Rattiner's Secrets of Financial Planning

CHAPTER 10Dispensing Advice on Niche Planning

As stated in Chapter 1, many planners today will be finding their niche in which to specialize and help clients. The reality is that there is so much to focus on, we need to do the things we feel comfortable with, where we can add the greatest value. In today's world, every profession has specialists. In the old days, the family doctor was the generalist and even made house calls! Today, whether medicine, law, accounting, our profession, or countless others, we need to know what we do and do it well.

Rattiner's Secrets: In my Fast Track classes and lectures, I always hit this point home. Know what you know and know what you don't know! There is no harm or shame in focusing only in a specific area(s) if you are not equipped to go elsewhere. But there is risk if you do. If an attendee approaches me about something of which I have no knowledge or I don't have the proper skill set, I will say, “I have no clue!” With niche planning, you are making the decision just to work in selected area(s). Also, if you are a generalist who works in all areas, but some of the disciplines necessary may be too steep, like heavy-duty tax issues, or drafting legal documents, you will need to call in the CPA or attorney, respectively. Remember, we are the team leaders where one of our many missions is to bring it all together. Knowing how the flow works is critical to managing your clients' expectations.

A few more popular niches are presented here ...