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What Makes a Good Niche Market?

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 […]

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The Power of Focus

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 […]

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Hate the Idea of a Niche Market? You’re Not Alone

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” […]

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Staying Focused on Your Vision

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 […]

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Sharing Your Vision with Your Team

As we see 2020 as the year of perfect vision, our last several articles have focused on your perfect vision for your practice and your vision as inspiration. Once you have a clear picture of your vision, sharing it with your team or staff is your next step. People feel more confident when they know where they are going and are equally excited to get there. When you were young, did your family go on road trips? Or do you take road trips with your own family? If so, you […]

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Your Vision as Inspiration

In last week’s post, 2020 – Your Perfect Vision, I described vision as the word we use in business to dream about the future, to think about the possibilities of what that future could look like. A well-defined vision description should be as detailed as you can make it. When your team reads it, they should be able to imagine exactly what you have in mind and be inspired to want to help you achieve it. Many people use pictures to help them stay motivated toward accomplishing what they want […]

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2020 – Your Perfect Vision

Welcome to 2020 – the year of perfect vision. The opportunity to write about 2020 and vision at the beginning of this new year and new decade is irresistible. Vision has always been precious to me for several reasons. Starting in third grade, I became aware of my extreme near-sightedness. Eye doctors said that my uncorrected vision was 20/800. Fortunately, glasses, contact lenses and finally Lasik surgery helped me immensely. One of my dearest friends, who lost her vision to Type 1 Diabetes, taught me a lot about the challenges […]

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New Year Checklist for Financial Advisors

This week begins the start of a new decade as well as a new year. So, it’s a good time to stop, take a breath, reflect and refocus. Here is a checklist you can use to guide your thinking. Look back on 2019. What are you most proud of? What do you regret? Look ahead to 2020. What are you most excited about? What are your biggest concerns? Read up on new legislation and industry trends. For example, how well do you understand the SECURE Act and what it means […]

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Adam to present at FPA Business Success Knowledge Circle on January 8th

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 […]

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