The popular professional networking site LinkedIn has announced plans to build niche research groups from its vast network of users. The new effort will be a redesigned version of the LinkedIn Experts Network, which failed to take off after its 2007 launch. LinkedIn will build constantly evolving expert networks through social media tools and then tailor them specifically to the needs of paying clients. Any experts that are approved by LinkedIn’s evaluation process will likely get a percentage of the associated subscription fees.

At least initially, the project will strictly target financial analysts and investors seeking to learn more about various markets. While specific details are still limited, a few bloggers are applauding LinkedIn’s effort to monetize its network without charging the everyday user. The service is expected to launch before the end of the second quarter.