Specialization: a must in financial services

Posted: March 11, 2013 in Uncategorized

With competition in the financial advisory and financial services on the rise, it’s becoming more and more important for financial advisors and financial services companies to differentiate themselves by specializing in some way shape or form. For most advisors, this means identifying a specialized client niche that they serve, rather than trying to be all things to all potential clients.

Today’s Financial Planning magazine points out a strong example of how this can work in an article about RegentAtlantic Capital, a firm that employs 13 wealth advisors who have specialized niches that they practice in the overall market of high net worth investors.

In the work that I’ve done as a journalist and content creator, I’ve seen great examples of financial advisors who leverage a specific niche to connect with potential clients. These advisors make it their business to truly understand their clientele and construct a detailed portrait of that client that they use to qualify prospects. Then they build on that expertise to not only get referrals but also to create an online presence that displays ongoing thought leadership in that area, so that prospects who meet their criteria self-select and contact them.

Specialization can also occur outside of a specific client niche: an advisor or financial services company can distinguish itself by how it serves clients, as long as those differentiators are clear. They might include a dedication to client education or special gift for serving multiple generations within a high net worth family.

This is where a strong, defined brand that is cultivated and nurtured through a website and social media profiles can really pay dividends. Such a presence will result in higher Google search rankings, making it easier for prospects to find those advisors who specialize in their niche; it also makes those advisors more attractive to the media as it is easy for reporters to verify their expertise prior to an interview.

Despite all the advantages of specialization, there are advisors who still try to be all things to all people. That can work, but I believe that advisors and companies who resist some kind of specialization and differentiation will find it increasingly difficult to be seen and heard amid all the noise and risk having their message lost, making it harder to connect with clients, potential clients, stakeholders and others.

  1. […] Specialization: a must in financial services […]

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