Most new financial advisers are encouraged to find a niche and develop expertise in handling a certain type of client. That expertise should lead to more clients and an efficient, prosperous practice.
Adviser Ben Utley found his niche in doctors. But it didn't happen right away. First there was some trial and error.
Utley, in Eugene, Ore., opened his financial advising firm in 1994 after earning a graduate degree in chemistry, and he pursued a few client groups that didn't work out, such as small-business owners.
"The test of a niche is whether they talk to one another," Utley said. "Do they all flock together? If they were on Twitter or Facebook, would they all find each other? Some categories are just too broad."
As a category, physicians had this kind of affinity. They also were the right fit for Utley, who values giving back to his community.
Education is also important to him, and he has an interest in and respect for science. He described himself as a big-picture thinker who doesn't like to get bogged down in minutiae.
"I happen to get along smashingly with my niche," said Utley, whose firm is called Physician Family Financial Advisors.
Utley has taken the time to understand his clients, examining their collective values, common characteristics and work habits.
He has explored their perceptions of money and learned what's important to them about money.
Marketing gurus call this psychographics. "It's about feelings," Utley said. "It's soft and squishy, but it's also deeply important."
His discoveries have changed and improved how he serves his clientele. For instance, his physicians don't need or want to meet in person, so Utley eliminated quarterly meetings unless by request.
His website and marketing material speak to his niche's passion for caring for people — and denote how financial planning can dovetail with such values.
He's also learned his niche's weaknesses. His physicians are notoriously bad at returning paperwork, so he's created an extensive system to track the documents he sends and receives.
And he's developed areas of sharp focus; physicians are targets of malpractice suits, and Utley can counsel them on how to protect their assets.
This dedication has helped his practice grow and enabled him to close his firm to non-physician clients last year. That lets him enjoy working for the people he advises. "I love the people I work with. I get jazzed about helping them."
