This year, we’re mixing things up! Our weekly tips will follow a quarterly theme, and for Q1 2025, we’re diving into implementing a multi-niche approach. Each week’s tip will wrap up with a question, and we’d love for you to join the conversation in our Public Square.

Many firms gravitate toward a multi-niche strategy out of fear—fear that narrowing their focus too much will alienate potential clients and lead to lost business. Fear-based decisions, however, almost always lead to mediocre results. If you’re going to adopt a multi-niche approach, do it because your current strategy is already successful and you’re ready to tap into new opportunities.

• You’ve Achieved Organic Growth and Are Ready to Segment Strategically. Once your firm has grown organically (e.g., surpassing $1 billion in AUM), a multi-niche approach allows you to refine your focus. Segmenting your existing client base into specialty areas fosters deeper connections and more tailored services, naturally driving further organic growth.

• You’re Cultivating the Next Generation of Advisors. Empowering your next-generation advisors with specific niches provides them with a clear, structured path to grow as business developers—not just service advisors. A niche-focused strategy allows them to quickly establish credibility and build their own client base, independent of the existing leadership team’s network.

• You’ve Hired Advisors with Unique Expertise. Career changers often bring deep networks and specialized knowledge from their previous industries. Leverage these built-in advantages by developing a niche strategy that enhances their connections and positions your firm as the go-to expert for those audiences.

• You Have Outgrown Your Current Niche. Growth goals sometimes require expanding into new markets when you’ve exhausted opportunities in your current niche. A strategic multi-niche approach allows you to broaden your reach and achieve new levels of growth.

The power of a multi-niche strategy lies in its intentionality. Each niche should have its own dedicated champion, a clear marketing plan, and measurable goals. Done right, multi-niching positions your firm not as a generalist trying to appeal to everyone, but as a collection of uncomparable experts uniquely suited to meet diverse client needs.

We Want Your Take! Do you agree that a multi-niche approach works best when built on success rather than fear? What other reasons might inspire you to adopt this strategy? Share your thoughts in the OnNiche® Public Square!