I have been in the industry for one year and I think that it is time that I concentrate on a specific area. One area that I think is interesting and in demand is 401K programs. I think that this would be a rewarding field that may land me some larger personal accounts from the entrepreneurs that I acquire as accounts. Any helpful insights, comments, etc… would be greatly appreciated.
You'll probably starve as you try to make the transition. You may be going at this backwards. If you get the entrepreneur as your client, you can get the 401(k) business and possibly all of the group benefits. Most of the time, it does not work in the other direction.
Why? The business owner is not excited about having the guy helping his janitor make investment decisions also help the owner with his investments.
Keep doing whatever has made you successful up to this point. Find someone who is an expert in the 401(k) business and in the course of your normal day begin prospecting for 401(k) business and do everything joint work with this person. You will have the chance to learn and if it is profitable, you'll be able to transition to this specialty.