Larry Roth posted his weekly “Larry’s Take” commentary on the deals and recruiting in the wealth industry on Wealth Solutions Report as part of its Deals & Recruiting Roundup.
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Niches are important. This week, we cover Earned’s acquisition of OJM Group. Both specialize in serving physicians and health care industry professionals. In the past 18 months, Earned bought multiple advisory businesses with a healthcare focus, and entered a partnership with a law firm focused on dentists and doctors.
Earned has solidified its niche and doubled down multiple times on that strength. In a time when organic growth is hard to produce, forming a niche that makes the advisor not just an advisor – but an advisor to a specific target group – is an excellent strategy.
Think of it in terms of the old saw, “People don’t care how much you know until they know how much you care.” The advisory business will always be centered on connection, relationships and making the client feel heard and understood. A niche strategy like Earned’s positions advisors perfectly for these human aspects of financial advice.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact Larry Roth at larry.roth@ascentix.com.
To see the Wealth Solutions Report Deals & Recruiting Roundup for the week, click here. Visit Wealth Solutions Report for the latest wealth management insights, analysis and news.