Not Every Firm Should Niche

Through our work with financial advisors, we have discovered the easiest way to market is to specialize in a niche. However, not all firms should niche. Here are four situations where focusing on a broad market is the better choice:

• Firms in small, close-knit communities with widespread name recognition

• Firms where the owner is going to sell to an outside entity in the next five years

• Firms that consistently generate enough referrals to achieve annual growth goals

• Firms with outside investment that can spend significant money on national mass marketing campaigns