One of the three ways to define your market is to focus on your neighborhood or area of the city. (Photo: Shutterstock)
“I’ll take anyone.” In their quest to grow, some financial advisors throw exclusivity out the window. Their only criteria is “If they’ve got a pulse” and “If they can fog a mirror.” But if you are going to differentiate yourself in your market, the first step is defining it.
3 possible markets
There are three basic choices open to you as you define your market:
1. Look within walking distance of your office: Where you work sounds like the easiest. Your market is the downtown area of your city, within a chosen radius around your office.
Years ago, some firms assigned their business product salespeople a certain part of Manhattan bounded by certain streets. They called on all the law firms or professional offices in those high-rise buildings. If your market is the area around your office, you can walk around, getting to know the local merchants.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
