Niching- The Way Advisors Become An Obvious Choice Of Prospects


I didn’t intend to write an article about niches for financial advisors. I expected to conduct a search for financial niches and find a list for a client. But I couldn’t find such as list! Amazing. Why? Shouldn’t every financial advisor (and business owner) nitch?

Plus my previous niche marketing research had suggested that niching originated in the financial sector. Some of you might not remember but there was a time when as an individual, you went to a personal bank for your needs and had a personal banker who knew you and visa versa. If you were a business or CEO of a corporation, you might have also gone across the street to a commercial bank. Brokerage firms also came in two flavors: retail houses or institutional firms.

Looking at Niches

Niches are very broad segments of who your ideal clients are. It’s about a community of people or businesses you’ll work with … not their about AUM (although some advisors advertise that they work with affluent or high net worth clients). Their AUM or the revenue they generate yearly comes into play — after all, you’re in business, but be open to niches that describe a community of people. Their AUM or generated revenues can easily be part of the step after you choose your niche — creating an ideal client profile

I recommend choosing a niche based on system I developed called the 3 P’s of Niching: passion, population, or products/services.

Niches can be categorized by general characteristics such as an occupation, a passion/hobby, or by the type of product or service consumed. In many cases, the categories overlap. In this step, “finding or redefining a niche” has little to do with who can afford to pay you what you’re worth. Now the secret to niching is NOT choosing just one of the 3 P’s as you choose a niche. Find your niching sweet spot by choosing a niche based on the intersection of the 3 P’s.

Below is a representation of the 3 P niches for financial advisors.

NOTE: This article started out with 67 niches in 2012. It is updated once a year. Last updated 01/2016. If I missed your niche post it in the comments section.


Population Characteristics Population may be a “person” or a “profession”.

  1. Athletes
  2. Couples
  3. Corporate Executives, Managers, Supervisors or Employees
  4. Men/Male
  5. Women/Female
  6. Retirees
  7. Business lawyers
  8. Divorce attorneys
  9. Divorced Women
  10. Divorced Men
  11. Military
  12. Defense Industry
  13. Academics/Teachers/Educators/Professors
  14. Widows
  15. Widowers
  16. Dual Income Families
  17. Single Income Families
  18. Families taking care of their Parents
  19. Industry-specific professionals (executives, CEOs, etc.)
  20. Professional couples with children
  21. Unmarried women professionals
  22. Physicians specializing in a particular human or animal practice area
  23. Older women married to younger men
  24. Older men married to younger women
  25. Partners in a second marriage, with or without children
  26. High net worth individuals or couples
  27. Children of wealthy clients
  28. Nonprofit organizations
  29. The Affluent
  30. The Super Affluent
  31. Specific religions
  32. Specific nationalities
  33. Specific sexual orientation
  34. Scout leaders
  35. Unemployed with 401K plans
  36. Middle market executives
  37. Women CEOs
  38. Registered Investors
  39. College Alumni
  40. Members of a club you’re a member of
  41. Estate attorneys
  42. Franchise business owners
  43. Under-40 business owners
  44. SAHM
  45. Business owners in a specific industry or in a specific stage of their business (rapid growth, 20 years from retiring, etc.)
  46. Chefs
  47. Family-owned businesses or corporations
  48. Restaurant Owners
  49. Individuals who own animals
  50. LGBT individuals and/or couples
  51. Families with a disabled child or children
  52. Families with children who have a specific disease
  53. New Parents
  54. Parents of school-age children
  55. Special needs parents
  56. Empty Nesters
  57. People who have had serious personal injuries
  58. Athletic Coaches
  59. Professional Coaches
  60. Therapists
  61. Adventure Enthusiasts
  62. Accountants
  63. Advertising Professionals
  64. Architects
  65. Art Directors
  66. Bankers
  67. Computer/Technology Specialists
  68. Consultants
  69. Controllers
  70. Artists
  71. Engineers
  72. Engineering Companies
  73. Environmental Planners
  74. Fitness or Weight Loss Instructors
  75. Fund Raisers/Corporate Developers
  76. Headhunters
  77. Health Care Administrators
  78. Human Resource Managers
  79. Interior Designers
  80. Internet Consultants
  81. Management Consultants
  82. Manufacturing Companies
  83. Marketing Professionals
  84. Media Executives
  85. Museum/Cultural Administrators
  86. Physicians
  87. Real Estate Executives
  88. Freelancers
  89. Franchise Owners
  90. Sales Executives
  91. Systems Analysts
  92. Traders (at firms or home traders)
  93. Wall Street Executives
  94. Web Designers
  95. Writers
  96. Parents of Adopted Children
  97. Parents or individuals with ADD/ADHD, Asthma, Allergies, Autism, Cancer, Diabetes, etc.
  98. Unions
  99. Clergy
  100. Co-Parenting Parents
  101. Interracial Couples
  102. Holistic Couples
  103. Couples dealing with infertility
  104. Grandparents
  105. Individuals who built their own homes
  106. Farming/Ranching
  107. Hospitality
  108. Individuals/couples dealing with a loss
  109. Nurses
  110. Politicians
  111. Public Relations Professionals
  112. Real Estate Professionals
  113. Singles
  114. Social Media Professionals
  115. Veterinarians
  116. Socially Conscience Organizations
  117. Christians
  118. Horse Training
  119. Dog Owners/Showing/Breeders
  120. Your Countries Residents Who Currently Live in a Specific “Other”Country


Passion/Hobby This is a specific area you can connect with clients such as you have a passion you share with a majority of your clients such as:

  1. Golf
  2. Boats
  3. Wine enthusiast
  4. Football fan with season tickets
  5. Other sports
  6. Fishing
  7. Travel
  8. Home beer brewers
  9. Quilters
  10. Chess players (or other games)
  11. RV-ers
  12. Pet owners/breeders (dogs, cats, snakes)
  13. Chocolate lovers
  14. Car restoration/collectors
  15. Coin collectors
  16. NASCAR fans
  17. In Recovery Programs
  18. Bird Owners/Breeders
  19. Gardeners
  20. Cat Owners/Breeders
  21. Christians
  22. Horse Training
  23. Dog Owners/Showing/Breeders


Product/Service Consumed

  1. Wealth management
  2. Socially conscience investments
  3. Life planning
  4. Fee-based financial planning
  5. Business planning
  6. Business succession planning
  7. 401K retirement planning
  8. Tax reduction strategies
  9. Insurance
  10. Self-directed plans
  11. Education/college planning
  12. Personal financial planning
  13. Profit sharing
  14. Retirement distribution planning
  15. Estate planning & conservation
  16. Investment management planning
  17. Socially responsible investments

What Niches Should You Stay Away From?

You may have noticed a few niches I’ve left off my list. Specifically, Baby Boomers, Generation X, Generation Y (The Millennials) and Generation Z. Why? They’re very much in vogue but think about it. Thirty years from now, a firm that niched to work with boomers will have how many clients? And the first will be worth how much? If you’re currently branded in any of these four groups, create a sub-niche you can use in your branding, too. Or do what one firm who works with XY’ers. oXYGen Financial (as you see in their name) highlights their niche in their firms name. But their brand will also outlast the test of time.


Niched Website Examples: Most financial advisors’ websites aren’t niched. They very general in verbiage, photos, and design. If you don’t make your best clients important on your marketing materials, you’ll attract more “clients from hell”.

© 2012 Elevating Your Business. Updated 2013, 2014, 2015, 2016 Maria Marsala is a Business Advisor to Financial Advisors growing firms with teams. Advisors seeking her help are looking to simplify business, advise more, and live better Maria has been published in Financial Planning Magazine, Investment News, RIA Biz, , Dow Jones, The Street, Entrepreneur Magazine, and numerous other trade journals and magazines. She’s the author of more than two hundred articles and speaks internationally on practice managment topics.

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