A popular notion is that advisors must establish a niche in order to distinguish themselves from competitors. Carstens says while finding a niche helps, advisors should first figure out who “they want to be in bed with,” meaning who they want as partners–that being, partners running the firm as well as outside firms providing complementary services. “You can’t be an expert on everything, and clients realize that, especially the high-net-worth clients,” he says. “You need to have people in separate disciplines who are experts, then see who are your natural clients.”
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