When a large advisory firm decides to implement a multiple-niche approach, it's important to set clear guidelines for each niche. First, every niche should align with an overarching theme. For example, if the overarching theme of the company is retirement planning, then each niche should be focused on retirement planning (e.g., Retirement Planning for Federal Employees, Retirement Planning for Business Owners).

Second, the firm must ensure that all niches fit within the company’s fee structure. If the company charges based on assets under management (AUM) and has a minimum account size of $1 million, then every niche must adhere to this standard. Changing the fee structure or adding new options should be done strategically for the entire firm, not just for one niche.

Having guidelines helps streamline a multiniche approach by ensuring that all niches reinforce the company’s core mission and messaging while maintaining operational efficiency.