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Today, we're tackling a fundamental question for financial advisors: to niche or not to niche? Whenever a new advisor enters my world, one of the first questions they ask is, “Joe, should I develop a niche?” My answer? It depends.
Every advisor’s journey is different, and the right path varies based on their goals and starting point. In this episode, I’ll walk you through the key considerations in making this decision and help you determine the best approach for your practice.
I also discussed the following:
- (06:33) How long does it take to validate a niche?
- (09:01) How to reverse-engineer a niche for long-term success?
- (13:07) The advantages of niching
- (19:08) Why most advisors fail at niching
- (19:57) The difference between niching and specializing
- (22:51) What advisors should consider before committing to a niche
Related: How To Fail As A Financial Advisor