Biggest Market Opportunities to Grow Your Advisory Business in 2020
The world of financial advising is changing rapidly. Markets are evolving at the speed of light. The focus areas of the previous years are beginning to change. Today, only 17% of Americans use a financial advisor.
As saving and investing become even more important in 2020 and beyond, more and more people will turn to financial advisors for leadership. This is where it pays to know the biggest market opportunities. If you want to grow your advisory business in 2020, take a look at these focus areas below.
1. Recession Plan
There’s a lot of talk about a recession on the horizon. Currently, two-thirds of Americans believe the economy will weaken in 2020. Financial advisors are the hero in this story, helping people get their wallets and investments in check to prepare for anything the future brings.
By working with your clients to develop long-term plans, you overcome client fears. When you understand your client’s journey, you develop a marketing strategy that leverages the growing concerns about a recession.
2. Focus on Saving
Along with recession planning, more people are focused on saving. This is a huge market opportunity for 2020. By helping your clients save their funds in a way that suits their needs, you can set them up for future success.
To take this up a notch, look for tech-savvy saving opportunities. From smart money trackers to Robo-advising, there is a way for advisors to live in harmony with these services. Focusing on saving is a key area for growing your services in 2020 as more people want to keep their money close.
3. Market to Millennials
There are a number of reasons to market to millennials. The biggest is that millennials are beginning to enter key stages of wealth planning. With the youngest millennials now in their mid-twenties, this is an audience worth paying attention to.
As Baby Boomers continue to age out of the workplace, millennials are increasingly gaining access to wealth. Though this will be a slow transition, getting a head start on your millennial marketing strategy in 2020 is the way to get ahead.
4. Don’t Forget Baby Boomers
With so much excitement around millennials, don’t forget about the baby boomers. This generation is entering their retirement rapidly, but that doesn’t mean they don’t still need financial services. Baby boomers are concerned with helping their families get ahead financially, retirement planning, and stretching their investments further.
Unlike generations before, this group is living longer than ever. With the rising life expectancy comes new challenges, like how to afford a longer retirement. Catering to these new challenges is an effective way to stand out as a financial advisor.
5. Work with Small Business Owners
The world of small business is changing. As more companies choose to outsource work, many Americans are saying goodbye to the typical 9 to 5. The entrepreneurial spirit has never been more alive, and this is a shining opportunity for financial advisors to market their services.
Small business owners like freelancers, contractors, and even local business owners all have unique needs. These aren’t the same as a mid to large-scale business. Many of these budding entrepreneurs are dealing with things like retirement savings, business investment, and so on for the first time. They need all the help they can get, and the right advisor could provide just what they need. By communicating with your clients effectively, you can help them reach their business milestones.
Explore these market opportunities in 2020
With more advisors concerned about new financial service technology, now is the time to invest in your 2020 strategy. How will you stand out? What new markets will you explore? These are all key questions to ask before the next decade begins.
These market opportunities above are a great starting place. From leveraging a new niche to expanding your services, these are the areas to focus on in 2020 and beyond.