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Top 6 Niches for Financial Advisors

“Riches are made in Niches”

This quote above is becoming more and more true every single day in America. And not just in the financial services industry, but everywhere. If you look at any occupation, you can see living proof that riches are truly made by defining, targeting, and becoming an expert in a certain niche.

To ignore this could be very costly as a financial advisor.

Because what we’re seeing out there among every single industry, from the music industry to physicians to financial advisors, is that consumers are seeking specialists and and experts at certain things. I am sure that you find yourself doing it as well…especially if it pertains to something important like your health, wealth, home, kids, etc.

In this video/blog, I’m going to show you the top 6 niches that you could be going after as a financial advisor to absolutely kill it out there.

And this really is crucial stuff!

I talk a lot about advisor extinction in my writing and videos as you might have noticed…

Well not knowing how to market (the act of marketing) is one reason you could be extinct. Not being online is another one. And having a niche (aka being an expert) is the third crucial piece of staying alive as an advisor in the future.

If you don’t have a niche and you’re not an expert at something, then you’re basically nothing to no one.

I talk about that a lot, especially online, that if you’re trying to be everything to everyone, you’re going to be nothing to nobody. That’s so true in niching.

Let’s take physicians, for instance, because a lot of you that know me, I married a physician, and I’m very familiar with them, the pains that they go through, and what most of them deal with on a day to day basis (because I get to hear about it every single evening at the dinner table).

Sixty years ago, when my grandfather was alive and he was younger, if he had a problem like a broken bone, or whatever it might be, or an earache, guess what?

He only had one choice!!!

He lived in a very small town in Virginia and he only had one place he could go. It was the little local town doctor that did everything. If it was something major, like some crazy cancer, they might ship him to the closest largest town that had a real legit specialist. But back then, no one really specialized. So he saw the local doctor for everything.

The same thing with financial advisors back in the “good old days“.

You had your local insurance agent, and maybe there might be a couple advisors out there with a couple large firms. But for the most part, it was just one person that did everything for you from insurance, planning, a will, trust, and investing.

But today, think about how crazy that sounds.

If you have a certain problem, you go to a certain physician. For instance, if you have a cancer, you’re not going to go to your family doctor. You’re going to go a specialist. Many times, you might go to a super, super sub-specialist.

And Take a Wild Guess who gets Paid the Most?

The sub-sub-sub-subspecialist.

The more specialized you are and the more precise your niche as a physician, the more money you are going to make, and ironically, the less you have to work.

You might have to study a little bit more to get there and bust your butt, but over time that is the best place to be.

To reiterate as this is very important – The more expert you are and the smallest little niche you have, the more money you can make. I’ve seen it over and over again in my wife’s practice as a physician and I’m seeing it in our industry as well.

top niches for financial advisors

The Top Niches for Financial Advisors

Although I am certain it could be argued that there exists many hundreds (if not hundreds of thousands) of different niches for financial advisors to target, I did my best to narrow it down to the very best six.

I hope you enjoy!

Let’s go through the top 6 niches for financial advisors.

1. Financial “Product” Specific Niche

We’ve seen people like my friends Stan the Annuity Man or someone who only focuses on life insurance or Medicare, mutual funds, long-term care.

Basically, any kind of financial or insurance product you can imagine, you can create a niche out of and become an expert at.

Of course, the con is you’re going to be looked at as only an expert in that, but that’s the choice a lot of you are going to have to make. Just like if my wife is an eye surgeon. She knows she’s not going to get ear, nose, and throat patients. And she’s not going to get people coming in looking for help with skin cancer or broker bones. She’s got to refer those out somewhere else. But that is fine, because she is an expert on doing great surgery on eyes.

Stan the Annuity Man is a good example in the annuity industry. He’s closing tens and tens of millions of dollars of annuity premium every year (if not every quarter), but he leaves a lot of life insurance, and long-term care, and mutual funds, and other stuff on the table.

But heck, he’s fine with that, and I’m sure you would be too if you were doing that kind of premium he is out of your home!

A pro to this kind of niche is that because he is an annuity specialist (or because you might be a mutual fund specialist), you are looked at as the expert in that field, and all kinds of doors start opening up for you when you become an expert and have a specific niche where you say “Hey, I am the authority.”

That’s what this is also all about, is not just helping you make money and getting super super targeted, but it’s to help you open up all kinds of doors and start magnetically attracting people to you and of course, becoming a huge authority.

And if you follow Stan at all, he is now a regular contributor to Wall Street Journal Market Watch, CBS Money, and many, many other national media outlets. All because they come to him with annuity questions and articles…all because he OWNS that niche.

2. Job Title or Occupation Niche

Personally, this is the type of niche I would target.

And I would go after doctors…nationwide.

That’s just me personally. I would go after certain occupation, like a doctor because I know what kind of pain they have and I know what they’re looking for in their practice in terms of what they’re looking for in a financial advisor.

If you’ve read my “Digital Marketing Grail”, you’ll know I talk about a group called Larson Financial. If you want to check out their site, it’s awesome. They’ve done a really good job and he only works with doctors.

Guess what? They’re absolutely killing it.

And guess what kind of referrals they get? Doctors who have money, usually. It’s a really, really cool niche.

You could do it with college professors, or pro athletes, small business owners, or you could do it with garbage men.

I don’t mean just to have a bunch of people up here who make money in the list above. That seems to be a more lucrative way to go, but you could do it with any possible niche or occupation out there.

You could even be going after CEOs, certain job titles, etc.

It could even be that you only go after movie producers, you know, people in Hollywood that produce films. And guess what kind of referrals you’re going to get?

High-end film producers!

You could literally make a living off any kind of niche like this.

But if you just go out there with this huge, broad net and try to catch everything, you’re never going to be able to excel the way that you want to.

3. Targeting Specific Companies or Entities.

Let me give you an example:

I’m here in Atlanta, Georgia right now.

If I wanted to go after a different company or different entities, I would look at Coke, and IBM, and Home Depot here in Atlanta. They’re all based here. They have tens of thousands of employees here. You could literally make a niche just by going in there, offering to do some free workshops for their groups, and networking where their employees network.

All of a sudden, you get a handful of clients with that specific company.

And then guess what?

You give all of your great value to your new customers with that specific company and say, “Hey Bob, spread this out to your friends and co-workers for me if you don’t mind.” And then watch your referrals and new prospects start flooding in.

What to give them?

You need to actually create PDF reports that are just for people retiring from Coca-Cola (or whatever company or entity you are going after) in the next five years. You literally study their 401(k) plans, their pension plans, and you become an expert at everything going on in those companies.

If that company has an internal newsletter or annual report, you need to read every word and pick up on certain things happening in their company and culture.

You could literally make a killing just by going after those three companies I mentioned (Coke, Home Depot, and IBM). Heck, you could probably make a killing with just one of them. Crazy part is that I don’t know of anyone that has done that here in Atlanta, but they certainly should.

I do know of a sharp financial advisor in Orlando that’s going after Disney and Lockheed Martin though.

He’s creating PDFs and actually doing Facebook ads and LinkedIn ads that specifically target Disney/Lockheed employees and soon to be Disney retirees.

Guess what kind of people are raising their hand and opting in and becoming his clients? Disney employees and Lockheed Martin employees, because he’s doing that same thing with them as well and creating specific stuff just for them.

This does take some time and energy, and he did go study their 401(k) plans. He interviewed people that work for Disney and find out their kind of pains, and what they’re looking for, and what really is good and what’s bad about their 401(k) plans, and their pension plans. And that is the kind of work you will have to do. Being an expert isn’t as easy as pinning a fake badge on your chest that says, “Certified Expert“…it is going to take some work on your part.

But once you become an expert like that, you are The Authority.

All of a sudden, they start talking your name up amongst their friends and co-workers.

Hey, there’s Joe. You got to work with him. He only works with top Disney employees,” is what you desire your clients telling all of their friends.

This is a really, really powerful thing. It can have your ideal prospects doing your marketing for you once you get into a certain niche like this.

I use another one in the video at the top of this blog which is the city of Raleigh/Durham. Not because it’s a company, but because they have that research triangle there.

In this instance you could go after people just at Duke, and UNC, and NC State. You could literally make a seven-figure living just off any of these examples right here. It takes some time. I’m not saying this is easy.

But if you really study, and bust your butt, and stop throwing your net so large, and start doing super-targeted stuff, your net, ironically, will get wider organically and naturally just because you’re that authority and that perceived expert in that niche.

4. Niching out a specific Territory.

You could be the go-to person for your city, or your state, or your region, or county, or whatever territory you could dream up.

Of course, you could even go nationwide with something specific in tandem.

In fact, all of these different niches above can be combined together in a multitude of different options. For instance, you could be the go-to person just for doctors in the State of Florida.

So I want you to just start thinking more and more on how you can create your own niche, and defining who do you want to work with for the rest of your life?

As I mentioned, I like the doctors because I’m married to one, I like them, I hang around with a lot of them, and I have a lot in common with them.  However, if I hated working with doctors and I thought they were all bozos, I might want to pick a different niche or be the go-to person in a certain state or region, etc.

5. Becoming an expert with a specific Financial Strategy

I’ve seen some advisors absolutely killing it by mastering a specific financial strategy using multiple products that we all have access to.

Let me explain.

Can you admit that we basically all sell commodities at the end of the day? Meaning most of us have no financial product that is truly proprietary.

However, you can create proprietary strategies using existing products that already exist.

For instance, you could have a proprietary strategy where you take products that already exist (like annuities, mutual funds, bonds, etc) and then build some kind of asset planning or income strategy around them. You could also throw in products such as long-term care along with three or four other products and all package it into one and say it’s your proprietary thing. People will gravitate towards that because it is different and the exact opposite of a single product pusher (that no one wants to deal with).

You could also go after a certain person, or a group, or even an area and say hey, I’m the go-to person for these income buckets. We saw that happen a while back. Do you remember back when there was a lot of play on income buckets? It was where you have your client put a lump sum into multiple buckets and create different timed income streams (using products like annuities usually)? There’s still people out there doing exceptionally well with that because they have mastered it and use it as their niche.

You could even create your own tactical asset management software (that you could create even just at home on Excel), and turn it into something proprietary simply by plugging existing products into it. You could also be an advanced estate planning expert or a tax expert with this kind of idea.

A lot of cool things you could do just with strategy alone.

As I mentioned, you could always combine this strategy idea with other things. For instance, you could be the tax expert or the advanced estate planner for Coca-Cola or for the State of Florida or Georgia, whatever it might be.

The Final Niche is Miscellaneous Demographics.

An example of a miscellaneous demographic would be only working with people who are of a certain age. I’ve some advisors actually only work with clients that are in their 60’s, and even one advisor that created a niche for 80 year olds and older. It might sound crazy, but people 80 years old seem to be getting neglected by a lot of advisors because they might be too old and in many cases, dwindling down their funds and there’s not much you could do to help them.

But it can work if you become friends with their kids and actually start building rapport with their kids who are about to inherit the rest of that money.

So age niching is one idea.

Income is another one.

For instance, you could only work with individuals that make between $1 million and $5 million per year. If you put that on your business card, and on your website, and on all your videos, guess what kind of people you’re going to attract and guess what kind of referrals you’re going to get?

You’re going to get people between $1 million and $5 million!

You can go out for net worth and just say I only work with families with $20 million or more. And don’t think that it always has to be a high number. It could be that you only work with families with $500,000 to $1 million. That might be your sweet spot. $500,000 to $1 million. Your unique selling proposition could be “I help boomers with $500k – $1 million preserve those assets for the rest of your life.”

Another demographic niche would different affinities. For instance, only work with individuals who own $1 million in fine wine, or that went to a certain college. It could be that you only work with people that went to Princeton, Yale, or even the prestigious Georgia Tech. Very, very fine school…

But you get my point. It could be anything that you could think of that’s an affinity. The fine wine example is a little bit tougher, so you’re going to have a tougher time finding enough people that have $1 million or more in fine wine or went to certain schools, but it is definitely possible when you pair it up with other niches above.

Let me give you another example of what to be careful of with these kinds of niches.

Take Georgia Tech for instance (because that’s where I went to school), you could do OK on that niche, but you’re going to have a lot of people that went to Georgia Tech but also fit into some other affinity that has more perceived value to them in terms of working with a financial advisor. Maybe they’re a CEO that went to Tech, but they’re going to relate and probably see a little bit more value (perceived value), in working with an advisor that only works with CEOs versus someone who went to Georgia Tech.

So if you do a school or something like fine wine, you really need to combine it with one of the other things, like a certain strategy or something else that makes you special.

This is all about defining you and your USP (Unique Selling Proposition)

I mentioned the USP a couple times in this blog.  This is really crucial to defining  you, defining your niche, and defining who you can help (along with who you can’t help). And regardless of what niche you pick, you really need to spend some time defining your USP.

And once you get your niche, don’t just say it in your head.

Write it out.

Put it on your website. Tell people who you can help and how you can help them. That part is crucial. I see that mistake over and over again. I’ll actually talk to some advisors that tell me their niche, but it is the first time I have ever heard anything about it.

My next question to them is “How come I didn’t know that? How come it’s nowhere on your site and that you haven’t told anyone that? How’s anyone going to find out and how are you going to get referrals from that niche?”

Shout it out to the world once you have it defined!

Be proud about it. You’re going to see those kind of clients, and those kind of people, and those kind of demographics start magnetically attracting to you when you truly define it, and you study them, and you know how to help them and add value to them.

I hope that you enjoyed these top niches for financial advisors.

Now go out there and create a niche today because “riches are made in the niches.” Pow!!!!


P.S. – If you want to learn about making money with niches using super targeted Facebook ads as a financial advisor, go check out Advisor Black Box.

P.S.S. – Do you know of any great niches that I left off? Please comment below with your “niche feedback”, I would love to hear from you.

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Fernando Godinez

Fernando Godinez is the CEO of Advisor Internet Marketing. He’s been the architect behind some of the top financial advisors online presence in the country and help them triple their practice through online lead generation. Over the past few years he has been responsible for generating over 500k leads through online marketing and lead generation campaigns for independent financial advisors.

  • Idris
    12:28 PM, 19 November 2014

    Absolutely awesome stuff Joe.   Especially how you spelled out the specific niches.  I think as advisors we complicate things but this gives structure to defining the different types of niches. 

    • Joe Simonds
      12:39 PM, 19 November 2014

      Thanks for the comment Idris! And yes, I agree on the over-complication of things. We all do it, as it our heads tell us to try to be experts in as many things as possible, but what our clients really want is a super specialized expert.

  • Chris
    2:56 PM, 19 November 2014

    Great stuff!  what software do you use to create your videos and/or what would you recommend?  Thanks

    • Joe Simonds
      3:07 PM, 19 November 2014

      Thanks Chris.

      For this video, I used Camtasia (screen-capturing software – $99 for a Mac). The other great one is Screenflow.

      I highly recommend you check out a really cool resource list that I created called “11 Resources & Tools to take your Practice Online”. It is basically everything I wish I had known about when I got started.

      Check it out here –

  • Scott
    7:36 PM, 9 June 2015

    Anyone had success with realtors?

  • Homero
    5:34 PM, 19 December 2016

    Really enjoyed reading this article. Loaded with phenomenal information. Thanks a lot for sharing.

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