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Why Financial Planners Should Consider Niching: Lessons from a Divorce Financial Planning Specialist

2 days ago2 min read


The decision to niche down your financial planning practice can feel daunting. Many advisers worry about turning away potential clients and limiting their market. However, as Lottie Kent's experience on The NextGen Planners Podcast demonstrates, specialising can actually lead to significant practice growth and more meaningful client relationships.


The Power of Focused Marketing

One of the most immediate benefits of niching is the ability to create targeted, focused marketing. Rather than trying to speak to everyone about everything - from inheritance tax planning to retirement - niching allows you to direct all your marketing efforts toward a specific audience. This focused approach makes content creation more straightforward and helps establish you as an expert in your chosen field.


Increased Lead Generation

The numbers speak for themselves. Before niching, Lottie's practice generated 5-10 quality leads per month across various areas of financial planning. After specialising in divorce financial planning, she received 10 leads in just the first 10 days of the month. This dramatic increase demonstrates how specialisation can actually expand rather than limit your business opportunities.


Building Deeper Client Connections

Niching allows you to develop genuine connections with clients through shared experiences and understanding. For example, Lottie's personal experience with divorce in her family helps her relate to clients going through similar situations. These natural points of connection create trust and rapport before even discussing financial matters.


Enhanced Professional Networks

Specialisation often leads to stronger professional relationships. In Lottie's case, working in divorce financial planning has created valuable partnerships with solicitors, accountants, and other professionals. These relationships form a collaborative network that better serves clients while generating referrals.


Delivering More Value

Perhaps most importantly, niching allows you to provide significantly more value to clients. By focusing on a specific area:

  • You develop deeper expertise in your chosen field

  • You better understand your clients' unique challenges

  • You can create more targeted solutions

  • You become more efficient at handling similar cases


Getting Started with Niching

If you're considering niching down your practice:

  1. Start with a trial period

  2. Focus on an area where you have personal interest or connection

  3. Consider where you naturally attract clients already

  4. Look for underserved markets in your area


The Bottom Line

While niching might feel scary initially, it can lead to a more focused, efficient, and profitable practice while allowing you to deliver better outcomes for clients. By turning away the wrong clients, you create more space and opportunity to serve the right ones exceptionally well.


Remember: niching doesn't mean you can't work with other clients - it simply means you're positioning yourself as the go-to expert for a specific group of people with specific needs. The result can be a more rewarding practice both professionally and personally.


This shift to specialisation represents a broader trend in financial planning, moving away from the traditional "all things to all people" approach toward more focused, specialised service models that better serve specific client groups while building more sustainable and profitable practices.

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