Three Questions Every Niche-Focused Advisor Should Ask
If you are running an advisory practice and have identified a target market—or you are considering doubling down on a niche—these three questions will reveal whether you are truly serving your niche or just paying lip service to specialization.
Question One: Are my services truly designed for this market, or am I offering a generic model?
This is the most important question. Look honestly at your service offerings. Are they tailored to the specific needs of your niche, or are they the same comprehensive wealth management services you would offer to anyone?
For example, if you serve business owners, do you have a structured approach to business succession planning, tax optimization for S-corps, and equity compensation strategy? Or do you just mention that you "work with business owners" while delivering the same investment-focused service to everyone?
Question Two: Do my workflows create a professional, streamlined experience, or are there unnecessary friction points?
Map out your client onboarding process. Walk through your annual service calendar. Review how you collect documents, schedule meetings, and deliver reports.
Are these workflows designed with your niche in mind? Or are they generic processes that create friction for your specific clients?
Question Three: Is my technology stack integrated and working for me, or am I constantly working around its limitations?
Your technology should enable your service model, not constrain it. If you are spending hours on manual data entry, cobbling together reports from multiple systems, or apologizing for clunky client experiences, your technology is working against you.
The right technology stack for a niche practice includes tools specifically chosen to deliver on your service promises to that niche.
Why These Questions Matter
Your answers will reveal gaps between your aspirations and your reality. The firms that answer these questions honestly—and take action—are the ones that build sustainable competitive advantages.
If you find significant gaps, that is actually good news. It means you have clear opportunities to differentiate and improve.
🎯 Your Take
How would you answer these three questions about your own practice?
🎥 Watch my short take on this framework: YouTube Video
🎥 Want to dive deeper? Watch the full conversation on transforming your firm around a niche market: Redefining Your Firm Around Your Niche Market | Real Advisory Firm Transformation
📱 View the LinkedIn post: Tuesday Takes Post
