By Antoinette Rodriguez, MBA
A top question we receive from harried financial advisors is whether they should develop a niche client base and what they should consider in paring down their book, if yes.
There are many reasons that target marketing is a wise marketing tool. History is one.
In the old stock jockey days, for example, it was possible to build up a practice by 100% cold calling on specific linear investments, such as a particular "hot" stock or bond. These were sold to clients across wide geographic areas and of varying net worth levels.
As the financial advisory industry became more sophisticated, it became evident that a practice largely built on the masses. was difficult to manage and market to. The need to market to a specific, niche-oriented ideal client base arose.
Watch the video below to learn more about the factors that determine ideal client profiles including: source of wealth acquisition, age group, location, investable assets and more.
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