Michael Kitces Urges Advisors to Specialize as 2 Trust Paths Drive Client Wins

2 articles · Updated · Financial Planning · Jun 4

Michael Kitces told advisors on June 4 that generic wealth-management marketing is failing to attract prospects, arguing firms need a clear specialty to become the "right advisor" for a specific client moment.
His research found most new clients arrive through 2 "paths of trust" — referrals from people or sources consumers already trust, or familiarity built through an advisor's own content and visibility.
Taylor Schulte said that deeper retirement specialization helped prospects self-select before first contact, including a recent lead who already had a planner but sought more specialized retirement advice.
The message reflects a broader organic-growth problem for advisors: older, wealthier clients are heavily contested by well-capitalized RIAs, while younger investors hold less wealth and more often manage finances themselves.
Kitces said firms still grow by becoming more findable online or through referrals, but videos, podcasts and other education-based marketing can help them stand out beyond simple geographic proximity.