In order for your business to be successful, you need to be seen as more than just a “jack of all trades,” says Sara Gilbert, founder of Strategist in Montreal. Instead, clients and prospects should see you as an expert in a specific area of financial services.

“It’s easier to have one clear message out there in the marketplace,” Gilbert says. “What you do, who you do it for and how you bring value to the clients.”

Your first challenge is to determine the right niche for your business. Here are five questions to ask yourself to help you find an appropriate area of specialization:

1. Who do I like?
Look at your current clients to find the people you feel most comfortable serving.

To be successful, you have to love what you do and the clients you work with, Gilbert says. Think about which clients you enjoy working with most, and the type of clients of which you wish you had more.

2. What are their common traits?
Make a list of shared characteristics of your top clients, or favourite clients, to help find a target market.

Consider different criteria, Gilbert says, such as: age, geography, profession, assets, where the client’s wealth comes from (inheritance, a business) and their life stage.

3. What are my top clients’ expectations?
Knowing what your clients expect of you will help you define a niche.

Do you want clients who want a weekly call? Or, Gilbert says, people who expect a multi-faceted communication strategy, including a newsletter, blog and social media?

4. What is my business model?
Carefully outlining the structure and methods of your business will make it easier for you to find the right clients.

Ask yourself what type of advisor you want to be, Gilbert suggests. For example, a discretionary portfolio manager looks for clients who are interested in delegating the day-to-day decisions. A trader, on the other hand, is interested in clients who are more hands-on.

5. Who are my resources?
To properly service clients, particularly high net-worth individuals, you’ll need some expert help.

If you plan on offering your clients specific services, such as philanthropic planning, Gilbert says, make sure you have the proper resources available.

Check to see what services or experts are accessible through your firm and reach out to professionals, such as lawyers and accountants, in your area.