The financial service sector has become increasingly competitive. Thanks to the rapid development of technology, the ability to scale has been enhanced. Robo platforms are rising, and advisors need to stand out, and for this, niche marketing can be very beneficial. You must look for an offering that helps you stand out in the market. After that, you must figure out which prospect types require those services. Through this article, we present to you the top financial advisor niches along with some insight to help you define your target market.

Identifying Your Target Market

When you formulate your target market framework, you should profile yourself first. For this, include any job experience you’ve had other than financial services, children, marital status, age, specific skills, and college experiences. With this, you can come up with a prospect pool consisting of people with similar experiences. You should search for people that you can share similar ground conversations with. They don’t need to be exactly like you. This consists of your target market.

Best Niche Ideas for Financial Advisors

After you’ve established your target market, you must examine niche categories. More than one category can be targeted, but the approach will be different. Here are some of the best financial advisor niches that you can consider:

Group affinity: This refers to the people you’re already familiar with and share common experiences with, like your sorority sisters and fraternal brothers. It’ll be easier to work with them.

Family planners: new families make excellent niche prospects. Parents need guidance, whether it’s financial or personal. Position yourself accordingly.

Traditionalists: Some people aren’t very happy with the idea of change. Older clients generally aren’t a fan of technology and prefer a more personal approach. Position yourself as such when you’re dealing with traditionalists.

Tech-Savvy Millennials

They are completely opposite of traditionalists, and if you want to engage them, you know exactly what they are looking for. They desire online client engagement and automation. Make sure you appeal to them.

Focus On Your Niche

If you’ve had past work experience, it must have provided you with access to industry-specific prospects. Life events such as a personal tragedy or divorce may also have connected you with other people with similar experiences. Gone are the days when advisors used to take in anyone they could find.  These days, prospects can easily access on-demand market information 24/7, and they want very specific services. Make sure you can deliver that.