My niche’ market is and always has been rich people with liquid $$.  It’s a strong niche’ with very little competition.  I would suggest other advisors find these people too.

I concur with bond guy that this “nice marketing” concept for trainees is a set-up for failure. I’m sure it’s not intentional, but you should understand what it takes to be succesful. Much of that info is on these threads. Read the 500 day war, for example.

I don’t know, some of it may be bunk, but there is some validity as well.  Taking a macro view, you are trying to set yourself apart from your competition- making yourself unique through how you approach prospects.  And your initial approach is in part based on something they are involved in.  Generic cold call with a generic pitch has a low probabilty of success.  Targeted message to people you know already have an interest in your message increases your chance of success.

I understand what you are saying UBS, but I agree with Northfield, in the beginning you just try to survive, but after a few years and assets, you start to notice a trend who your best clients are and where they come from.



I also agree with advisorcontrol, at the end of the day I am looking for investors who want to work with me, if it’s a corp exec or a garbage man, as long as they have the minimum to get in and WANT my advice, I have no problems

Specific niche marketing does work and is what separates top advisors from everybody else.  Driving deep and narrow is the best way to go but you need to have a great niche.  Just starting out you shoud identify a niche you would like to focus on but be  realistic about the fact that it will take years to develop the relatioships and centers of influence that will make it possible to be successful in it.  An example I use is working with CPA’s who specialize in a certain field.  I have a tax and estate planning attorney I have built a referral relationship with since we both focus on CPA’s in this field.  I have introduced him to CPA’s he didn’t know and vice versa.  I don’t know what industries are in your area but that is something that you should write up to present to your manager.  Eventually you will get to a point with enough assets you can focus more time on a niche like this but three years is probably how long it will take to be ready for this kind of marketing.

As far as I can tell the most successful niche market is former pro ball players that blew out knee and now works as FA under a old fart. Still has his $750k under the old guys number and he courts his old buddies for said old fart and hangs around the bars and ballfields for a couiple of years playing golf and slappin hookahs. The old guy tires of his 10am to 1pm work ethic hung over and unkempt then the $750k goes to another wire while ex mudd hen splains to buddies why they are down 45% on arcs and have to go hock new wire to country club and dads of the next sure thing out of slippery rock state lefty bullpen ace block head. He may go in the 24th round you know. 

Rather than looking at niche marketing from a client group/affinity group POV, look at it from a product POV. For example my niche is tax free bonds. It’s not the only thing i do but it’s what do the most. I seek out bond buyers or create bond buyers out of prospects who will benefit.