6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give
In previous posts we’ve discussed the importance of identifying your ideal client in terms of their attributes – be it occupation, geographical location, etc. But if you are to stand out in a crowded market you also need to pinpoint exactly what you can offer your clients in terms of services.
As part of your marketing strategy aim to narrow down to the field or specialty you’re best suited to offer. Don’t try to be ‘jack of all trades’ by offering to provide advice on estate planning and taxation, and everything in-between. If you do, you’ll end up ‘master of none’.
People need to know you are the expert in your field, otherwise you won’t become highly referable. Here’s why you should specialize in the kind of financial advice you give.
#1. Prospects are looking for an expert
When people are selling a house, they turn to a real estate lawyer. And if they are going through a break-up, they call on the services of a divorce lawyer. The same logic applies when people are looking for a financial advisor – they want one who specializes in their area.
#2. You need to stand out from the crowd
There are more than 300,000 advisors in the US to choose from so it’s essential you get your name in front of potential clients as they search the internet.
When people are searching for financial advice, they’ll use search terms relevant to their situation. For example, people approaching retirement may search for a ‘retirement planner’.
To get picked up on search, LinkedIn, and local media, you need to advertise the service you offer so you can match the specific requirements of people searching. If you simply market yourself as a ‘general financial advisor’, you could get lost in the ‘white noise’.
#3. When you have an area of expertise, it’s easier to keep up with complex rules and products
With the world of financial advisory becoming ever more complex every day, it’s hard enough to keep on top of the legislation in one area, let alone attempt to dabble in many. It makes far more sense to develop a specialty and stick to it.
#4. It’s easier to plan your continuous professional development
If you stick to one area, you can commit your time to developing your skills in that area. If you set the standard when it comes to skills, qualifications and experience in that area, people will consider you the trusted option for that specialty .
#5. You’re not geographically restricted
The days of face-to -face meetings are far from over but this no longer dictates why you need to stick with a specific clientele. Clients use Google to find an advisor who fits their specific niche often regardless of their geographical location – they want an advisor who spends 100% of their time servicing their niche and not necessarily in their town.
#6. Your advice will be comprehensive and valuable
Last and perhaps most important of all, by specializing you’re able to add more value to your clients’ lives. If your typical day involves giving general advice to people, your advice is not likely to be as deep or well thought out as if you concentrated on one area e.g. estate planning or taxation.
If you can provide individualized retirement planning based on years of experience in this sector, you will be more valuable to your client and more valuable to yourself in terms of gathering referrals over the longer term.
There are many compelling reasons why you should specialize and stick with your specialty. Simply accepting new work regardless of whether you’re best placed to do it is a bad idea. So, decide which service you can offer and focus your efforts there.