An Uncommon Approach to Implementing Multiple Niches
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Some RIAs will find a multiple-niche approach profitable, but they need to be strategic or risk watering down their messaging and efforts. Here are six steps to implement multiple niches, bring in new clients, and accelerate their growth goals.
If you follow my writing, you know that I generally recommend that RIAs focus on just one niche. But for some firms that approach hinders growth. An RIA managing more than $1 billion in AUM may find it too limiting to market to a single niche. While being a generalist firm is one option, a second solution is to adopt a multiple-niche approach.
A multiple-niche approach can take several forms. The most common strategy is for an RIA to look at its book of business and categorize its client base. For example, here are some common niches I’ve seen when firms pursue a multiple-niche approach: business owners, executives, women in transition, and the healthcare industry. The firm then executes marketing tactics for each niche.
While this approach can work, it is challenging to weave one compelling company message across the different niches without resorting to something cliché like, “Helping Affluent Individuals and Families Achieve Peace of Mind,” or, “Helping You Achieve the Retirement of Your Dreams.”