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Advisors, Use Niche Marketing to Draw More Clients

Financial advisors often miss opportunities to scale up because they focus on too large an audience. The ideal goal for many advisors is to build a practice that will continue to expand as their retirement approaches, but by failing to market to niche groups, they are actually limiting their firm’s growth potential.

Since most advisors are striving for evergreen firms that will be in existence for a very long time, if not forever, and are not concerned with making a quick sale, they have the luxury of building in processes that will bring them more profitability, demonstrate more expertise and attract greater customer loyalty. But they often cast their net too wide in attempting to draw in a client base, and as a result neglect to differentiate themselves from their competitors.

This makes client acquisition a longer and more expensive process, both in marketing and opportunity costs. Here are some things advisors should consider as they build their ideal client base:

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