tax filings, so he connected with tax professionals who specialize in the area and tapped into their networks. Once he established credibility, the referrals started flowing in. Now, when other advisors find themselves mulling over cross-border money matters, they often turn to him for advice, he says.
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