In an era where specialization is key to standing out in wealth management, the prospect of venturing into a new niche market holds immense promise.
As financial advisors navigate the dynamic advisory industry, the ability to identify, enter and thrive in a niche has become a strategic imperative.
Someone who knows firsthand how to take that new leap is Diana Cabrices. Cabrices recently founded Diana Cabrices Consulting, where she has established herself as a distinguished voice and B2B marketer within the wealthtech sector as a fractional chief evangelist.
I caught up with Cabrices and she shared some essential steps and strategic insights that empower financial advisors to not only explore new niche markets but also to flourish within them. Click the video below to watch the full interview.
Transcript:
If you want to start a new niche, first and foremost, you have to be mentally prepared. Why you are coming into the market with something totally unique and different? This means there's a lot of education that's going to be needed for the market to understand what problem are you solving, what ways will you solve it and who you are really setting out to help solve those problems.
It's been particularly rewarding for me to come out as a fractional chief evangelist for wealth tech companies and immediately receive positive feedback from tech CEOs or other growth leaders who have said, wow, you know, we've really been waiting for something of this nature. But that came with months of preparation, and work and research before going out into the marketplace.
One lesson that I've learned from entrepreneurship is that you absolutely have to take the mindset that it is not a sprint; it is a marathon. Every single day, there will be challenges, they will always present themselves. But if you think about it, as I have the rest of my life to continue building this that I'm building in this very moment, you will take that better pace, you will feel less stress, and you won't think of everything as a huge problem that you have to solve right now. But rather, what can I do? What steps can I take over the next week, month, quarter or year to solve these problems? That just helps with the challenges that come along with being an entrepreneur.
One tip for advisors or other folks who are becoming entrepreneurs is to make sure that you understand the problem that you're solving. But more so who you're solving it for and what pain points they are experiencing with the problem. If you can hone in on that, first and foremost on your website, on any of your marketing collateral, anytime you go out and verbally tell people what you're doing, going there first is going to be all the more impactful for you as a business owner, and that would be my biggest piece of advice.
