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KITCES AND CARL: FINDING YOUR FUTURE SPECIALIZATION BY INTERVIEWING YOUR CURRENT
CLIENTS
by Michael Kitces and Carl Richards
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Featured Podcast, Podcast
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Kitces and Carl
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Traditionally, financial advisors built their clientele by working with anyone
who had the financial wherewithal to buy whatever products or services they had
to offer. And as advisor platforms have become increasingly open architecture,
advisors have had an increasing number of offerings available to work with an
ever-widening range of clientele. However, at the same time, the fact that ‘any’
advisor can offer almost ‘any’ product has made it more difficult for a
particular advisor to differentiate themselves from other advisors. For many
advisors, the solution to this challenge is to get more focused – which means
choosing a specific niche or a specialization and differentiating themselves by
offering an even more specific offering for their particular clientele. The idea
may seem simple in concept, but implementation of a niche or specialization can
feel daunting, risky, and even downright scary!
In our 79th episode of Kitces & Carl, Michael Kitces and client communication
expert Carl Richards discuss how to begin the process of finding a niche, ways
advisors can conduct research to decide if a chosen niche is a good fit for
their firm, and, once a niche is chosen, how to begin attracting new clients.
As a starting point, it’s important for advisors to understand the types of
clients they already serve. Compiling a list of existing clients and
differentiating them through qualifiers such as occupation (and whether they
have enough revenue to be financially viable) can give clarity as to whether a
potential niche already exists. From that list, advisors can then choose 5-10
(reasonably remunerative) clients they like working with and decide if they
would like to work with more of that same type of client. A good way to approach
this is to consider whether there is a common problem these clients face, and if
the problem would be interesting for the advisor to solve for more prospective
clients who face the same challenges.
Once a set of clients has been chosen, advisors can set up meetings over coffee
or lunch with the intention of learning more about the types of issues these
clients face, and what it would take to attract more clients like them. By
interviewing these clients and asking a predesigned set of questions, advisors
can gain an understanding of the viability of the proposed niche. Taking this a
step further, information gathered can be used to write a white paper that can
serve as both a reference for market research, and as a handout back to the
interviewed clients so that they may share it with others potentially within the
same niche to help attract future clients.
Ultimately, the key point is that financial advisors considering a change in
their business focus may not have to look far to find their niche or
specialization. Communicating with current clients gives an opportunity for
advisors to discover how they can not only help them, but future clients with
similar financial planning issues. Which means choosing a niche doesn’t have to
be a grandiose declaration that feels foreboding and irrevocable; it can be as
simple as just taking a renewed focus on a segment of clients that are already
“working” for the business and pursuing more clients just like them!
LISTEN TO ADDITIONAL EPISODES IN THIS SERIES
RECENT EPISODES
Kitces and Carl: How Advisory Firms Evolve Their Specializations Over Time
Kitces and Carl: Communicating Hard News To Clients (When You Plan To Relocate
The Business)
Kitces and Carl: Overcoming Imposter Syndrome By Truly Building Confidence In
Your Own Value
MICHAEL KITCES BIO
Michael Kitces is Head of Planning Strategy at Buckingham Wealth Partners, a
turnkey wealth management services provider supporting thousands of independent
financial advisors.
In addition, he is a co-founder of the XY Planning
Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former
Practitioner Editor of the Journal of Financial Planning, the host of
the Financial Advisor Success podcast, and the publisher of the popular
financial planning industry blog Nerd’s Eye View through his website Kitces.com,
dedicated to advancing knowledge in financial planning. In 2010, Michael was
recognized with one of the FPA’s “Heart of Financial Planning” awards for his
dedication and work in advancing the profession.
CARL RICHARDS BIO
Carl Richards is a Certified Financial Planner™ and creator of the Sketch Guy
column, appearing weekly in the New York Times since 2010.
Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. In
addition, Carl has become a frequent keynote speaker at financial planning
conferences and visual learning events around the world.
Through his simple sketches, Carl makes complex financial concepts easy to
understand. His sketches also serve as the foundation for his two books, The
One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The
Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money
(Portfolio/Penguin).
This podcast first appeared on the Nerd’s Eye View at Kitces.com at
https://www.kitces.com/blog/communicating-business-relocation-transition-remote-financial-advisor-client-services/
and has been reprinted here with permission.
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