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Wealth and business ownership go hand-in-hand. One study showed that the wealthiest 10% in the U.S. controlled 94% of the business equity.

This concentration of wealth indicates that a thriving advisory practice focused on business owners could be only a few clients away.

My surveys of financial advisors revealed that relatively few are devoted to this niche. And an estimated 90% of advisor marketing is business-to-consumer and not business-to-business.

Those advisors that adopt a “b-to-b marketing mindset” can make this a “rich niche.”

But does that signal that advisors should build their practice around business owners?

As someone who has spent decades in the trenches marketing and selling to business owners and executives, this can be a thriving market niche for many advisors.

But with a few caveats.

Fundamentally, a business-to-business marketing strategy is different than the business-to-consumer plan that the majority of advisors use.

And just because an advisor is accustomed to working with high- or ultra-high net worth individuals and families where business ownership is common, the business owner market may not be for you.

What are some key pros and cons of business owners as a market niche?