Newspaper and television have been talking about the Department of Labor's pending proposal of a new standard of fiduciary duty for anyone giving retirement advice. The proposed new regulations have many advisors shaking in their boots.

They fear a big disruption in their business plans, costing them sizably less revenue. No longer will they be able to specialize in high commission products that are merely "suitable" for prospects. If there is a suitable product or plan that is better ( i.e.offers lower commissions) for the prospect, the advisor is legally bound to propose it.

This article turns everything you knew about finding a niche upside down. It's a whole new approach to finding your lucrative niche that's totally different from the way everybody else's told you to do it.

I call it the Cash Rich Niche System.

The digital area and the World Wide Web offer a new marketing opportunity for small business owners.

Benefits of online marketing

If you're a computer savvy business owner and enjoy online activities such as texting, email, interacting on LinkedIn or Facebook, email marketing may be just the ticket for you if you're not doing it already.

Referrals are one of the best ways to get new clients. The prospect is already predisposed to use your services. This makes closing the deal much easier.

If you have an email list, you can send emails that will get you more referrals.

Your email will contain two parts: your message to your contact and a sample email to send to a prospect.

Here's what to write in your referral getting email.

Coaching for Financial Advisors Blog

-Tired chasing after prospects?
-Wondering what to say and write to attract high net worth clients?
-Do you struggle with your marketing messages?
-Wish you knew what to say and write to get high net worth prospects chasing you?

Learn the secret of attracting high net worth prospects and getting them to ask about your services.

Marketing is what you write or say to people to get them to ask about your services. To get prospects to ask, you need to write or say the right things.

Don't you dare ask for a referral. Are you crazy or something?

You worked so hard to build a strong trusting relationship with your client. You wowed him by serving his favorite fresh-baked cookies at your office. You even reserved a parking spot for him right by your office door. "This space reserved for Mr. and Mrs. Client."

You enjoy them. They enjoy you.

You know there are others in his affluent family you would love to meet.

So you want to ask him for a favor and refer these people to you.

Want high net worth referrals without having to ask? Want a well oiled machine for getting referrals month after month?

Then don't ask for referrals. Throw parties instead.

Here's How Financial Advisor, Michael, Does It.

Using his system, he surpassed his original goal and pulled in over $25 M in new AUM. And vacationed the whole month of August sailing between three seas.

How Most of That Money Came in

He comments: "Of that amount I brought in this year, 90% of the money came in organically and through referrals. Getting referrals is simple."

Mark was ecstatic! "I just closed a $50 M deal," he exalted.

Mark had reason to celebrate. He had been unable to close many of his presentations in a long time. It had been a long hard struggle, much harder than he had imagined.

Mark's Problem

He knew he had a lot to learn about finding and meeting prospects. He never had to do it working for his old wire house. Prospects were handed to him and he closed most of them.

Mark started his company nine months ago. He was now an independent RIA. Before that he worked for a wire house and was successful there. He had built a nice book of business over the years. He had studied hard, learned a lot, and was highly regarded by his clients.

  Are you confused about niches?

Why do you need one?

What exactly is a niche?

How can you find yours?

Is there an easy way to find your niche?

You know follow-up calls to prospects are important – essential really – but you may be uncertain of how to go about them and what to say. Nothing is more demotivating than not knowing how to do something. It leads to procrastination and anxiety.

Believe me, I know. I used to stare at my 500 pound telephone, knowing I should make those calls, but fearful I would screw up. All that changed when my coach taught me the six steps for successful follow-up calls.

It goes like this.

Imagine you have a referral from your friend Steve. Steve's told you that you might be able to help George with his retirement plans. Steve was unclear as to exactly what George wanted. Steve just knew George was complaining about trying to figure out his plans for retirement.