How advisers benefit from focusing on a niche

  • Published: October 30, 2013
  • Runtime: 2:17
Scott Oeth on how both advisory firms and individual advisers can thrive when zeroing in on a specialty, though having a niche also requires advisers to develop unique skills and abilities.

Coverage for financial planners straight from the 2013 FPA Experience Conference from Oct. 19-21 in Orlando, Fl.

Some of the benefits with the specialty practice would be first of all in the marketing side. We hear a lot about that. You get to be a big fish in a small pond. Your name travels quickly. People know about your skill set, your services, your process and so that get spread around quickly and I think that's-- that can definitely be the case. I think what's not touched about as much as the skills that are needed for a specialty practice. This is probably depends on your specialty but maybe a very specific technical skill set of tax issues or benefits issues or understanding certain demographics needs so I need to probably do the homework and figure out what should need to do to get to speed there to truly call yourself a specialist once you've really done that work and you have developed that specialty and you see more and more clients in that same area. I think you get to be a very adviser for them because you fought through, you've wrestled through those puzzles many times and you really understand their situation. In my own case, I was teaching certified financial planner program and the courses teaching was retirement planning but that also included employee and executive benefits. And so as teaching on stock options, restricted stock, non-qualified for the compensation, I realized this is a unique technical clarity of that a lot of financial planners don't have a lot of knowledge or experience in and I think are somewhat scared to step in to those waters. And so I was teaching it. I had to know the material for that. And I had had just sort of by, you know, normal course of work a few clients in that area and one in particular is the Vice President with a local corporation and doing a lot of work with him and connecting with the people in his human resource departments and asking them more questions and kinda working back and forth. That was sort of the beginning of really making inroads there. He was happy with the work we did. It spreads for like quickly I think the human resource people were impressed and happy that they found the resource, someone that they could really connect their executives with to get help in this area.

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