Gay pilots? Muslim quarterbacks? There’s a financial advisor focusing in on every niche customer

People who have trouble focusing see an optometrist. Those with back pain perhaps visit a chiropractor. Similarly, individuals in unique financial situations, who earn money in a special way or belong to a specific social group may have considered consulting not only one of the nation’s 300,000 or so financial advisors but one who specializes in a particular demographic niche, be it professional, social, religious or even hobby-related.

At least one certified financial planner, for example — Jared Reynolds of Wilkerson Reynolds Wealth Management in Columbia, Missouri — specializes in serving fishing aficionados. He calls himself the “fisherman’s financial planner.”

In addition to their CFP designation, some niche advisors might even boast a specific professional certification and/or affiliation in their chosen area of expertise. Those serving mainly divorced women may, for example, be both certified divorce financial analysts (CDFAs) and members of the Association of Divorce Financial Planners (ADFP).

Top financial advisory firms are finding opportunities every day by targeting certain niche markets.

According to CEG Worldwide research, 70% of top financial advisors (those earning $1 million or more annually) focus on a particular niche. Why? Because financial advisors need to differentiate themselves in this competitive market with a niche to attract and retain clients, according to experts say.

Additionally, research firm Cerulli Associates has reported that 15% of U.S.-based advisors are concentrated on a unique niches, although their practices account for 29% of overall advisor assets. CNBC takes a look at a small selection of investor demographics and the niche advisors serving them.

— Compiled by CNBC’s Kenneth Kiesnoski
Updated 7 May 2019. Originally posted 17 October 2014.

Speak Your Mind

*