How to Find Your Niche
What You Need to Know
You could try to sell everything.
The author contends that specializing will deepen your expertise.
Specializing could also help you connect with more relevant prospects.
As a financial professional, determining your practice’s niche can elevate your business to the next level.
With such a wide range of directions to steer your practice, having a specialization will help deepen your expertise, narrow your scope and connect you with more relevant prospects.
If you’re ready to establish your niche but unsure how to get started, leverage the following approach.
Set the foundation.
Rather than quickly choosing a random specialization, reflect back on your time providing general financial services.
Take the time to reflect regularly on what client solutions came easily, what may have been more difficult, what tasks you enjoyed most and what areas peak your curiosity.
By understanding what you do well and identifying the areas in which you’d like to continue deepening your industry knowledge, you’ll be able to more clearly determine your niche.
Continue to ask questions.
After you have done some self-reflection, begin to think about the observations or growth you have started to see in your clients.
Ask yourself questions like: “Are there consistent situations in which clients show great appreciation for certain direction or advice?”
Or, “Do you see consistent growth in similar areas across multiple clients?”
Once you have identified possible patterns, you may find underlying passions or unique strengths.
Asking questions and learning from other financial professionals is another way you are able to continue to hone your focus area.
For example, professional organizations like Million Dollar Round Table are a great resource for uncovering your specialization, as there are thousands of peers ready to share stories about how they found theirs.
Being an MDRT member has allowed me to learn countless strategies and tactics for continuous growth in the profession.
Look deeper than what you’re good at.
Realizing that you have a knack for something can be harder in this field than others.
