If the world has gone niche, why are so many advisory firms still trying to be everything to everyone?

Last week, while waiting in line at XYPN Live to have Carl Richards sign his new book, Your Money: Reimagining Wealth in 101 Simple Sketches, I overheard two advisors talking. Both had been in business for about 20 years. They agreed that focusing on a niche would have helped them grow faster when they started, but now it was “too late” and “not for them.”

I understand their perspective. You can absolutely build a practice on strong referral relationships and maybe even through local SEO if you’ve got good reviews and little competition nearby. But here’s the problem: The world your business operates in today looks nothing like it did 20 years ago.

We live in a niche economy. It used to be that everyone watched the same TV shows, read the same newspapers, and listened to the same radio stations. Now, people curate what they want: podcasts, newsletters, YouTube channels, and communities tailored to their exact interests. There’s no such thing as true mass marketing anymore. The only thing close to a mass-market audience is the Super Bowl.

The implication for advisors is clear: If the world has gone niche, your practice should too. Being everything to everyone isn’t how people consume information today. People pay attention to the voices and messages that speak directly to them.

The takeaway? You’re already living in a niche economy. The sooner your practice reflects that reality, the easier it will be to connect with the right prospects.