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The Importance of a Target Market for RIAs and Smaller Broker Dealers

Mike Langford
Jun 23, 2020

It has become relatively common to recommend that individual financial advisors specialize in a target market to grow their books of business efficiently and effectively. But, if focusing on a niche is such good advice for individual advisors why aren't we preaching it to RIAs and smaller broker-dealers? 

After all, these wealth management firms are made up of individual financial advisors. So, if it's good advice for one why not apply it to the collective?

In this week's episode of the Modern Financial Advisor Podcast I'll make the case that RIAs and smaller broker-dealers should indeed be focusing on a target market. Not only will it help the firm be more efficient and profitable in serving the end client, but it will also allow the business to attract higher quality advisors who will be much more likely to stay for the long-term.

To listen to the episode simply click play on the audio stream below or listen and subscribe on your favorite podcast platform. You can find us on Apple Podcasts, Spotify, Google Podcasts, Alexa,  SoundCloud, Stitcher, and TuneIn.

Audio Stream

Resources Related to this Episode:
Since much of the conversation in this episode is related to recruiting I highly recommend you explore TrueRecruit to get a feel for how the solution can help accelerate your ability to attack your chosen target market.

  • How to Win New Advisors - As Carla McCabe explains in the opening of this post, advisors are more receptive to changing firms than ever before. Carla shares several high-impact recommendations to aid in your effort to win advisors over to your firm.
  • Recruiting and Retaining Financial Advisors - Terry Mullen, CEO of Truelytics shares the genesis of why the team created TrueRecruit. As it turns out, may RIAs and independent broker-dealers are still using the same recruiting tools and systems that were in place 20 or 30 years ago. Terry and the team thought it was time to modernize the process to make it faster, more efficient, and much less expensive.
  • Recruiting Financial Advisors is a Game of Motivational Awareness - Effective recruiting starts with understanding what motivates the advisors you are hoping to attract to your firm.

If you have any questions, comments, or even ideas for new episodes, feel free to reach out. If you like what you hear, make sure to subscribe to one of our channels listed above

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