financial planning Tag

Wealth managers explain how they built successful businesses based on a specific market or social segment.

For some advisors, there’s more to knowing your customer than “KYC.”

Every wealth manager is well acquainted with the “Know Your Customer” or KYC rule. That’s because KYC is a regulatory requirement for financial advisors to verify the identities of their clients and monitor their business activities. The KYC rule helps prevent fraud, money laundering, and all sorts of other bad things.

Nevertheless, knowing your customer and going so far as to focus your business around a shared interest offers sales and marketing benefits as well. Some wealth managers even build their entire practices around a primary niche or specialized client focus, be it an industry, profession, demographic, or some other affinity group.

Alexandra Bean, wealth advisor at PUREfi Wealth, for example, may work with a diverse group of clients, but she is particularly passionate about working with women and members of the LGBTQ+ community. While building her practice, she found that many of the clients she naturally connected with were women navigating big life transitions, or LGBTQ+ individuals looking for a safe, judgment-free planning environment.

“This niche chose me, in many ways. As a gay woman in the financial industry, I’ve personally experienced how intimidating and exclusionary financial spaces can sometimes feel,” Bean said.

Recognizing how underserved these groups often are, she made a conscious decision to center her practice around them. She adds that concentrating on this segment of the market also helped shape PUREfi’s brand as a “modern, inclusive firm where clients feel genuinely seen and supported, especially those who haven’t always felt like the typical wealth management client.”

Caroline Wetzel, private wealth advisor at Procyon, meanwhile, has built her business by serving fellow Cornell University alumni. In her view, their mutual experiences as students learning in a demanding institution, engaging with specialists within and across disciplines, and navigating dynamic information has impacted them far beyond the classroom. In fact, it affects how they approach personal lives, careers, and our finances, according to Wetzel.

“Many Cornellians I work with like that I am their private wealth advisor today after enjoying a fulfilling first career as a global corporate executive.  They think of me as their experienced financial strategist who listens to what’s important to them, connects them with relevant experts and resources, and distills theoretical opportunities into concrete actions that are useful to them and loved ones,” Wetzel said.

Elsewhere, Derek Wittjohann, chief operating officer at Premier Path Wealth Partners, focuses on working with individuals with what he calls the “owner’s mindset.”  By that he means wealth creators who think and operate like business owners.

“They are generally middle-market owners who represent industries such as manufacturing, distribution, logistics. We call them ‘rust, dust, and smoke’ and these businesses generally produce $25 million to $300 million in revenue,” Wittjohann said.

Niche marketing secrets

PUREfi Wealth’s Bean believes authenticity is key when marketing her services, and especially withing her customer niche. She finds that sharing relatable, real-life stories, whether through social media, educational events, or one-on-one conversations, resonates far more than traditional financial jargon. Bean has also had success hosting small, curated gatherings where people can connect in a more intimate and trust-building environment.

“I lean into content that speaks directly to the unique financial questions women and LGBTQ+ professionals are asking, like balancing career growth with caregiving, planning for children as a same-sex couple, or aligning wealth with social impact. Referrals have also been powerful, especially from existing clients who appreciate our shared values,” Bean said.

Similarly, Wetzel said social media, alumni conferences, and word of mouth have been most effective in helping her connect with Cornell alumni.

“Cornellians are active individuals in a variety of settings who value relationship building, learning, and growing,” Wetzel said.

Emphasized Wetzel: “Clients work with advisors that they like, who they believe understand them, and who offer them something of value.  Notice the people with whom you have a natural affinity and explore specializing in serving them as a niche.”

Coming out of the relatively restrictive environment of a wirehouse, Wittjohann is now rethinking his marketing plans and ways he can connect with an audience. With this focus in mind, he is tailoring his content to speak directly to the business owner and family enterprise.

“We’ve considered developing a podcast which would speak directly to the needs and interests of our clients – looking to address the unique challenges they face. We’ve recently begun attending industry conferences that our clients attend, not financial in nature. This allows us to keep our finger on the pulse of what they’re experiencing, and meeting our clients where they are,” Wittjohann said.

Turning away business when necessary

Wittjohann firmly believes advisors need to have courage to specialize. Specialists, in his opinion, stand out among a sea of generalists.

“We focus on being ‘everything to someone’ rather than ‘something to everyone,’” Wittjohann said. “Although it takes time to develop your niche, once you do, you’ll find a sense of clarity and conviction that will guide the business decisions of your practice.”

“You may need to turn away business that doesn’t fit, but the strength of the relationship that is strongly aligned is well worth the trade-off,” Wittjohann said.

Along similar lines, Bean advises fellow wealth managers “not be afraid to go deep.” Many advisors worry that narrowing their niche means limiting their opportunities. According to Bean, however, it allows an advisor to become a trusted expert and build stronger referrals within a community.

“When you truly understand the lived experiences and financial needs of your audience, you can deliver more relevant, meaningful advice and that’s what builds loyalty,” Bean said.