I started my career in the investment advice business in 1984. I remember that it was a big deal back then to tell my prospects that I was a stockbroker.
My registered investment advisor firm opened in 1999. It was a big deal in those days to tell my prospects that I was an RIA.
The mystique and fascination with investment advice titles is long gone. We all now realize that it’s become increasingly more difficult to stand out with new individual investor prospects.
There is still one investment advisory niche that piques the interest of individual investors. The niche has probably been overlooked by your firm. Even independent investment advisors have not taken the time to develop a consistent client development strategy in this investment advice specialty.
What Your Peers Are Reading
I provide investment management advice to individual company 401(k) retirement plan participants. My investment advice helps them lower their annual expenses and improve the investment performance in their company 401(k) retirement plan account.
I don’t do plan-level investment advice business. I work with individual company 401(k) retirement plan participants. I don’t have any competition from other investment advisors with these individual investors. I have carved out the individual company 401(k) investment advice niche in my local market.
The company 401(k) retirement plan investment advice specialty has been completely ignored by large- and medium-size brokerage firms. The same investment advisors who will fight tooth-and-nail for a company 401(k) retirement plan rollover have no investment advice product or strategy for the existing company 401(k) retirement plan account.
As you have read and heard, robo-advisors have found the individual company 401(k) retirement plan participant investment advice niche. But they only seem interested in small accounts.
I made an appointment with a 63-year-old local company executive last month. I knew the company 401(k) retirement plan menu well, because I have multiple existing company 401(k) advice clients at the same company.