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Heres a New Open Niche

Written by: Donald F. Pooley

Article Overview: There are many advantages to finding a niche market that you can make your own. The trick is to find one that is still available, and has yet to be claimed by another advisor.

Heres a New Open Niche

Besides being open for you to operate in, the ideal niche should be full of prospects whose financial status has changed, and who are in need of advice.

Here's one where no financial advisor I know of has staked a claim: newlyweds.

Think of it, here are two people who probably have different ways of handling money, and certainly need advice in that area if they are to avoid conflicts over it.

To start with, they have separate bank accounts, so a first question is should they continue that way, or get a joint account, or both?

Ditto, debts. That is, do the debts remain separate, or are they merged to become 'family' obligations?
A
nd who'll handle the finances? How will they budget their expenses? Will they both continue to work?
If they both continue to work, how do their group benefits compare? Should one be a dependant of the other for say, group dental care? If so, which?

And what are their financial goals as a couple---raise a family? ---buy a house? etc. etc. etc.
These are all questions that need an unrelated, objective, third party professional to pose, and discuss the pros and cons of the alternatives.

So you can see the need exists, and people of all sexes are getting married every day. In fact, they're adverting the fact, so prospecting is simply a matter of reading the daily paper and noting the names of the newlyweds.

If I were looking for a good niche market to develop, this is what I'd go for. But first I'd interview every married couple I know, and ask them what financial advice were they most in need of when they got married. This is the kind of survey you could even do by email.

From this I'd develop a questionnaire to use with newlyweds, with separate answer areas for each partner.

I'd also try to develop a short verbal explanation of what I do, because wedding receptions are a good place to meet intending-to-get-married prospects who may need my services.

Something like, "I counsel newlyweds on the unique financial problems that they now face together" would do as a start.

There's lots, lots, more to this, but I'll let you write it for yourself.

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