What Are the Best Niches for Financial Advisors?

03 May, 2023 BY Snappy Kraken

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When it comes to advising your clients, being a generalist just doesn’t cut it anymore.

It increases your competition and lowers your chances of finding clients.

That’s why many financial advisors choose to find a niche for themselves.

In fact, 70% of top financial advisors (those who make at least $1 million a year) have a niche.

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The more specific you become, the more likely you will find clients who benefit most from your expertise.

How do you find those clients?

Through financial advisor marketing.

There are a lot of target markets for financial advisors out there.

You just have to find the one that you either have the most connection with or have the most prospective clients in your area.

This blog will help you figure out how to find the niche best for you and give you the tools you need to market for it.

How Does a Financial Advisor Create a Niche?

To create a niche, think about your passions, your knowledge base, and the needs and desires of your current and prospective clients.

For financial advisors with less experience, finding a niche can be a bit more difficult.

Nerd’s Eye View, a website that guides financial advisors on best practices, provides the following steps to help you find your niche.

  • Take anyone you know out to lunch. By anyone, we mean anyone: friends, family, old coworkers, you name it. It’s really anyone who you might be interested in helping. This will allow you to discuss their wants and needs with them in an informal way.
  • Ask them questions. These can be about their job, their industry, or the financial issues they may face that worry them.
  • Ask for an introduction to two or three other people. Ask your interviewee if they know anyone who might want to go to lunch with you to have the same conversation. Also, ask the interviewee if you can follow up with them at a later date.
  • Reach out to those suggested and repeat these steps. You will need more data to further narrow your search for a niche. That’s why repeating these steps with a few people is important. 
  • Create a business plan. Create a business plan related to your niche based on the data you gather. Figure out who your ideal client is, what services you will provide, and how you will get paid for the work you do.
  • Share your business plan with your interviewees. If your interviewees agree to a follow-up, show them your plan and get their feedback on how to improve it.
  • Ask for possible clients. Do not ask your interviewees if they will be your clients. This will put too much pressure on them. Instead, ask if they know anyone who may need your niche for their finances. Chances are that your interviewees will agree to be among your first clients.

Just because you complete these steps doesn’t mean that you are done with finding your niche.

The more experience and clients you get, the more information you will have to refine or alter your business plan.


What Are the Top 6 Niches for Financial Advisors?

There is no set target audience for financial advisors nor a set guide on how to find a profitable niche.

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When it comes to finding your niche, you should focus more on what you and those around you care about.

With that said, we have compiled a list of six of the most popular niche markets for financial advisors.

  • Affinity: You select clients who share interests or networks with you.

  • Educational: You teach clients about their options by helping them better understand their circumstances.

  • Experiential: You provide your clients with a relationship that keeps them engaged and informed.

  • Psychosocial: You give clients both financial advice and support when they go through a life event or transition.

  • Technical: You use your technical knowledge to get into the nitty gritty with your clients.

  • Values: You bond with clients over shared values or philosophies.


Find Your Ideal Clients Using Snappy Kraken

How does a financial advisor find more clients?

Through successful marketing strategies.

That’s where Snappy Kraken comes in.

We automate digital marketing for financial advisors.

And the best part?

It only takes one or two hours a month of your time to make our marketing work for you.

We will create lead generation pieces, email campaigns, webpages, and more for you, all in one spot.

Our award-winning content can bring you the clientele to get your business going.

Ready to learn more?

Watch our demo and get Kraken.

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