6 Key Trends Predicted to Transform the Financial Planning Field: Pt 3

You’ve finally made it to the final 2 trends Bob Veres predicts will transform the financial planning landscape across the coming 10 years.

Final 2 of 6 Key Predictions for Financial Planning Advisors

5. Niche specialist advisor will become the norm.

With client demands changing and intensifying, advisors are feeling increasing pressure to move from being a generalist advisor to a niche specialist. Professionals who are an authority on their demographic, their firm and their lifestyle ambitions are sought after by today’s clients and this trend will continue to escalate.

Savvy advisors must pin-point their niche speciality from their current client base and make note of those groups of customers who could possibly benefit from specialised services and/or advice. Marketing to a particular cluster will become easier after developing familiarity.

“I think it’s as simple as writing down the names of your favourite clients and figuring out what they have in common. There will be 1, or 2 who can’t really be grouped, but often there will be 4, 5, or 10 who came from a particular source, or share some interests, or careers in common,” explained Veres.

6. Client communities paramount

Advisors of the future will grow their businesses through identifying their target niche and forming a community of clients around it, fostering the community by tailoring fun and educational events to it, with the aim of this exercise being to learn how to better serve these existing clients.

The challenges faced by the target niche will become more readily identifiable and better understood by firms. Eventually this approach will allow businesses to market directly and more effectively to their niche.

“I think most advisory firms would envy their repeated positive exposure and interaction with a desired group of prospects,” Mr Veres said.


This article was originally published on AccountantJobs.com.au