To Avoid 'Kiss of Death,' Find Your Niche Clients
Rianka speaks with Financial Advisor's Christopher Robbins about her experiences running a firm focusing on "niche" clients.
A financial advisor can’t serve everyone.
In fact, to start a successful practice, an advisor has to find a niche, said Jane Newton, managing partner and wealth advisor of Morristown, N.J.-based RegentAtlantic at the 2017 Invest In Women conference in Dallas last week.
“Being a generalist in this industry is the kiss of death,” Newton said. “There is a risk in narrowcasting, but there’s a bigger risk in trying to go after everything else.”
After a stint at a major bank serving New York’s financial district, Newton has developed a niche working with high-powered women on Wall Street.
Yet financial advisors’ niches don’t always need to focus on high-asset, wealthy individuals, said Rianka Dorsainvil, founder of Your Greatest Contribution, a location-independent planning firm working with young professionals.
Through she decided she wanted to become a planner at a young age, she didn’t always have a niche in mind.
“When I started, I took on everyone, but I eventually figured out that I couldn’t do that,” said Dorsainvil, who also spoke at the conference.
Dorsainvil took an additive approach to creating a niche. As a younger planner just growing her book of business, she was able to design her practice from the ground up.