Working with a niche client base
MediBroker founder and managing director Aaron Zelman discusses how he decided to focus on offering risk advice to a unique client base - those within the medical profession.
What prompted your decision to focus on a niche client base?
I seem to have an affinity for the medical profession. I’ve learnt a lot about the career environment, the jargon, the training process and the associated lifestyle. I’m also very comfortable talking about medical matters (essential to being a risk specialist) which seems to put clients at ease. In short, I feel comfortable in that space.
How did you decide to work with medical professionals?
In 2005 I was invited by a BDM at the Commonwealth Private Bank to attend a medical conference, which led me to pick up a number of medical specialists as clients. I found them intelligent, decisive and in many ways, the ideal clients for a risk specialist business.
Have you always worked with a niche client base?
Other than during my first year as an adviser, I have always focused on the medical segment. These days, virtually every client I bring on is a doctor or married to one.
What challenges did you face when deciding to work with these types of clients?
These days, everyone is busy, but doctors are very, very busy. You need to be able to politely persist and show significant value – why else would they give you their precious time? The other thing is that doctors are often the victims of dodgy schemes and are therefore particularly weary of advisers.
What opportunities has this brought for your business?
With great persistence and patience, my focus on the medical market has been highly rewarding. It takes time to build a reputation amongst the market you wish to service. Thankfully, our efforts are bearing fruit.
What tips or suggestions would you give to other advisers looking to focus on working with a specific client base?
Working with a specific client base takes an investment of time, effort, attention and a lot of patience. It has been worth it for me.
What plans do you have for the future of your business?
I am really happy with the organic growth we are achieving at MediBroker. I’ll be wrapped if we can bring on another 100 doctor clients over the next 12 months, which would make it a hat-trick.
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