Most financial advisors make a crucial mistake: they try to win over every customer. But if you try to appeal to everyone, you end up reaching no one properly. Clever specialization in certain target groups, on the other hand, brings measurably more success – and makes the work more efficient.
Contents
- 1 The most important things at a glance
- 2 Why target group specialization makes all the difference
- 3 What target groups are there? The overview for Swiss financial advisors
- 4 How to identify your ideal target group
- 5 Different target groups – different needs, channels and mindsets
- 6 Addressing target groups correctly: What works for whom
- 7 The path to a successful target group strategy
- 8 Bonus: Different target groups for inspiration
The most important things at a glance
- Focus pays off: Specialized consultants achieve higher closing rates and fees
- Target groups are diverse: From doctors to IT specialists to cross-border commuters – each group has its own needs
- The right approach is crucial: Different generations and professional groups tick completely differently
- Fewer customers, more sales: the quality principle beats the masses
- Analyzing existing customers: The most profitable target groups are often already dormant in your own file
Why target group specialization makes all the difference
Imagine this: A general practitioner treats children, senior citizens and athletes in equal measure. A specialist in heart surgery concentrates on one specialty. Who earns more? The answer is clear.
The same principle applies to financial advice. Specialized advisors are perceived as experts. They understand the specific concerns of their clientele, speak their language and offer tailor-made solutions. The result: clients trust them more quickly and are prepared to pay higher fees for their expertise.
Another advantage lies in efficiency: those who focus on specific target groups can standardize consulting processes, conduct targeted marketing and strategically align their training. Time is money – and specialization saves both.
Reading tip: How to make a career in the financial industry as a young professional
What target groups are there? The overview for Swiss financial advisors
The Swiss financial landscape offers numerous attractive target groups. Each has its own characteristics, needs and potential:
Profession-specific target groups
Doctors, dentists and pharmacists in the medical sector face particular challenges. High practice investments, complex liability risks and the 3-pillar system require special know-how. This target group has above-average incomes, but requires individual solutions.
Lawyers, notaries and tax consultants know their way around paragraphs – but they often show surprising uncertainty when it comes to financial issues. This is where consultants score points with clear communication and regulatory insight.
The tech sector is growing rapidly. IT specialists, software developers and tech entrepreneurs earn well, but are often too busy for detailed financial planning. Digital advisory tools and efficient processes are in demand here.
Life phase target groups
The baby boomers from the 50 generation are approaching retirement. Pension planning, wealth preservation and succession planning are key topics. This target group appreciates personal advice and often has considerable assets.
First home, starting a family, occupational disability cover – young families and young professionals are concerned with the basics and long-term wealth accumulation. These customers have little time, but high growth potential.
Whether craftsmen, restaurateurs or startup founders – the self-employed face special challenges. They need flexible pension solutions and liquidity planning. Their incomes fluctuate, so the advice they receive must adapt.
Special target groups
Those who work in Switzerland and live abroad navigate through a complex maze of tax rules and social insurance. Specialized advice is worth its weight in gold here.
Foreign professionals bring different experiences with them. Expats and internationals need orientation in the Swiss system and often international investment solutions.
This exclusive target group of wealthy private individuals expects discretion, comprehensive expertise and first-class support. Family offices and private banking are relevant here.
Reading tip: Client acquisition for financial advisors: How to win new clients
How to identify your ideal target group
The best target group is often closer than you think. Start by analyzing your existing customers:
- List your most profitable clients: Who do you generate the highest annual turnover from? Which customers do you recommend?
- Look for similarities: Do these customers belong to similar professional groups? Are they in similar stages of life?
- Evaluate your own expertise: In which areas do you feel particularly competent? Which topics interest you personally?
- Check the market size: Is the identified target group large enough for a sustainable business? Are there enough potential customers in your region?
- Test the willingness to pay: Are clients in this target group prepared to pay reasonable fees for advice?
A practical example: You may find that you are already successfully looking after three dentists. They recommend you to others, pay on time and have similar needs. A natural specialization is obvious here.
Different target groups – different needs, channels and mindsets
Different target groups tick completely differently. Understanding these differences is the key to success.
Use communication channels of choice
- People over 50 prefer face-to-face conversations, phone calls and traditional emails. They appreciate printed documents and detailed explanations. WhatsApp or social media are usually out of place here.
- Young families and young professionals live digitally: WhatsApp for quick queries, online appointments for advice and apps for administration. Video consultations are not only accepted, but often preferred.
- Entrepreneurs don’t have time for detours. They want fast, direct communication with clear recommendations for action. Compact summaries and flexible scheduling are key.
Consulting needs of different target groups
- Doctors, managers and business leaders need comprehensive cover: professional indemnity, loss of practice insurance and often also financing for taking over a practice or similar. They are also very busy at work and would rather have a decision template than a complete strategy.
- Cross-border commuters need tax optimization: Where do I pay tax on what? How do I optimize my social security contributions? Which pension plan makes sense? Which system is right for me in old age?
- Expats want guidance: How does the Swiss system work? Which banks are recommended? What do I need to consider when moving away? What applies to my relatives who are still living abroad?
But be careful: everyone is different, so it is better to gather your own experiences. Stereotypes are often true, but not always. Sometimes people are pigeonholed too quickly and put off by the wrong approach.
Reading tip: The indispensable tools for the financial advisor
Addressing target groups correctly: What works for whom
The best target group analysis is useless without the right approach. The decisive factor is where and how different groups search for information – this is where you can convince them of your services, through professional expertise or advertisements.
Media consumption and information behavior
Doctors and medical professionals obtain information from specialist journals such as the Schweizerische Ärztezeitung, practice management magazines and specialized online portals. They value scientifically sound articles and case studies. Networking takes place via medical associations, professional societies and practice networks.
IT professionals live in digital ecosystems: LinkedIn for career topics, Reddit and Hacker News for trends, YouTube for tutorials. They rely on peer reviews, open source communities and tech blogs. Podcasts during the commute to work are also popular.
The 50-generation still consumes traditional media: NZZ, Tagesanzeiger, regional newspapers and their online presence. They listen to the radio and watch news programs. Recommendations from their personal environment weigh heavily. But Facebook and Instagram can also have an impact.
Entrepreneurs and the self-employed are highly networked and recommendation-driven. They read business magazines such as Handelszeitung, attend industry events and are active in business networks. They use LinkedIn and industry-specific forums online.
Convincing arguments for different target groups
Doctors are concerned with practice financing, professional liability, succession planning, tax-optimized practice design and retirement provision with high contributions. Protecting the family in the event of occupational disability is also key.
Example line of argument: “This solution will save you CHF 8,500 a year in taxes and protect your practice at the same time.” You want to understand the long-term impact of decisions. Liability risks and protection are key topics.
IT professionals are interested in share options, international investments, ETF savings plans, sustainable investments and often cryptocurrencies. Many work for international corporations and have complex remuneration structures.
Example line of argument: “This digital asset management automatically optimizes your portfolio and only costs 0.5% in fees.” They value transparent cost structures and technical solutions. Topics such as sustainable investments and cryptocurrencies arouse interest. Digital management without a lot of paperwork can also be perceived as an advantage.
Generation 50 focuses on pension planning, wealth preservation, inheritance planning, protection against long-term care costs and the optimal withdrawal strategy for the 2nd and 3rd pillars. Topics such as living wills and advance directives are also relevant.
Example line of argument: “You will receive CHF 2,800 per month in addition to AHV – guaranteed for 20 years.” Capital preservation comes before growth. You want to know what will happen in the worst-case scenario.
Entrepreneurs need liquidity planning, company pension provision, succession planning, risk protection for the business and often also private asset separation. The optimization of business and private finances must be coordinated.
Example line of argument: “Instead of leaving the money in your business account without earning interest, you can generate a 4.5% return here.” You are interested in tax-optimized solutions and flexible availability. Time is money – complicated structures are only acceptable if there is a corresponding benefit.
Reading tip: How do you become a financial advisor in Switzerland?
The path to a successful target group strategy
Specialization is not a sprint, but a marathon. Start step by step:
- Choose a maximum of two target groups to start with
- Systematically build up expertise through further training and practical experience
- Customize your marketing – from the website to the interview documents
- Collect references and recommendations from your target group
- Stay consistent – specialization takes time and perseverance
The investment pays off: specialized financial advisors report 20 to 50 percent higher closing rates and significantly higher fees. At the same time, the work is more fun because you develop real expertise and can really help your clients.
Those who know, understand and correctly address their target groups transform financial advice from a game of chance into a predictable strategy for success. The first step is an honest analysis: which customers are already bringing you the greatest success today? That’s where your future lies.
Reading tip: Financial advice for companies: The biggest challenges
Bonus: Different target groups for inspiration
Profession-specific target groups
| Target group | Consulting focus |
| Doctors/dentists | Practice financing, professional liability, high pillar 3a contributions, practice succession, contingency insurance |
| Pharmacists | Pharmacy takeover, inventory financing, liability, business interruption insurance |
| Lawyers/notaries | Law firm financing, asset liability, irregular income, client collateral |
| Tax consultants/auditors | Professional liability, seasonal fluctuations in income, law firm expansion, compliance |
| Architects/engineers | Project liability, client risks, fluctuating order situation, office financing |
| IT specialists/software developers | Share options, international remuneration, sabbaticals, cryptocurrencies, remote work |
| Management consultants | Project-based income, international assignments, self-employment, expertise marketing |
| Real estate agents | Commission-based income, market cycles, property liability, network development |
| Craftsmen | Business financing, machine leasing, seasonal business, succession planning, accident risks |
| Restaurateurs/hoteliers | Seasonal business, liquidity fluctuations, inventory financing, default risks |
| Farmers | Seasonal income, subsidies, farm succession, weather risks, EU direct payments |
| Artists/creatives | Irregular income, copyrights, international marketing, pension gaps |
| Journalists/media people | Freelance work, project work, travel expenses, digital change, pension gaps |
| Therapists/coaches | Practice development, liability, self-marketing, work-life balance, burn-out prevention |
Industry-specific target groups
| Target group | Consulting focus |
| Pharmaceutical employees | Share options, international careers, research risks, compliance, high income |
| Bank employees | Regulatory liability, compliance, internal investment guidelines, career planning |
| Insurance employees | Product knowledge utilization, industry network, regulatory changes |
| Pilots/Flight crew | International assignments, health risks, irregular working hours, pension arrangements |
| Ship/offshore workers | International contracts, risk allowances, extended absences, special insurances |
| Diplomats/international organizations | Tax exemptions, international pensions, foreign allowances, currency risks |
Life-stage target groups
| Target group | Focus of advice |
| Students | Basic equipment, first insurances, financing studies, preparing for career entry |
| Career starters (20-30) | First home, occupational disability, starting pillar 3a, career planning, mobility |
| Young families (30-40) | Home ownership, family protection, child provision, loss of earnings, education costs |
| Established families (40-50) | Asset accumulation, home renovation, teenage costs, pillar 3a optimization |
| Empty nesters (50-60) | Preparing for retirement, consolidating assets, healthcare, travel planning |
| Early retirees (55-65) | Bridging pension, health insurance, tax optimization, leisure financing |
| Active retirees (65-75) | Pillar optimization, health costs, travel, gifting to grandchildren, inheritance planning |
| Elderly (75 ) | Care costs, support, wills, powers of attorney, adapting living arrangements |
Income/asset target groups
| Target group | Focus of advice |
| Low earners | Basic protection, pillar 3a minimum, supplementary benefits, debt restructuring |
| Middle class | Home financing, family protection, pillar 3a/ 3b build-up, tax optimization |
| High earners (150k ) | Pillar 3a maximum, 2nd pillar purchase potential, tax optimization, wealth accumulation |
| High net worth (1M ) | Wealth structuring, tax planning, succession planning, international diversification |
| Ultra High Net Worth (10M ) | Family office, multi-generation planning, philanthropy, complex structures |
| Newly Rich | Sudden Wealth Syndrome, tax planning, lifestyle customization, asset protection |
| Inheritance | Inheritance tax, wealth preservation, generational change, family harmony |
Life situation-target groups
| Target group | Focus of advice |
| Singles | Gaps in retirement provision, protection without a partner, flexibility, lifestyle financing |
| Couples without children (DINKS) | Double income, lifestyle, travel, home ownership, flexible pension provision |
| Single parents | Child maintenance, loss of earnings, home ownership alternatives, state support |
| Patchwork families | Complex protection, inheritance law, child maintenance, multiple households |
| Large families (3 children) | Family allowances, education costs, size of home, tax progression |
| Carers | Reduction in income, care costs, care time, own pension gaps |
Migration/mobility target groups
| Target group | Focus of advice |
| Expats in Switzerland | Swiss system introduction, international pension provision, tax liability, return planning |
| Swiss abroad | Swiss pension provision, double taxation, AHV entitlements, return planning |
| Cross-border commuters DE | Tax optimization, health insurance, commuting costs, currency risk |
| Cross-border commuters FR | Social security, withholding tax, pension fund, relocation planning |
| Seasonal workers | Short-term contracts, social insurance, return planning, language barriers |
| Persons entitled to asylum/refugees | System introduction, language barriers, basic equipment, integration |
| Returnees | Re-integration, pension gaps, additional tax payments, need for adjustment |
Special life situations
| Target group | Focus of advice |
| Divorcees | Division of assets, maintenance payments, pension gaps, new start |
| Widowed persons | Survivors’ benefits, asset management, tax bracket, loneliness |
| Chronically ill people | Treatment costs, earning capacity, supplementary insurance, life planning |
| People with disabilities | IV benefits, supplementary benefits, aids, care costs |
| Bankrupt people | Debt restructuring, seizure protection, financing a new start, reputation |
Generational target groups
| Target group | Focus of advice |
| Generation Z (up to 25) | Digital tools, sustainability, cryptocurrencies, flexibility, social impact |
| Millennials (25-40) | Dream of home ownership, family vs. career, work-life balance, digital solutions |
| Generation X (40-55) | Sandwich generation, career peak, teenage costs, parental care |
| Baby boomers (55-70) | Retirement, health, wealth preservation, generational transfer |
| Silent Generation (70 ) | Need for care, inheritance, simplification, security, dignity, saving for children |
