Is It Safe to Expand My Niche?

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

We have a niche market focused on practitioners in holistic health fields. We have several clients who are chiropractors and acupuncturists, for example. Our minimum account size is low, $500k to start, and many in practices such as these have that much and more saved in retirement and non-retirement funds.

The issue of what this niche means to us has come into focus. We are debating whether to expand our niche or whether to expand at all. For example, is a physical therapist a holistic health provider, or a doctor who uses mostly natural medicines? We are in the process of revamping our website and accompanying materials and find ourselves facing this dilemma. It’s been very helpful to us in marketing to have clients in the field of holistic medicine. We have put on numerous events, shared detailed information about the work we’ve done in the field and have received countless referrals from existing clients to others they are connected to in the community.