Other Industries Have Discovered There Are Riches in Niches
Many advisors I talk to think they can’t make enough money focusing on a niche. The easiest way to debunk this myth is by looking at another industry—gyms.
Boutique fitness studios (think Orangetheory, CrossFit, barre, Pilates, yoga, etc.) account for more than 42% of all gym memberships, making up nearly half of the gym industry revenue.
The average cost of a monthly unlimited membership at a boutique studio ranges from $110 to $360, while a national “all things to all people” gym like Gold’s Gym or 24 Hour Fitness is less than $50 per month.
If the highly competitive gym industry has learned that a niche approach of offering one service to one type of client is the key to growth and riches, I hope financial advisors can learn the same!
