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Dart on the bull's-eye of a dart board - niche market

Practice Management > Marketing and Communications > Client Retention

Hitting the Bull’s-Eye in a Niche Target Market

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What You Need to Know

  • Advisors should develop a niche of clients to serve, understand the niche and create offerings that make the most sense.
  • They should understand the needs of their target market and be proactive in serving each client.
  • A relevant social media presence will make it easier for advisors to find the clients they want to serve.

The number of financial advisors across the U.S. is increasing at an impressive rate. Between 2000 and 2020, the number of RIAs grew from less than 7,000 to over 13,500. With the market for financial advisors becoming more saturated, prospects have more options to choose from than ever before. Therefore, it’s important for advisors to take a step back and think about how they can differentiate themselves in the marketplace. 

One way to do this is by developing a niche of clients that they will serve. To attract this group, advisors need to understand the niche, create offerings that make the most sense, and utilize social platforms to connect. 

Develop a Deep Understanding

Financial planning is not “one size fits all,” and different groups of people have different needs depending on life experiences. That is why developing a niche target market can help advisors better serve their clients. Once an advisor identifies the group of people that they feel connected to in a way that allows them to deliver thoughtful financial advice, they need to do the work to connect with this niche group on a deeper level. 

Advisors must be authentic in choosing a niche to which they will have a genuine connection. By choosing a group that the advisor relates to, it will be easier to connect with their clients and understand their financial needs. It’s helpful for advisors to think about why they do what they do, because ultimately, it all comes back to helping their clients meet their life goals. The best way to do that is by being able to empathize with the group they’re working with. 

Once they’ve identified this group, it’s vital to stay on top of the trends facing this group at all times. Be it regulatory or simply what’s going on in the world, keeping up with the needs becomes a part of the advisor’s everyday work. By doing this, advisors will develop a deeper understanding of what areas of their niche group’s finances are of particular importance. This ensures that they’re delivering comprehensive, thoughtful financial plans. 

Develop Offerings That Cater to the Group

Once advisors understand the needs of their target market, it becomes easier to develop offerings and financial plans that cater to the needs of these clients. An advisor’s job above all should be to help their clients navigate their financial future by tackling any challenges they face. Anticipating these challenges is critical in offering actionable advice. 

An advisor should be proactive in each client’s financial planning experience, which often means thinking about what will affect a client’s financial goals before the client even does. For example, there are still some states that have not yet equalized benefits or put anti-discrimination laws in place. If you’re an advisor working with the LGBTQ+ community, it is vital to be privy to the laws that can affect clients in that regard. 

Utilize Social Media

Another important step for an advisor to serve their target market effectively is to find the best way to connect with those who fit into their niche of clients. More people are looking for their advisors online today. The number of Google mobile searches for “financial advisor” has grown by 75% over the last two years. A few tips to keep in mind: 

  • Be where clients are looking for advisors, and today that’s online. Advisors need to build out a social media presence that makes finding them as easy as possible
  • Utilize social media in a more targeted way by creating content that caters to that niche. For instance, if an advisor elects to work with women who are nearing retirement, creating a podcast focused on what their top considerations would be allows the target to get to know the advisor while proving the benefits of working with that advisor
  • Your social media strategy should be multi-channel. As more platforms emerge, advisors need to keep up with them and ensure that they have a presence. 
  • Content is king. Advisors should create original material and curate pertinent third-party content to stay relevant. 


An advisor’s job is to deliver their clients financial advice that will enable them to live a fulfilling life. Not only does developing a niche help advisors break through the noise, it also allows them to activate their purpose as an advisor.

Picking the group to work with is only half the battle: Advisors then need to do the work to attract these clients and make sure they’re taken care of based on their personal needs.

Matt Regan is president of Wealthcare Capital Management, a fee-only and a hybrid SEC-registered investment advisor that also provides an investing platform featuring investment management and oversight.


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