Last week I asked an advisor how he was settling in after he started working from home. He readily admitted that it was a challenge as he hunched over his dining room table. As you may know, Susan and I have run Pathfinder for the past 10 years from her home. She has an office on the main floor, while I have a separate room upstairs. I’ve also created dedicated office space at my home for the unexpected events in my life (such as when school is canceled until the […]
In 1967, psychologist Martin Seligman at the University of Pennsylvania pioneered the concept of learned helplessness. He placed dogs inside a harness that would deliver a series of shocks. One set of dogs were trained that if they pressed a lever, they could stop the shocks. But a second set of dogs received shocks that would stop at random intervals. He then placed the dogs on a platform that would administer another series of shocks. The first group of dogs immediately jumped off the platform. But the second set of […]
Last week, #math was a trending topic on Twitter. While interviewing New York Times editorial board member Mara Gay, MSNBC’s Brian Williams shared the following tweet from journalist Mekita Rivas: Williams commented, “It’s an incredible way of putting it.” Gay echoed his sentiment and added, “It’s true. It’s disturbing.” You can find the video here: https://www.thedailybeast.com/brian-williams-and-ny-times-staffer-fail-spectacularly-at-math-using-bloomberg-tweet Obviously, $500 million distributed across 327 million people would result in each person receiving a minuscule $1.53. Many people used this clip to demonstrate that the media lacks credibility. If the media can’t be […]
Over the last few weeks, we’ve discussed the benefits of a niche market and how to evaluate a niche. Ready to own your niche? Here is a three-step process to own your niche market. Step One: Expand Your Expertise. If you want to be perceived as an expert, you actually need to be an expert. Your goal should be to know more about the needs, concerns and challenges of the members of your niche than anyone else. Here are some ways to expand your expertise: Interview members of your niche […]
Susan and I traveled to Orlando last week for the Kingdom Advisors 2020 Annual Conference. As you may know, KA is a membership community of over 2,700 Christian advisors. This year’s conference was attended by more than 1,600 advisors, speakers and partners. This was our third year at the conference and our second as exhibitors. We met advisors from large, regional and independent firms, as well as many independent RIAs. With 60 premier, corporate and ministry partners in the exhibit hall, our booth was located between Compass Ministries and the […]
Once you’ve identified a potential niche market, how do you know if it’s a good niche market for you? Here are four questions to ask: 1. What needs, concerns, and challenges do members of this niche have? Are these needs, concerns, and challenges the same for all members of the niche? And how well-positioned are you to help them? Let’s break that down a bit: Needs are things they must have or do. Concerns are their common worries or doubts. Challenges are real or perceived obstacles hindering their success. For […]
A few years ago, I received a pressure washer for my birthday. Needless to say, I immediately got to work finding everything at the house that needed some good, deep cleaning: the siding, the wood fence in the backyard, the cars, etc. I’ve probably used it the most on the driveway. You really don’t know how dirty your driveway is until you’ve blasted it with a concentrated stream of water at over 1,500 pounds per square inch. The washer came with several different nozzles that concentrated the spray into smaller […]
You’ve heard it from all the experts. A niche market is the best way to find success as a financial advisor or planner. But for many, it feels a little weird to say you have a niche market. Let’s talk about some of the reasons why. It’s a funny word. If you pronounce it NITCH, it sounds harsh. The “tch” at the end is not a particularly pleasant sound (not to mention that it rhymes with other harsh words!). If you pronounce it NEESH, it sounds hoity-toity! The word “niche” […]
Ever been seasick? It’s a pretty rotten feeling. As you may know, seasickness is caused by the conflict your brain experiences when it receives one message from your eyes and a different one from your inner ear. Your inner ear says, “Hey, we’re moving!” but your eyes say, “We’re staying still.” The best way to prevent or eliminate seasickness is to keep the horizon in view but without staring at it. The horizon provides a point of reference for your brain. When your eyes see the boat moving relative to […]
FPA Members! On Wednesday, January 8th at 3pm Eastern, Adam will be presenting “Master of One: Three Key Elements for Niche Market Success” for the FPA Business Success Knowledge Circle. Register here! To many planners, niche marketing can feel very counter-intuitive and restrictive. But a strong niche can build one’s reputation for deep subject matter expertise while creating a sense of confidence among clients who are part of that niche. Being a jack of all trades isn’t nearly as rewarding as being a master of one for the planner who […]
