More clients, more fun in 2021?! YES!

Women Financial Advisors… What if you could: Attract more ideal clients to your business with targeted marketing? Uplevel your team and align everyone with your business vision and purpose? Transform your mindset and eliminate the limiting beliefs holding you back? Spend MORE time working with clients and less time hunting for prospects? Join the ranks of the industry’s top advisors whose secret is “niching rich”?   Would any ONE of these improvements help your business take off in 2021?   Hello, my name is Maria Marsala. I’m here to introduce you to the profitable reality of creating a niche for your financial firm. It won’t cost you a penny.  It’s all in an on-demand, ready-to-play 45-minute training video where I walk you through the exact steps for defining your niche. And in case you thought niching your business is too restrictive or leaves money on the table: “Specializing in a particular type of client is a recipe for huge success. [emphasis mine] Consider that a full 70 percent of top financial advisors—those earning at least $1 million annually—focus on a particular niche, according to CEG Worldwide research. In stark contrast, just 35.1 percent of financial advisors earning less than $150,000 a year have a niche focus. The message couldn’t be clearer: To emulate the success of today’s elite financial advisors, you need to find the right niche for yourself and your practice.” - Jonathan Powell, Managing Principal, CEG Worldwide, LLC, San Martin, CA   Register for the

2020-12-28T17:58:39-05:00December 28th, 2020|Niching & Attracting Ideal Clients|0 Comments

Do your friends know this about you?

Sometimes I am reminded of the best way to gain new clients.  In coaching, it's called the "Jane Smart Letter".  I first learned about the concept from a coaching school.   I'm never surprised of the results the Jane Smart letter brings.  (Thomas Leonard, the author of the Jane Smart Letter, in case you don't know, is the father of coaching and a former financial planner.) No matter how long you've been in business, it's never too late to mail a Jane Smart letter, as in with a stamp.   It's especially important if you haven't formally told your friends, relatives, and former colleagues what you're in business. You’re doing them and your business a disservice.  Plus, you're bound to be annoyed. I can't tell you how often a client has said: "I can't believe what my friend "x" told me.  He's doing business with a competitor."  I say, "When did you formally speak to "x” about your business?"  They say, "Well, they know what I do".  I say, never take anything for granted. I mean, if you need to "invite" a prospect to become a client, by asking for the sale, i.e., "I'd love doing business with you", then you need to tell the people who know you what you do! So, what's in a Jane Smart letter? Unlike most marketing, half of this letter is about you. In Excel, create a list of friends, relatives, and former colleagues. Make the letters personal by using their names.  If you

9 Qualities of Your Ideal Clients

Let's get right to the point.  As a business owner, we all want great, long-term clients.  This is where the adage "you get what you envision "comes into play. Are you envisioning your ideal or best clients walking into your office or contacting you online?  OR are you running your business based on scarcity? If you own a service business, your niche must be in a lot of pain, dealing with major challenges, frustrated, or sick and tired of the status quo.  Otherwise, they are not going to look for outside help, ergo, they're not going to hire someone like you ... at any price!   What Makes a Client Ideal? I'm often asked, "What makes a client ideal?"  Here's a list of the basic attributes I've noticed over the past 20 years: They value your services because YOU can define the value, understand their pain, and provide the solution. There is no price haggling. You feel their trust (and trust grows). They enjoy working with you and learning from you. You enjoy working with them and learning from them. They gladly provide you with whatever paperwork you need. They keep their appointments (or reschedule the minute they know there's a problem). They can easily be found in numbers/groups. They automatically refer others like themselves to you.   The list is seems simple enough. Right?  Yet most advisors and service business owners don't have ideal clients who "fit the bill".   Attribute List  - Dig Deeper When

Managing Your Niche in 2-Steps

When I speak on stage or meet advisors "around town" and we talk niches, they always ask: "Where is my niche from?" First, let me tell you what a niche is.  It's a general description of whom you work with.  And if all you do is create a general description of who you work with, that's not enough.  In fact, it's only one part of how to "Manage Your Niche".   An article I published, that has received numerous mentions and retreats, listed 157+ possible niches to get the process started. Managing Your Niche is 2-Step Process Having worked with clients on simplifying and growing their business, niching starts by "Managing Your Niche." It's a 2-step process where you nail your niche and then deep dive into determining and learning everything about "who" they are as you create your ideal client profile.  Ideal client profiles are also known as client personas and archetypes.  They are a specific "picture" of whom your ideal clients are within your chosen niche. Niche, Segment, THEN Market You take the 2-step process before you create your firm's outer brand (like logo, website) and before you start marketing.   Otherwise, you'll attract clients "who breathe and have a paycheck," which will come back to haunt you in the future. You want to market directly (target market) to your niche and ideal client.  You "target market" to attract your ideal clients, but you'll attract others, too.  You can then decide to take those others on as clients

What’s The Most Effective Way To Reach New Clients?

That's a question asked by a member of Alignable.  Here's my answer! Pin down your niche (general "who" you work with).  Start here  Take your niche up a level and create an ideal client profile.  "Paint" a picture of who your niche is and and make sure they can pay you what you deserve and value what you provide.  When you do this right, they'll tell you where they hang out and how they want you to reach more of them.  Stop selling or "hunting clients down"! Selling is old school.  Connecting is "in".  Find ways to target your ideal clients in a way that attracts more of them to you and in ways you can connect with them on a deeper level both off and online. Create a strategic plan.  My clients, who are established in business are amazed at how struggling through this step helps them "breath better" in the long run.  Start here   Create messaging, a bio, value proposition, SWOT, competitive advantage, business snapshot, website, and other marketing collateral that is meant to connect with your ideal clients -- vs. anyone who breathes.  You need to know your ideal clients needs, as well as their wants.  Make the messaging about the solutions you provide -- NOT-- about products. Start here   Create these basic business systems, and you'll answer your own question and become the obvious choice for people seeking a business owner just like you!   This answer was originally published, in whole or

Advisors It’s Time To Kick Your Fears To The Curb And Pick A Niche!

There is probably no topic that makes an advisor’s eyes go wider and fingers clench tighter.  The topic?  When I suggest to the advisor that perhaps, maybe, she should consider choosing a niche.  I may be imagining this since we are usually on the phone, and she is not in my line of sight.  Nevertheless, the response often conjures up a mix of fears and myths.  It usually goes something like, “I can’t choose a niche because . . . . . . I can’t afford to say ‘no’ to clients! . . . I won’t have all the clients I want to grow my firm! . . . It’s going to be hard to find those specific clients! . . . I don’t want to fire my current clients! . . . I don’t want to be bored and unchallenged! All of these statements are fears and opinions; none of them are true, and I have the statistics to prove it! In a Horsesmouth survey of 2,100 advisors, those with a niche reported they enjoy: easier access to prospects better and wealthier clients increased referrals higher production enhanced reputation and status   And are those advisors bored and unchallenged?  I’m sure they’re contemplating that as they tee off at the golf course, read their new book, or spend more time with their family.  Gone are the days of running themselves ragged as they hunt down yet another prospect. The Importance of Perfecting Your Niche In case

SAVE THE DATE: A tipping point for financial advisors

My background as a business and life coach for the last 19 years (and a Wall Street executive for the 20 before that!)  allows me glimpses into trends. Trends that you might not have noticed as you work hard to grow your firm.   And now it’s undeniable: a tipping point for financial advisors has arrived, which makes the release of my new course extremely relevant and timely for financial advisors (if I do say so myself)!   Earlier this year, I traveled to India to deliver a talk about it, and here are a couple of the comments I received, from participants who got just a sample of my newest course:   “Today’s event helped me with clarity to see what I should be doing to take my advisory business to the next level, which I want to do.” -- Kashyap   “This program has really thrown light on effectively using our precious time.” -- P. Ganesh   I’m unveiling this program very soon. (On May 17, 2018.)   So follow me  on Twitter or join my newsletter at for upcoming information.   PS, There will be a limited Early Bird Special, so you definitely don’t want to miss it!   Upwards and onwards, Coach Maria

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

2020-05-24T16:50:16-04:00January 29th, 2017|Niching & Attracting Ideal Clients|4 Comments

7 Helpful Resources To Refine Your Niche

You’ve heard it before, but I’ll say it again.  To stand out in a crowded and competitive market, you need a niche. You may be considering niching as a strategy to increase your client base and productivity.  If so, you'll find the blog articles and webinar resources below helpful. Refine Your Niche with 158+ Examples for Financial Advisors Here is an ever-expanding list of possible niches to get you thinking.  They are sectioned into three categories -- what I call the 3 P's:  population and product (which most financial advisors think about when they are considering niching) AND passion (yours and your clients). 13 Reasons Why You Should Refine Your Niche This is a list of niching benefits gleaned over 16 years. Working Smarter: Hitting YOUR Niche Wouldn't you like to be SOUGHT OUT by prospects, instead of constantly chasing them? If prospects aren't finding YOU, you are missing your niche. This webinar training is free with a newsletter subscription. The newsletter includes our niching training and will walk you through the process of choosing a niche.   Ask Maria for the link to the niching video. Please provide us with your full name and website. Less IS MORE When It Comes to Running a Successful Practice Learn what different financial advisors--from start-ups to experienced advisors--discovered when they niched. Spaghetti Marketing Hurts Your Business This article is about what often happens when you don't niche.  Prospects gathered via Spaghetti Marketing rarely, if ever, develop into

10 Reasons For Advisors to Niche

Niching. YUCK! I'll miss clients, right? I'll have to give up some of my current clients! I'll get bored. I won't be challenged. Advisors have plenty of reasons why they won't niche. Their fears often beat out the important reasons TO niche! Here are 10 reasons you want to choose and market to a target market: 1. According to CEG Worldwide research, 70 percent of top financial advisors—those earning at least $1 million annually—focus on a niche. 2. It’s much less expensive to create marketing materials geared to a subset of the population. 3. Generate more awareness of your brand, which brings prospects to you. 4. Word of mouth easily builds your reputation in your specialization because you’re making a segment of the population special. (WII-FM--What's In It For Me) 5. You will become known as the obvious choice and go-to expert for that niche area. 6. When people hear about who you help and what you do, the person listening gains an idea of who they could refer to you. 7. With clients who have similar investment and planning requirements, you’ll be able to streamline your operations, deliver customized services, and provide a higher level of customer service. 8. Save time by developing services and products specifically for one audience, while building a more scalable business model. 9. Work with people you genuinely enjoy being around. 10. Business will be simpler! (c) 2103, Updated 2016, 2018

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