Advisors are told to focus on a niche clientele to help build their client bases. You see advisors specialize in working with tech professionals, medical professionals to clients seeking divorce but can a paraplanner do the same thing by specializing in a niche area?
Let’s look at what paraplanners do and how specializing in a niche area will help support your clients.
What a paraplanner does?
Paraplanners support advisors with day-to-day operations, help with financial plans, and help with other areas of the advisor’s firm. Some of these tasks are unique by advisor but can be especially unique based on the type of client the advisor supports. If the paraplanner has specialized in some of these unique tasks the advisor can benefit greatly from a paraplanner that works with a niche client base as well.
How to create a niche
You can create a niche by specializing in skills that benefit the type of clients you want to work with. If you want to work with advisors that specialize in divorce you should seek out the systems or processes, they most often use to help support the advisors you work with. If you have specialized in taxation, seek out advisors that do the same thing for their clients and look for other ways to help them like become an excel guru.
Another way to create a niche is to make your paraplanning offerings unique. One way is to be a guru in marketing to help your advisors with marketing which will help them grow their firm – a direct added value to your clients. Another way is to be an operations guru where you can help your clients be more efficient, saving yourself and the clients time, which in return will help you and your advisor client focus on their own clients.
Benefits of creating a niche
The benefits are endless as you as the paraplanner will be able to transfer the skills you have learned to your niche clientele. For example, you might be well versed in entering stock options or using proprietary software that might be a standard for your niche clientele. Also, you will be able to create efficiencies on your end that make it seamless for both you and your clients, reducing your time spent on a task and creating an optimized user experience. This will allow your clients to trust you more which in return will gain you more referrals and trust with other clients.
Will it increase your client base?
Creating a niche will allow you to market your services to the client base you want to work with. You will be able to point out the systems or the unique skills you have acquired to work with the client base you want. These marketable skills will benefit your market segment greatly and being a niche paraplanner can open you up to charging more as you will be well prepared to meet your client’s needs. In addition, acquiring these unique skills will help you be onboarded faster and help your clients see your direct impact on their firm faster and cut down on their training costs.
In Conclusion
Creating a niche as a paraplanner will be rewarding as you will be working and helping the clients that you want to work with. This will give you the unique knowledge that other paraplanners might not have and be able to help your clients grow and more importantly, allow them to focus on their clients. After all, the purpose of paraplanners is helping your clients reach their full potential and specializing in a niche area of financial advice or other aspect of the firm can help you achieve your client’s goals.
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