Managing Your Practice When Less Is More: Getting Clear on Your Strategic Vision and Target Market
Nov 9, 2021
Michael Kitces, Head of Planning Strategy for Buckingham Wealth Partners and co-founder of the XY Planning Network, shares his insights on steering a successful advisory firm. He discusses the importance of having a clear vision and how focusing on a specific niche can help advisors stand out in a competitive landscape. Kitces emphasizes building meaningful client relationships and overcoming hesitations to engage for better feedback. He also explores the journey of transitioning leadership effectively and how resilience shapes a firm’s growth.
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Focus Nets Yield Better Growth
- Trying to grow by broadening your target market weakens your ability to close prospects.
- Focusing tightly on a niche where potential clients are dense yields better growth opportunities.
Be Best at One Thing
- Decide specifically what you want to be the best at in your advisory business.
- Being clearly known for one niche makes your firm easily found and grows your client base online.
Bass Fishing Niche Success Story
- An advisor specializing in bass fishermen grew to $100 million in AUM by serving that niche uniquely.
- His deep understanding lets him handle niche-specific tax and contract issues faster and better than generalist advisors.
