Too often, immigrants, non-native English speakers, and other minorities are taken advantage of. These individuals will have vastly different financial needs as compared to local clients. for work, but still, need to support family members back home. For example, many people immigrate to the U.S. As such, there isn’t a ‘one size fits all’ solution. ‘Multicultural markets’ is a term used to describe many different groups of people, all with their own unique financial needs. A knowledgeable advisor can help save freelancers from the headaches that stem from dealing with income tax, business deductions, and employment tax. Come tax time, those new to the game will go running for a financial advisor. In a similar vein: The rise of the ‘gig economy’ has created more opportunities for freelancers to grow their own business using platforms such as Fiverr and Elance. As a result, an experienced financial advisor should be met with a warm welcome. These are huge decisions that have the potential to affect their business and personal life for years to come. And, fewer than 33% have a formal financial plan to manage income and expenses during retirement ( source). Yet, shockingly, only 40% of small business owners have turned to a financial advisor for guidance ( source).Įven more shocking? Less than 25% of business owners have a succession plan in place for when the time comes to retire. E-commerce has spawned a new age of entrepreneurship, and, many of these new business owners will need help navigating the many rules and regulations associated with business ownership. With the creation of online e-commerce platforms like eBay and Etsy, more people are creating small online businesses. If you’re confident in your knowledge of Social Security and everything retirement, you should still consider Baby Boomers among your target audience.
In fact, 64% of advisors are already actively targeting Boomers ( source). Pre-retirees have been the “go-to” market for financial advisors, so some might consider this group low hanging fruit. Because student debt is such a burden, Millennials might not plan properly for retirement and could use the guidance of a trusted financial advisor to help get their financial life on the right track. In the short term, the most pressing issue this audience faces is student debt. As they progress through their career, you’ll see your ROI increase steadily year-over-year. Though not necessarily high-earners now, Millennials are the easiest way to create sustainable growth for your business.
Research shows, 29% of Millennials say their hesitation to employ a financial planner is induced by fees and costs, followed by fear (16%), and the ability to ‘do it themselves’ (10%).Ī large number of these individuals are also turning to robo-advisors for their asset management needs, due to their low cost and self-sufficient nature. The Top 5 Target Markets For Financial Advisors Young Professionals Continue reading to learn more about areas of potential growth for financial advisors today. The good news, however, is this: Only 30% of American workers currently work with a financial advisor, which leaves plenty of room for specialized advisors to grow their market share ( source). As a direct result of the crowded financial sector, differentiation is key to growing your business.Īs a financial advisor, the only way to become an expert within a new, niche target market is through hard work and specific data-driven marketing tactics.
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