Executive Summary
A common structure at many advisory firms is for the owner to handle most of the sales and prospecting, while employee advisors focus on delivering planning and analysis for existing clients. While this model can work well in the early stages of a firm, it often becomes a bottleneck over time, limiting growth to the firm owner's marketing capacity and leaving employee advisors underprepared for more senior roles that require business development skills. Empowering employee advisors to contribute to growth not only helps the firm scale more sustainably, but can also create a more fulfilling career path for the advisors themselves.
The challenge, however, is that many employee advisors have limited networks, less business development experience, and fewer natural opportunities to generate referrals. Which means firms that want to support advisors in building marketing skills may need to offer more than just encouragement — they may need to provide structure. One of the most effective ways to do that is by directing the advisor toward a specific niche. When advisors focus on a clearly defined audience, they're more likely to stand out, speak to real pain points, and attract clients without needing deep personal connections.
In addition, encouraging a niche focus can help the firm deepen its presence within a broader market. For instance, while a firm may serve the healthcare industry generally, an employee advisor might focus specifically on nurses, allowing the firm to connect with a more specific segment without undermining its larger brand. That said, firms will want to be thoughtful about how the niche aligns with the firm's overall mission, pricing, and the financial characteristics of the target audience.
Once there's alignment on the niche, the next step is to support the advisor with a focused marketing plan. This includes public positioning, such as creating a dedicated webpage or updating directory profiles, as well as a set of measurable outreach activities to help the advisor gain traction. Setting realistic expectations, defining specific outreach goals, and supporting the advisor along the way can all help build confidence and momentum.
One helpful structure for getting started is the "Who, What, How" framework: identifying who the advisor wants to reach, what message will resonate most with that audience, and how to connect through consistent, intentional outreach. This gives the marketing process a repeatable foundation that's easier to sustain over time.
Ultimately, the key point is that while developing business development skills takes time, an employee advisor with the right support, structure, and strategic focus can grow into a powerful contributor to the firm's long-term success — opening new doors for firm growth, team development, and future leadership that's built from within!
Every financial advisory firm I've worked with wants to grow – whether it's to increase owner profits, hire junior advisors to offload client work, maximize enterprise value for a future sale, or build a lasting legacy. But for generalist firms, growth often hits a wall. Serving "anyone who can pay the fee" can only take the firm so far before momentum slows. Marketing becomes too generic to break through and too thinly spread to build meaningful awareness. The result? Firms exhaust time and money dabbling across social media, sponsorships, and ads – without seeing the growth they need to scale.
The good news is that advisory firms don't need a complete overhaul to reignite growth. They just need a more focused approach within their existing framework. Niche marketing is one of the most effective strategies I recommend to financial advisors, but I know that not every firm is ready, willing, or able to fully commit to niching. Some have a strong presence in their local community and don't want to lose that leadership. Others worry that narrowing their focus will mean turning away business. And some simply enjoy working with a wide range of clients. Even so, many of these firms still see opportunities to go deeper with certain groups – like employees from a major local employer or another segment they already serve well.
By strategically micro-targeting these high-potential segments, advisors can apply proven niche marketing principles without having to commit to a niche. This approach sharpens the message, engages prospects through the most effective channels, and creates marketing that feels relevant and personal. And with the right structure, it can unlock new growth opportunities – without the fear of alienating existing clients or turning away valuable business. The effort may prove so successful that advisors recognize the benefits of working with a niche and decide to fine-tune their client base going forward.
Applying this strategy takes more than spotting a few appealing segments – it requires intention and discipline. I've worked with many firms that get excited about micro-targeting but struggle to put enough focus and follow-through behind it to see results. That's where the "Who, What, How" framework becomes essential – bringing clarity and direction to what often ends up being a halfhearted attempt.
First, advisors need to define Who they want to reach – specific groups that align with their firm's expertise, values, and growth goals. Next, it's important to clarify What message will resonate with those groups – the specific problem the firm solves and the outcome it helps them achieve. Finally, advisors must decide How to consistently reach them – whether through targeted campaigns, partnerships, or thought leadership.
When firms skip this structure, they often fall back into generic, reactive marketing that struggles to gain traction. But when they apply this targeted approach, they experience some of the benefits of niche marketing – without locking their firm into a single niche.
The message tends to resonate more, the marketing feels more natural, and the right people start paying attention. Over time, this creates a simple, repeatable way to grow – bringing in more clients who are a great fit, without losing touch with the broader community that already knows and trusts the firm.
Generalist Firms Don't Have To Niche To Be Strategic
It's a common misconception: if a firm doesn't choose a niche, its marketing will always feel broad, generic, and scattered. It's true that generalist firms often struggle to stand out, while niche firms tend to have laser-focused, successful marketing tactics. However, it isn't necessary to abandon a broad client base to achieve growth. A firm can remain generalist and still market strategically by using the "Who, What, How" framework as a guide.
Broad Focus Doesn't Have To Mean Random Marketing
Firms with a wide-open door often default to one-size-fits-all marketing – but they don't have to. In many cases, they simply haven't learned any other way. Yet many generalist firms successfully identify specific segments within their community – such as employees of a major local employer, professionals in an industry they understand well, or members of a close-knit group they naturally connect with.
These pockets of opportunity are often hiding in plain sight. When approached with intention, they create marketing that feels personal, targeted, and relevant – even for firms that generally serve everyone.
Micro-Targeting Within A General Practice
Instead of trying to speak to everyone at once, firms can focus on a few key groups where there's real opportunity to grow. This approach brings more clarity and purpose to their marketing, without requiring them to give up the broader relationships they value.
It's essentially adapting niche strategies – like speaking directly to a specific audience or reaching out in a more personal way – within a generalist practice. This provides a practical way to stay open to a wide range of clients while building stronger connections with the people who can help the firm achieve its growth goals. And the good news is that the firm can still market to its broader audience if it chooses to.
A Framework Creates Order And Focus
Focus matters – but without structure, it tends to fade. That's where a simple tool like the "Who, What, How" framework can make a difference. It helps firms stay consistent when reaching out to specific groups. Each segment gets a message that makes sense to them, shared in a way they're more likely to see and respond to.
Without a system like this, marketing can feel scattered and ineffective. But with the right structure in place, firms can stop throwing things at the wall to see what sticks – and start reaching the right people with purpose.
The "Who, What, How" Framework
Once a firm decides to micro-target within a broader practice, the next question becomes: How can structure be applied to that focus? This is often where generalist firms get stuck. While many recognize the potential to market more intentionally, they tend to default to guessing at tactics – often starting with "how" before clarifying "who" or "what".
This is where the "Who, What, How" framework comes into play. It's a simple, repeatable system drawn from niche marketing principles, designed to help firms move beyond scattered efforts. By following these three steps in order – Who the firm wants to reach, What it wants to say, and How it will reach the audience – it becomes easier to create campaigns that resonate more deeply and perform more effectively.
Used in order, this framework offers advisors a practical way to bring focus to their marketing efforts, so they can move from broad tactics to targeted growth.
Determine "Who" You Want To Reach With Your Marketing Efforts
One of the most common mistakes I see advisors make is jumping straight into tactics – choosing marketing channels before clarifying who they're trying to reach. For example, deciding to use Instagram Reels or run Facebook ads without first defining the audience. It's putting the cart before the horse. The "Who" should always come first – it dictates both the message and the methods.
An advisor's Who is the specific group of people they want to serve. This can range from broad groups, like pre-retirees within a local area, to highly specific segments, like VP-level executives at biotech firms in San Diego County. The clearer the audience, the easier it becomes to craft messaging that resonates and identify the right strategy to engage them.
In my book, Uncomparable: A Financial Advisor's Guide to Standing Out Through Niche Marketing, I outline a framework for selecting a niche based on three key factors:
- Passion: Who are you passionate about working with?
- Aptitude: What natural talents, skills, or professional experience set you apart?
- Profitability: Which types of clients have the income or assets to meet your minimum fees?
These questions can be adapted to help firms identify and refine their audience for a specific marketing initiative. Because the goal here is to apply niche principles – not commit to a full niche – it's not necessary to go as deep with these questions as one might when defining a niche for the entire business. Instead, this framework helps advisors refine the right Who with just enough clarity to keep marketing efforts precise and relevant.
Passion: Who Does The Firm Want to Work With?
When coaching firms through the process of choosing a niche, I encourage them to think about what groups they naturally gravitate toward. For micro-targeting purposes, a more flexible approach can work well:
- Who is the firm genuinely interested in working with right now?
- What new opportunities have recently emerged?
- Are there industries, life stages, or financial situations worth exploring further?
For instance, a firm may consider running a campaign focused on Federal workers in response to recent layoffs. It could be helpful to consider these factors:
- Whether to help retirees or those still working but transitioning out of government jobs
- Whether specific agencies or departments feel like a natural fit
- Whether a particular geographic region makes sense to target
Aptitude: Who Would Benefit From The Firm's Experience?
Beyond interest, it's important to assess where the firm is uniquely positioned to help:
- Who would benefit most from the firm's background or experience?
- Has the firm worked with these types of clients or employers before?
- Does the team have specialized expertise relevant to their needs?
For example, if the firm has experience helping a handful of clients navigate Federal Employee Retirement System (FERS) benefits, that could signal an advantage when targeting Federal employees seeking retirement advice.
Profitability: Can They Afford The Firm's Services?
Finally, financial viability matters. If the audience isn't a good fit for the firm's fee model, it may be time to rethink.
- Does this group have enough assets or income to meet the firm's minimum fees?
- Are they in a life stage where the firm can offer clear, tangible value?
- Is the group willing to pay fees that fit the firm's existing structure?
Returning to the Federal employee example: Focusing on those nearing retirement – individuals who may soon roll over their Thrift Savings Plan into an IRA – could offer a more viable audience than those earlier in their careers.
By applying this modified framework, generalist firms can ensure their marketing campaigns are laser-focused on the right audience.
Determine "What" Message Will Resonate With The Target Audience ("Who")
Once the audience is identified, it's time to define "What" message will resonate with them. This is where many firms lose traction. I often see firms jump straight into describing their services or credentials. But for the audience, the real question is whether the advisor understands them – and can help solve a real problem.
The core of your message should answer three essential questions:
- Problem: What's the primary problem the audience is facing?
- Solution: How does the firm solve that problem?
- Outcome: What can the audience expect after working with the firm?
Problem: What's The Primary Problem Faced By The Firm's "Who"?
The most compelling marketing begins by identifying the primary pain point the audience is actively experiencing. This isn't about listing every possible issue – it's about pinpointing the most urgent and painful pain point that keeps them up at night.
For example, when targeting Federal employees nearing retirement, the central problem might be the confusion and anxiety surrounding their Federal Employee Retirement System (FERS) and Thrift Savings Plan (TSP) options. The key is to speak directly to the challenge the audience feels today – not a future problem they haven't yet recognized.
Solution: How Does The Firm Solve That Problem?
Next, the message should clearly state how the firm's expertise or service offers relief. This is the "How" (discussed in more detail later), but framed in a way that still feels client-centered.
Returning to the Federal employee example, the solution might be, "We help Federal workers clarify their retirement benefits and create a tax-efficient strategy to transition into retirement with confidence."
In my book, "Uncomparable", I recommend shaping the solution as a system or process that feels specific and repeatable – something more tangible than just a vague mention of "financial planning". Prospects tend to be drawn to structure and a sense of certainty.
Outcome: What Can The Audience Expect After Working With The Firm?
Finally, it's helpful to paint a picture of what success looks like. What transformation will the audience experience as a result of working together?
Effective messaging should address both tangible results (e.g., optimized benefits, improved cash flow, reduced taxes) and emotional relief (e.g., peace of mind, confidence, financial clarity). For example:
They walk away knowing their retirement is on track, their benefits are fully optimized, and they can move forward without second-guessing their decisions.
When combined, the problem, solution, and outcome form a concise message that speaks to both the logic and emotion driving a prospective client's decision to engage.
Determine "How" To Reach The Right Audience ("Who") With The Right Message ("What")
Once the Who and What are clarified, the next challenge is figuring out how to deliver that message effectively. This is where many advisors get overwhelmed – spreading efforts across too many platforms or choosing marketing tactics that don't align with where their audience actually spends time. A well-executed "How" is often the difference between a successful campaign and one that falls flat.
To stay focused, it can be helpful to break the How into three practical components:
- Community: Where is the audience already congregating or consuming content?
- Expertise: How can the firm communicate its message through content or thought leadership?
- Network: How can leads be captured and nurtured into long-term client relationships?
This approach helps ensure that marketing reaches the right people in the right places, using the right tools for engagement.
Community: Where Does The Audience Naturally Gather?
Start by identifying where the audience spends time – both online and in person. This could include industry associations, LinkedIn groups, or professional events. For example, when targeting university professors, firms might engage through faculty association events, alumni networks, or academic LinkedIn circles. The goal is to meet people where they already are, not to pull them into unfamiliar territory.
Expertise: How Can The Message Be Shared Through Content?
Once connected with the audience, the next step is to share insights and demonstrate expertise. This is most effective when advisors demonstrate their value by delivering thoughtful content aligned with the audience's specific concerns.
Start with just one format – maybe a blog, video series, or webinar – and focus on delivering content that addresses the audience's known pain points. For instance, a blog post on "Maximizing 403(b) and 457(b) Benefits for University Employees" communicates far more credibility than a general post about retirement planning.
As noted in "Uncomparable", content is the foundation of thought leadership. It builds trust, attracts attention, and creates opportunities for deeper engagement. While content can expand into multiple formats over time, the priority is to begin with something clear, valuable, and relevant to the audience.
Network: How Can Leads Be Captured And Nurtured Into Clients?
Not everyone who reads an article or attends an event will be ready to engage right away – but that doesn't mean the opportunity is lost. Marketing is often about relationship-building over time. That's why it's essential to have a process for capturing leads and following up consistently.
Start with a lead magnet – such as a checklist, guide, or webinar – in exchange for contact information. Then, build a system to nurture those leads through email newsletters, drip campaigns, or occasional personal outreach. This is where a firm's network becomes a valuable long-term asset – these are people who've opted in, expressed interest, and can be nurtured until they're ready to take action.
As one advisor reflected, "It took time, but building a database of the right leads early on turned into consistent appointments years later." That's the power of a well-managed network – it drives long-term, sustainable growth.
By focusing on Community, Expertise, and Network, firms can build a strategic system for reaching their audience, delivering value, and building relationships that convert.
The "Who, What, How" Framework In Practice
The "Who, What, How" framework can be a powerful way for firms to engage high-opportunity client groups while still maintaining a generalist model. Many firms have used this approach to target high-opportunity client groups without committing to a formal niche. The following example illustrates how this works in practice.
The Opportunity: Spotting A Natural Fit
Consider an RIA managing $300 million in AUM, serving a diverse client base in a metro area of about 300,000 people. Over time, the firm notices a pattern: many of their clients work at one of the several universities within a 30-mile radius. These clients share some common challenges: navigating university retirement benefits like 403(b) and 457(b) plans, understanding pension options, and planning for phased or early retirement.
While the firm remains committed to serving its broader local community, it recognizes an opportunity to go deeper with this particular group. Rather than shifting the entire practice to a niche model, the team decides to create a micro-targeted strategy focused on university employees.
The Strategy: Applying The "Who, What, How" Framework
Here's how they applied the framework to sharpen their focus:
- Who: The firm segments its outreach efforts to focus on university professors, administrators, and staff – particularly those dealing with complex benefit packages and retirement planning within higher education.
- What: They develop a dedicated landing page on their website titled "Financial Planning for University Professionals." The messaging speaks directly to common concerns, such as optimizing university retirement benefits, reducing taxes, and preparing for early retirement. The firm positions itself as well-versed in the specific financial needs of local educators and staff.
- How: They implement the strategy through three key methods:
- Community: The firm uses LinkedIn Sales Navigator to identify university employees by employer and job title. They send personalized connection requests to open the door for future communication and content sharing. They also encourage current university clients to share the firm's content with colleagues.
- Expertise: They create a pre-recorded webinar on maximizing 403(b) plans and managing deferred compensation for educators. In addition, they write a series of articles on topics relevant to this audience.
- Network: To capture leads, the webinar is offered on the firm's website and shared with LinkedIn connections. Once prospects engage, the firm nurtures them through an email sequence featuring relevant articles and educational resources. The firm also sends a monthly email newsletter tailored to educators, along with a LinkedIn newsletter featuring the same content.
The level of effort devoted to a micro-targeted segment can vary depending on the firm's goals. For firms taking a more passive approach – just testing the waters – a simple landing page or single piece of content may be enough to start. Those pursuing a more proactive strategy could layer in sponsorships, pursue speaking engagements, or develop a YouTube series tailored to the target audience. Regardless of the depth, the framework stays the same.
The Result: Precision Without Restriction
By micro-targeting, firms gain more traction with a group that already aligns with their broader client base. It's a focused, repeatable approach that allows a generalist practice to market like a specialist – without overhauling the entire business. The result? More efficient growth that supports the goals that matter most: increasing profitability, easing the advisor's workload, enhancing enterprise value, and building a lasting legacy.
That said, casting too wide a net can dilute the strategy's focus and limit its impact. The key is to be selective – focusing on just a few well-aligned groups where there is strong alignment and opportunity.
The firms I work with share a common goal – they want to grow, but they don't want to lose who they are along the way. And that's the beauty of micro-targeting within a generalist model. It's possible to create more relevant, engaging marketing by applying niche strategies with a lighter touch – without sacrificing the ability to serve a diverse client base or boxing in the business.
Growth doesn't require abandoning a broad focus; it just requires a more intentional approach within it. The "Who, What, How" framework offers a structured way to market more strategically – and, in some cases, may even open the door to a full niche marketing strategy down the line.
Ultimately, the key point is this: firms don't have to niche to be strategic. But they do have to be deliberate. And that's where the real momentum starts!
