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.