Can You Have More Than One Niche?

One of the most common questions I get about niche marketing is, “Can I have more than one niche?” The answer comes down to your available resources. Each niche requires its own marketing plan and its own champion to spearhead the effort. The more niches you have, the more champions you need and the more plans you must implement.

With that in mind, here is my general rule of thumb for whether you can have multiple niches:

RIAs with a solo advisor: You must focus on one niche—end of story!
RIAs with a few advisors: You would be best served by having one niche for the entire firm. However, if not all advisors are equally suited for the same niche, you may decide to have multiple niches. This is not an ideal scenario, so you should have as few niches as possible, with each advisor focusing on only one niche.
Large ensemble RIAs: Unless you started with a niche, it’s unrealistic to assume you will ever transition to just one focus. Instead, you can have multiple niche specialty areas. The key to success is having advisors dedicated to just one niche.