Wall Street women were eager for like-minded financial advice, too, that could be delivered in a manner that was accessible without being condescending.

“I’ve walked in their shoes. I understand their environment,” said Newton. “I knew where to find these clients. If you can’t find the people in your niche, how are you going to help them?”

Both Dorsainvil and Newton said that they use panels of individuals representative of their niches to create best practices and vet new ideas. So as Dorsainvil’s clients age, and as Newton’s clients continue to accumulate assets and enjoy success, both planners can keep up with the times.

Dorsainvil, who calls her panel a "mastermind group," also uses it to benchmark her services,

“If someone is starting out in the profession today, find yourself a ‘mastermind’ group,” said Dorsainvil. “They will be your saving grace. Clients ask me how am I doing compared to my peers. We need to be asking the same question.”

Learning about a niche involves leaving the confines of an office and financial planning software and engaging with potential prospects in settings that may be unfamiliar. Both women encouraged advisors to get out of their comfort zones to learn more about the people they want to serve.

Advisors can further immerse themselves by becoming involved in social and professional groups that serve a niche. For example, Newton has used the RegentAtlantic Wall Street Women Forum to research her niche.

Most importantly, said Newton, if you’re going to serve a niche, make sure you like the people.

“You have to want it. If going after a target market doesn’t feel right, it probably isn’t,” said Newton. “In hindsight, I’m surprised at how much time I spend with the Wall Street community. Make sure it’s something you’re really passionate about, because you’re going to be living it and breathing it in your practice.

“When you’re passionate and resourceful, you can do anything.”
 

First « 1 2 3 » Next