The one-time bassist of hard rock band Guns 'N' Roses, Duff McKagan, has gotten a lot of press for opening a rock star wealth management firm, Meridian Rock.
McKagan attributes his early buzz as an advisor to the rock-and-roll crowd to his first-hand knowledge of the music industry. He lived to excess in his performing years and later taught himself the ropes of the investment markets, working toward an MBA on the way.
He expects his insider status will give the firm credibility with other musicians and support professionals like A&R reps and talent managers.
It's a strategy that any advisor looking for a niche can follow. Find an area where you have unusual social or professional prestige -- a hobby, sport or even a religious group -- and play to that strength.
Not every advisor is a former rock star, but if you are truly invested in becoming part of a niche where you are not an insider, consider finding a partner with the right star power.
In McKagan's case, for example, a more traditional venture capitalist found him and was willing to back the firm. In this case, the V.C. was the traditional "advisor" type willing to bankroll the project in order to get into the musician advisory space.
McKagan also finds ways to add value to the lives of people in his niche. As he points out, most musicians are so dominated by managers that they are both isolated and ignorant when it comes to knowing exactly how much money they are worth now and how long their career should last.