Financial Advisor Success Ep 119: Career-Changing Into Financial Planning By Creating A Niche Serving Your Former Profession with Kenneth Robinson
Apr 9, 2019
Kenneth Robinson, founder of Practical Financial Planning, specializes in advising Ohio public sector employees. He shares insights on creating a niche practice based on his background, emphasizing the efficiency and trust gained from specialized knowledge. Kenneth discusses tackling complex pension issues, the importance of client engagement, and how repeated research builds credibility. He also reveals strategies for raising fees and managing difficult clients, demonstrating how a focused approach can enhance both confidence and business success.
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Niche Expertise Multiplies Efficiency
- Focusing on a niche makes advisory work far more efficient because repetitive research becomes one-time work.
- Kenneth Robinson says knowing public pension quirks lets you answer clients quickly and consistently.
Start Where You Have Credibility
- Ask who you can be credible with when you start and build your niche around that credibility.
- Use your prior career and personal experience to pick a niche where you have immediate authority.
Charge Right Or Let Go
- If a client relationship drains you, either change it or end it rather than staying resentful.
- Raise fees to match the value and avoid long-term resentment from undercharging.