I found a very interesting article on the Web site of American Medical News, published by the American Medical Association, that explains why some practitioners are so much better at building a niche than others. The article, "Medical Societies Roll Out Financial Planning Services," at
For example, it is reported that the Wisconsin Medical Society partnered with SVA Planners, a Midwest-based CPA firm, to provide financial planning services to its members. The physicians don't get a discount on services, but the firm was reportedly picked because it has "specialized over their history to primarily work with physicians."
And therein lies the beauty of this idea. If a firm really wants to build a solid niche, It has to look at what most of the targeted potential clients have in common. The referral route is still a favored and lucrative source of new clients. But what should not be overlooked is a connection to the potential clients. Wouldn't it be great for a CPA/financial planner to receive the seal of approval from the state medical society?
One aspect I find interesting is that the state society isn't looking to make money for itself because of the relationship with the financial planner; often, it is not even looking for a discount in fees charged its members. What seems paramount is a desire that the doctors be assured that they will be hooked up with a competent planner. This same rationale could apply to other professional and trade associations.
