Active investment management’s weekly magazine for fee-based advisors

Larry Welder • San Antonio, TX
Granite Financial Solutions LLC • Ameritas Investment Corp.

Our firm has a wide range of clients, but we also have developed in-depth knowledge within a specific niche target segment. This segment includes medical professionals, and more specifically, military and civilian certified registered nurse anesthetists (CRNAs).

This client-segment focus started several years ago when my brother and his wife asked me to review their financial situation. He was a CRNA in the Army and stationed in Georgia. After our discussion, he asked if he could introduce me to some of his colleagues. Over the years, through many referrals and what I call a circle of influence, our firm has expanded its client base to include many military and civilian medical professionals around the country and even those stationed abroad. We are very pleased to have recently entered into an agreement with the Association of Veterans Affairs Nurse Anesthetists (AVANA) and provide numerous benefits to its members.

I have cultivated some broad principles for developing a niche target segment that I have shared with colleagues. While these have received very positive feedback, I always tell my audience that the key to success is having a total commitment to executing the principles. These presentation points include the following:

  • It is critical to find a market that fits your passions or has a significant center of influence.
  • Become deeply immersed in the niche market by educating yourself on the type of client that you want to serve. Get to know their profession, common interests, risk tolerances, education, general investment knowledge, character and personality traits, and hot buttons.
  • Direct your marketing efforts to that potential niche market in the manner that they prefer. This might include social media marketing, an informational email program, conferences or webinars, dinner events, or other activities.
  • Meet and communicate using their preferred methods. While an in-person meeting is usually preferable, become proficient with video conferencing and communicating effectively via email. If clients have young children and busy schedules, be prepared to meet with them at their home.
  • Perfect a referral program that works with the niche market segment. Your goal is to be considered a highly knowledgeable financial resource in their world, which will drive referrals.
  • Developing a specific niche target segment requires total commitment.
  • A prerequisite is having a passion for the segment—or a full grasp of its center of influence.
  • Learn everything you can about the segment, from demographics to attitudes.

Disclosure: Securities and Investment Advisory Services offered solely through Ameritas Investment Corp. (AIC), member FINRA, SIPC. AIC is not affiliated with Granite Financial Solutions LLC or GFS Financial Solutions LLC. Additional products and services may be available through Larry Welder, Karen Welder, Granite Financial Solutions LLC or GFS Financial Solutions LLC that are not offered by AIC. Representatives of AIC do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation.

This article first published in Proactive Advisor Magazine on March 14, 2019, Volume 21, Issue 9.

Photography by Vanessa Velazquez

Recent Posts:

On the cusp of change: North American wealth management in 2030

The North American wealth-management industry will undergo meaningful changes in the next ten years, influenced by evolving customer segments and rules of engagement, rapid technological advances, and shifting competitive dynamics.[dropcap style="font-size: 60px;...

NASDAQ 100 stages impressive rebound

While the NASDAQ 100 lagged other major indexes in the first quarter of 2021, it has outperformed to start the second.TABLE 1: Q1 AND Q2 RELATIVE INDEX PERFORMANCESource: Bespoke Investment Group, data through 4/8/2021 Bespoke Investment Group pointed out this past...

Why bonds of all durations are making it tough on investors

Over the last few months, bond investors have been hit with the worst combination of rate moves. Rates for intermediate- and long-duration bonds have been rising rapidly, while very short-term rates have continued to decline. This can be seen in Figure 1, which shows...