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By James Pollard via Iris.xyz
“Cast a wide net – the more people you prospect, the more business you’ll get.”
This oft-repeated advice has circulated among financial advisors for years. Advisors fear that if they pick a particular target market they won’t get as many clients. Their fears keep them from committing to a specific target market and getting more business.
According to CEG Worldwide research, 70% of top financial advisors (those earning $1M or more annually) focus on a particular niche.
Why does focusing on a target market improve an advisor’s chances of success? Here are some reasons:
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