6 lucrative financial adviser niches (and how to find yours)

| 19 Sep 2023

Standing out in the marketplace can be difficult. But you can differentiate your advisory practice from other competitors by carving out a niche that serves specific client needs or objectives. Smart Asset gives a breakdown of common niches that advisers specialise in.

What are financial adviser niches?

A niche can focus on a particular demographic, like young professionals in healthcare or retirees. It can also specialize in an area of financial service, like investment in ETFs or retirement planning. 

Specialising in an area or a demographic will allow you to cater uniquely to specific financial needs, thereby making your services more attractive and relevant. 

This approach also enables advisors to tailor their expertise and focus to deliver high-quality specialized services that can engage clients more effectively. 


6 financial adviser niches

  • Retirement plans and stages

Many advisers specialize in retirement planning, catering specifically to individuals nearing retirement age. These advisors are well-versed in explaining and navigating pension plans and other retirement savings options, providing an essential service to clients as they prepare for their post-work years.


  • Financial products

Some advisers specialise in investment vehicles like mutual funds or ETFs. These niche experts not only guide their clients through the process of selecting and managing investment options but also bring in-depth knowledge and perspective that can significantly impact the growth potential of individual portfolios.


  • Career planning

Certain advisers guide professionals in particular fields, like healthcare, education and aviation, among others. A specialized advisor could help clients understand unique challenges and opportunities that are inherent to the profession, and create a financial plan to help them reach different career milestones.


  • Financial planning for women

These financial advisers focus on unique financial challenges that are specific to women, from estate planning to long-term care, family planning and education planning, among other areas.


  • Investing approaches

Advisers specialising in impact investing or ESG investing cater to investors seeking to align their values with their financial goals. These advisers are well-versed in ESG investment regulations and practices, making them beneficial for socially conscious investors.


  • Age-based clients

Millennial- and Gen Z-focused advisors, as an example, not only understand the digital preferences and needs of these tech-savvy generations but also assist in creating financial plans that resonate with their goals and lifestyles.


Other Potential Niches

Advisers can also cater to high-net-worth individuals or expatriates, offering customized strategies tailored to their unique financial situations. By focusing on these specific groups, advisers can meet their unique wealth management needs with a purpose-driven plan.


How to find and pursue your niche

  • Assess personal interests and expertise

Choosing a niche should start with self-assessment. Advisers should consider their own interests and strengths when identifying potential niches.


  • Identify gaps in the market

Identify underserved markets or unmet needs to target potential niche opportunities.


  • Evaluate potential client bases

Consider the profitability and growth potential of the client base when selecting a niche.


Once you have chosen your niche, you will need to create a unique value proposition (UVP), which is a clear statement that describes why your specialized advisory business offers unique services for customers and what distinguishes you from the competition. 

Advisers can identify their unique value proposition by considering their unique skills and expertise, their approach to client service and what makes them stand out from other advisors in their niche. 

You can communicate your unique value proposition through marketing materials, on a website, during consultations and through ongoing communication with clients.