Financial Advisor Business Plan Template

Written by Dave Lavinsky

Financial Advisor Customer Analysis

Demographic Profile of Target Market

Prime Wealth Financial Advisors will target individuals to include retirees, government officials, small businesses, and families in Philadelphia, Pennsylvania. The majority of clients will be small businesses who they can gain as clients and be able to manage their retirement accounts such as a 401K retirement account for their employees. By having one small business as a client allows Prime Wealth to manage numerous employees and their retirement and investment portfolios.

Prime Wealth Financial Advisors will also target federal and local government employees who need assistance managing their pension for their upcoming retirement. These individuals are either military, are employed by a government institution such as the Department of Defense, law enforcement, firefighters, teachers, and politicians.

They will also target those individuals that are near retirement age or nearing retirement age within the next ten years. Many individuals don’t set aside retirement accounts until late in their career after student loans are paid off and/or their children’s college is paid for. Prime Wealth Financial Advisors have developed specific strategies for these clients where they are able to plan for a large retirement account despite getting started later than those early in their career.

While a large client base will be focused on saving for retirement solely, other target clients will be those that are between the ages of 25 – 50 that are looking to increase their wealth by investing in the stock market and need a reliable company to place their money in stocks that are built around their risk comfort level.

The precise demographics for Philadelphia, Pennsylvania are:

    Total population1,584,064100%
        45 to 54 years177,27511.20%
        55 to 59 years90,6075.70%
        60 to 64 years92,6665.80%
        65 to 74 years128,0778.10%
        75 to 84 years65,1874.10%
        85 years and over28,0861.80%
SectorNumber of establishments Number of employees
Retail trade3,75373,994
Transportation and warehousing93748,292
Finance and insurance2,66172,545
Real estate and rental and leasing2,33616,218
Professional, scientific, and technical services5,28853,825
Administrative and support and waste management and remediation services2,430105,547
Educational services3473,355
Health care and social assistance4,267107,483
Arts, entertainment, and recreation41610,741
Accommodation and food services2,95869,330
Other services (except public administration)2,20420,997

Customer Segmentation

Prime Wealth Financial Advisors will primarily target the following customer profiles:

  • Small businesses
  • Government employees
  • Those nearing retirement age within ten years
  • Ambitious professionals and/or entrepreneurs looking to increase their wealth by investing in the stock market