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.