157+ Possible Financial Advisor Niches

Years ago, while working with a client to grow his business, he asked me if I had a list of advisor niches.  I didn’t have anything written down and I told him that I would find him one or two lists online.

But I couldn’t find any lists.  I was surprised and amazed. Why?  All the research shows that the most successful advisors have a niche (and a business plan).  I mean, shouldn’t every advisor who is running their own business or book of business have a niche?

As I continued researching, I also was interested in the history of niching.  There was none, either!

My previous niche marketing research, knowledge I’d grown up with from being “in” the industry for 20 years, had suggested that niching may have originated in the financial sector (at least in the US).   Over time, in a newer town, a business banker would move in.  But they didn’t like doing personal banking as there was no or little collateral.  So, over time,  a personal bank would arise.

Fast forward a few hundred years, 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 vice versa. If you were a business owner or CEO of a corporation, chances are that you would have gone to a commercial bank.   Brokerage firms also came in two flavors: retail houses or institutional firms.

Let’s Take An Overall Look At Nailing a Niche

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 about their 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 the 3 P’s System of Niching: passion, population, or products/services.  At one time, niches were based on product types.  But no longer.  I feel it’s a combination of all 3 P’s, not just one of the P’s. Find your niching sweet spot by choosing a niche based on the intersection of the 3 P’s.

Niches can be categorized by general characteristics such as an occupation, a passion/hobby, or by the type of product or service consumed.  Best is when all 3 overlap.  In this step, “finding or redefining a niche” has little to do with who can afford to pay you what you’re worth — although part 2 of the niching process — finding your ideal clients — IS about making sure that you can find a good number of people who can afford the services you’re planning but more importantly WANT and NEED your services.   Niching is about finding a community of people or businesses who you can connect with, enjoy working with, and can share experiences with AND who want and need your services.

Part 2 of niching, “finding your ideal clients”, has you get into the nitty gritty of everything about your niche.  I talk about the difference between niching and

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

1. Athletes
2. Couples
3. Corporate Executives, Managers, Supervisors or Employees
4. Men/Male who
5. Women/Female who
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. Religious affiliations
37. Middle market executives
38. Women CEOs
39. Registered Investors
40. College Alumni
41. Members of a club you’re a member of
42. Estate attorneys
43. Franchise business owners
44. Under-40 business owners
45. SAHM
46. Business owners in a specific industry or in a specific stage of their business (rapid growth, 20 years from retiring, etc.)
47. Chefs
48. Family-owned businesses or corporations
49. Restaurant Owners
50. Individuals who own animals
51. LGBT individuals and/or couples
52. Families with a disabled child or children
53. Families with children who have a specific disease
54. New Parents
55. Parents of school-age children
56. Special needs parents
57. Empty Nesters
58. People who have had serious personal injuries
59. Athletic Coaches
60. Professional Coaches
61. Therapists
62. Adventure Enthusiasts
63. Accountants
64. Advertising Professionals
65. Architects
66. Art Directors
67. Bankers
68. Contractors
69. Clergy/Churches
70. Computer/Technology Specialists
71. Consultants
72. Controllers
73. Artists
74. Engineers
75. Engineering Companies
76. Environmental Planners
77. Fitness or Weight Loss Instructors
78. Fund Raisers/Corporate Developers
79. Headhunters
80. Health Care Administrators
81. Human Resource Managers
82. Interior Designers
83. Internet Consultants
84. Management Consultants
85. Manufacturing Companies
86. Marketing Professionals
87. Media Executives
88. Museum/Cultural Administrators
89. Physicians
90. Real Estate Executives
91. Freelancers
92. Franchise Owners
93. Sales Executives
94. Systems Analysts
95. Traders (at firms or home traders)
96. Wall Street Executives
97. Web Designers
98. Writers
99. Parents of Adopted Children
100. Parents or individuals with ADD/ADHD, Asthma, Allergies, Autism, Cancer, Diabetes, etc.
101. Unions
102. Clergy
103. Co-Parenting Parents
104. Interracial Couples
105. Holistic Couples
106. Couples dealing with infertility
107. Grandparents
108. Individuals who built their own homes
109. Farming/Ranching
110. Hospitality
111. Individuals/couples dealing with a loss
112. Nurses
113. Politicians
114. Public Relations Professionals
115. Real Estate Professionals
116. Singles
117. Professional Women Who Are Single
118. Social Media Professionals
119. Veterinarians
120. Socially Conscience Organizations
121. Horse Training
122. Tatoo Business Owners
123. Dog Owners/Showing/Breeders
124. Your Country’s Residents Who Currently Live in a Specific “Other” Country
125. Recently Inherited or Sold Business
126. In Transition: Job Changer
127. Farmers
128. Large companies (you’d work with their employees) Universities, Health Care Systems, etc..

Passion/Hobby This is a specific area where you can connect with clients such as you where 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 conscious 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 or specific products: annuities, life insurance, long-term care, etc.
10. Mutual Funds
11. Self-directed plans
12. Education/college planning
13. Personal financial planning
14. Profit sharing
15. Retirement distribution planning
16. Estate planning & conservation
17. Investment management planning
18. 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 been 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 firm 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 does. oXYGen Financial (as you see in their name) highlights their niche in their firm’s name. But their brand will also outlast the test of time.

Bonus Tip

Once you choose your niche and ideal client, you’ll need to clarify your firm’s message, introduction, marketing materials, and onboarding process.  Everything you do needs to attract your niche and make the feel comfortable.

I remember walking into the office of an advisor whose niche was military personal and their ideal client was a specific segment of the military. I was meeting an advisor who was a Chamber Member for a networking opportunity.  I walked into a green and white office.  It felt wrong.   Years later, they hired a coach, and their office colors were immediately  changed to red, white  and blue.  That’s an office the military would connect with right away (and the colors I expected to see in their office..

So, as you update your niche, make sure your entire business reflects and attracts whom you’re passionate about working with.  And that includes your website, too!

Did I miss your niche?  Please post it in the comments section. I’m always learning and adding, too.

© 2012, Updated 2013, 2014, 2015, 2016, 2019  Elevating Your Business.  Are you ready to choose a niche?  Not confident about the niche you’re thinking about?  Want to know how market to your niche? Get on the waiting list for more information on our twice yearly Book MORE Ideal CLIENTS  program and get our Niche Rich Assessment and video here