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Kitces and Carl - Real Talk for Real Financial Advisors
When Clients Evolve Out Of Your Niche Specialization Should You Stay Or Go (Or Not)?: Kitces & Carl Ep 124
Nov 2, 2023
The hosts discuss the dilemma of clients evolving out of their niche specialization and whether to follow them or find new clients. They explore the importance of niche selection and framing discussions in terms of underlying principles. They also address concerns about client retention and maintaining the client-advisor relationship. The speakers discuss how financial advisors choose their niche specialization and the pros and cons of focusing on existing clients versus serving a specific niche. They also explore the mindset of saying yes to a specific niche and the fear of missing out on other opportunities. They discuss the challenges financial advisors face when clients evolve out of their niche specialization and the impact of scarcity mindset on decision-making. They emphasize the importance of following clients on their journey and serving existing clients well.
32:59
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Quick takeaways
- Advisors should address clients' concerns and communicate their commitment to continued service, overcoming the fear of scarcity and saying no.
- Advisors need to make a choice and dedicate their efforts to serving one specialization effectively, rather than splitting their focus and energy between multiple directions.
Deep dives
The Fear of Choosing and Scarcity Mindset
Many advisors are afraid of saying no to clients who don't fit their niche due to a scarcity mindset. They fear that if they turn away clients, they will never get new ones and their business will suffer. However, successful advisors who have already established their niche often find that saying no to clients outside of their niche is more work for less money. The reality is that clients don't care about who the advisor's next new client is; they care about being served well. Advisors should address clients' concerns and communicate their commitment to continued service. The fear of scarcity and saying no is often unjustified, especially when there is a reasonable flow of clients. Advisors need to overcome this fear and be decisive in their business.
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