In his book “Building a World-Class Financial Services Business,” Don Schreiber, Jr. recommends you break your competition up into three levels:
The first level consists of your direct competitors – other financial advisors and planners, who are located in your geographic area.
The second level of competition comes from businesses offering similar products, but in a different category, or who are located farther away.
The last level of competition is from businesses offering another type of product.
Source: “Building a World-Class Financial Services Business,” Don Schreiber, Jr.