We're changing things up a little bit this week on #XYPNRadio! Michael Kitces and I co-host this episode about the crisis of differentiation and the niche imperative.
Differentiation and niches in business are an incredibly important topic that ultimately comes down to the question of whether or not your firm is different from the many other financial planning firms out there. If you answered in the affirmative, you then must ask yourself if you are properly communicating those differences to prospective clients and centers of influence.
If you are one of those financial planners who believes niches don't matter, this episode might just convince you to take a hard look at that belief.
Along with a few predictions on how the industry will change in the near future, Michael and I share our sometimes-conflicting views on why having a niche is so important and how to set up your business to cater to a niche that will make you the advisor your ideal clients naturally flock to.
Listen to the Full Episode:
What You'll Learn From This Episode:
- What is the crisis of differentiation?
- Why having a niche may save your business.
- Why it's no longer effective to call yourself a comprehensive financial planner.
- Who we're competing against.
- How to avoid becoming a “me-centric” advisor.
- Why you can’t rely on saying you "give great service" as a differentiator.
- The two important factors to niche.
- How to build your firm to best suit your niche.
Featured on the Show:
- Connect with Michael: Kitces.com | Nerd’s Eye View | Facebook | Twitter | LinkedIn | YouTube
- XYPN Radio Ep #1: The Career of Michael Kitces – How He Became the King Nerd” of Financial Planning
- XYPN Radio Ep #3: The Career of Sophia Bera – From Actress to Firm Owner
- XYPN Radio Ep #9: Preparing for a Career in Financial Planning and How to Avoid Making a Big Hiring Mistake with Caleb Brown of New Planner Recruiting
- Sophia Bera
- New Planner Recruiting
- The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Reis
- Blue Ocean Strategy
- Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant by W. Chan Kim and Renee Mauborgne
This Episode Is Sponsored by: