Learn from the Pros
Advisors looking to work with football players should get involved with the Financial Advisors Program sponsored by the NFL-PA. --Dana Hammonds
Finding a niche makes sense regardless of the niche you choose. For big advisory companies, these market segments are often too small to serve profitably, but for small or mid-size companies, serving unique markets can be quite profitable. While breaking into a niche may be difficult, once you're established as the go-to expert for that particular group, personal recommendations will go a long way toward supplementing more traditional marketing activities such as ads, prospect dinners, participation at charitable events, focused networking and PR tactics.
Advisors looking to work with football players, for example, should get involved with the Financial Advisors Program sponsored by the NFL-PA, says Dana Hammonds, associate director of the NFL Players' Association program for financial advisors. The program, the first of its kind in professional sports, gives NFL players access to a diverse group of qualified, preselected advisors. Planners who attend the association's conferences learn how to approach players, agents, coaches and team managers. The association also offers financial literacy programs for players in an attempt to steer them away from classic mistakes such as investing in bad business deals.
-Dana Hammonds, associate director of the NFL Players' Association program for financial advisors, in Niche Masters
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