One ofthe three ways to define your market is to focus on yourneighborhood or area of the city. (Photo: Shutterstock)
“I’ll take anyone.” In their quest to grow, somefinancial advisors throw exclusivity out the window. Their only criteria is “If they’ve got a pulse” and “If they canfog a mirror.” But if you are going todifferentiate yourself in your market, the first step is definingit.
3 possible markets
There are three basic choices open to you as you define yourmarket:
1. Look within walking distance of your office:Where you work sounds like the easiest. Your market isthe downtown area of your city, within a chosen radius around youroffice.
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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.”
