Choose a niche by deciding what you’re passionate about

Jeff Benjamin [00:00:03] Hey, folks, welcome to Triple Play. I’m Jeff Benjamin. I’ve been talking to a lot of advise rs lately about their niche practices, and we’re going to bring some of them on video right now. I’ve got Jared Reynolds, co-founder and senior wealth advisor at W.R. Wealth Partners in Columbia, Missouri. He focuses on bass fisherman, and he’s going to tell you how that works. 

Jared Reynolds [00:00:25] Well, thank you, Jeff. So my three tips for niche adviser practices, number one would be find what you’re passionate about. And don’t forget, you know you, it needs to be something from your background. Mine was obviously fishing because I grew up a fisherman’s son, so to speak. But prior to a phone call from my dad, I never thought about it. But after that, I started really kind of digging in and saying, Well, what do I really like because you can’t fake it. We’ve done some client events were I faked it, and it just it doesn’t work. So regardless of your background, whatever your passions are, if it’s cycling or skydiving, it doesn’t really matter. There’s going to be a niche opportunity there in today’s world. Number two would be once you discover whatever those passions are, those niches or hobbies are, you need to go find organizations that are involved with those and get involved with those organizations. You know, I kind of got this from I was listening to Millionaire Next Door and networking with millionaire audiobook, and they came back and said, Ask one of the I think it was an insurance salesman, why don’t you go to industry events? And he said, Well, I never got a client at an industry event. Now I do go to industry events. I think they’re very helpful. But that really hit with me, and that’s what made me decide. I just need to go to where the clients are for whatever that passion is. So find organizations, find clubs surveying your best clients that you’re looking to replicate. They’re going to have, you know, hopefully some matching passions with you and then you can kind of dive in. Again, I plan trips, and so that’s something you could easily do with that. Once you’ve surveyed your clients and kind of found that out. My last one would really be start small, right? I started with bass fishing, OK, once I got my foothold there and that took a number of years, probably about three or four before I really felt that I kind of had that niche. Then be looking for other opportunities. Again, I get a lot of experts say, be so narrow focus. I’m just not a really super narrow focused guy. I have a lot of hobbies and a lot of passions. And so I’m always looking for another opportunity because, look, I don’t want work to be work. I want it to be fun. And so, for instance, I’m not a great golfer. OK. I still attempt it, but I’m not a good golfer. And the other thing is, every advisor in my city is a golfer. So there was nothing niche about that whatsoever. There’s even a lot of connotations that go around town where they spend a lot of time golfing. And so I kind of saw that as negative. I didn’t want to get kind of inserted in that. But, you know, look for other things. So a couple of others that I’m focused on right now is kind of looking and again, my passions, I’m flying. So aviation, there’s a lot of affluent people that get their private pilot’s license. So that’s a great one there. And again, I’m just going to talk planes and flying with them. And I ask for advice, spend time with them. Everybody who is a private pilot is always looking for someone to go flying with. Another is mountain climbing. So I climb Mount Rainier earlier this year. Again, super highly motivated, successful people. There’s quite a few who like to climb mountains. So very small niche, I’m sure, but some opportunities there. And then another one back to fishing a little bit, but fly fishing in particular. It’s a real art. I love it. But everybody who is a fly fishermen is usually looking for another good fly fishing trip. So, you know, we’re looking at fly fishing in Cuba. Again, extravagant. I’m not going to go to the local place here to go fly fishing. There’s nothing too unique about that. It’ll still work. But planning those bigger trips for me is what really works. And the bigger the trip, the more exotic typically, the more affluent and the better the client and the prospect opportunities are. This isn’t a bible by any stretch of how to do things, but I think these are three tips that could help someone who’s looking either to start or expand their niche practices. And again, absolutely nothing wrong with being a very specific, narrow niche. I’m just a guy who has a lot of hobbies. 

Jeff Benjamin [00:04:38] OK, folks, thanks for watching. That was Triple Play. And I’m Jeff Benjamin. If you want to talk to me about your niche practice, find me on Twitter @BenjiWriter.