Honing in on niche market
I'm new around here and new to the world of financial advising/wealth management. I graduated from the University of Texas back in December and have been working at a local independent firm in El Paso, Texas since January. Our firm manages over $350 million in assets. Personally, I have my degree, I have my own company that is automotive related, I hold my private pilots license, and related to finance, I got my Insurance license and am working on my Series 6.
Now that you have a little background on me, I have been trying to get some help with honing in on my niche market. I initially came on board shot-gunning trying to get anyone I could to sign up with me. I have had very little success since January and feel that I am wasting my time. After speaking to an advisor that I plan on collaborating with in Austin, he told me the faster I pick a niche market, the faster I will find success. Being a small business owner myself, I decided that I want to focus on locally established businesses; more specifically, used car dealerships. The reason being: since we're a border town, there are plenty to find around the city. Also, I just took it upon myself to get my dealers license so that I can go to dealer only auto auctions and purchase/resell cars. I think these two attributes will help me break this market to be the go to advisor for these dealerships. I figure, hit the independent dealerships first and work my way up to the more well known names in the area that are new car dealerships.
My question is, how do I direct my focus and energy into this niche and how do I approach them? I still have years and years of things to learn but it doesn't mean I can't start working with these specific customers. Direct mailings? Flyers? Visits and try to talk to the GM or the Owners? Also, what exactly can I offer them? For the longest time I've been trying to work with the other advisors in the brokerage by hitting the school districts. Signing up teachers on 403(b) plans has been exhaustive and also unsuccessful for me...But I know that I am going in with the purpose of signing them up in an annuity. For business owners, what exactly can I provide? Evaluate their financials? Set up retirement plans for their employees? What kinds of things should I be learning to then approach these business owners with?
Thank you so much for any advice and I look forward to hanging around this community more.