However, with traditional publishing, they have more of a contractual agreement, where they get an advance and then royalties. So there’s different challenges depending on how they’re going about publishing their books.
Some of the challenges that they have are really understanding the business side of their craft. They’re creative, but they’re not necessarily business-minded. So they’re really looking for guidance on how to structure their business, how to handle their cash flow, how to handle their taxes.
Another challenge, especially for those who are self-published, is understanding the marketing side of their business. How do they get their books out there? How do they promote themselves? How do they create additional streams of income, whether it’s through speaking engagements or merchandise or other avenues?
For some of the larger authors, they also have estate planning needs, as they have significant assets and want to ensure their legacy is protected and passed down to their heirs.
FP: What strategies do you use to find and develop clients in this niche?
LS: A lot of it has been through word of mouth. As I mentioned, the community is very tight-knit, and they talk to each other. So when one author has a positive experience with us, they refer us to their friends and colleagues.
Additionally, we attend conferences and events within the romance author community. This allows us to network with authors, publishers, and other industry professionals, and showcase our expertise in working with authors specifically.
Having a dedicated section on our website for authors has also been helpful in attracting new clients. It shows that we understand their unique needs and challenges and are equipped to help them navigate the financial aspects of their career.
Lastly, our relationships with other professionals in related fields, such as accountants and attorneys, have been beneficial in obtaining referrals. These professionals often work with authors themselves and trust us to provide quality financial advice and services to their clients.
FP: What advice would you give to other advisors interested in developing a niche like yours?
LS: First and foremost, you have to have a genuine interest and passion for the niche you’re pursuing. If you’re not truly invested in the community and the unique needs of its members, it will be difficult to build trust and rapport with potential clients.
It’s also important to immerse yourself in the niche and become an expert in its specific challenges and opportunities. Attend conferences, read industry publications, and network with professionals in the field to gain a deeper understanding of the community and its needs.
Building relationships with key influencers in the niche can also be beneficial in obtaining referrals and establishing credibility. Whether it’s authors, publishers, or other industry professionals, forming meaningful connections can lead to new opportunities and clients.
Lastly, be proactive in marketing yourself as an expert in the niche. Create content, such as blog posts, white papers, or webinars, that address the unique needs of the community and showcase your expertise. Having a dedicated section on your website can also help attract clients looking for a financial advisor who understands their specific needs.
Overall, developing a niche like working with romance authors requires a combination of genuine interest, expertise, and proactive marketing to attract and retain clients within the community.
For Larry Sprung, his passion for mental health awareness and his wife’s hobby of reading romance novels led him to a niche that has become a significant part of his practice. By understanding the unique needs and challenges of romance authors, he has been able to build trust and rapport with clients in the community and provide valuable financial guidance to help them achieve their goals.
As the financial planning industry continues to evolve, advisors like Larry Sprung demonstrate the value of developing niches and catering to specific client populations. By focusing on a niche that aligns with their interests and expertise, advisors can differentiate themselves in a competitive market and attract clients who appreciate their specialized knowledge and services.
