This is a video I found on YouTube by InformedTrades.com. Hopefully the information I provide will be useful to everyone.
The second lesson of two on interest rates, why they are so important to the stock market and to traders and investors in the stock, futures, and forex markets with a...
Saturday, May 9, 2009
Build a Financial Planning Business
Financial planning is gaining ground as a popular career choice. Individuals in this profession assist clients with money management both for the short- and long-term. A career in financial planning can be extremely rewarding. The following steps will guide you as you start your new business.
Get the right education. Though a degree is not needed to start your own financial planning business, it is almost impossible to form a legitimate and successful venture. Consider obtaining a degree in accounting, business, economics or finance.
Consider accreditation and membership from a professional industry organization. Though certification or a license is not necessary to be a financial planner, becoming a member of a professional organization has benefits including access to networking and educational opportunities. This can only help you with credibility and building a client base.
Decide whether you want to provide additional services such as the trading of bonds, stocks, mutual funds, or helping clients with real estate investments. Make sure to secure the necessary licenses applicable to your state.
Create your business. Your next step will be to file the necessary paperwork to create the framework of your business. This means registering your business name, deciding what type of company you want to start, and opening up the necessary bank and credit accounts.
Invest in promotion. Now that you have your company legally set up, it's time to promote your services. You should create a marketing strategy based off of your budget, target population and long-term goals. The more viable promotion that you can introduce to the market, the more clients you will attract.
Create relationships with financial institutions and other businesses in your area. Once you have started to get a client base as well as a reputation, it's time to start making as many business connections as you can. Having local business connections will only aid in new client referrals.
Get the right education. Though a degree is not needed to start your own financial planning business, it is almost impossible to form a legitimate and successful venture. Consider obtaining a degree in accounting, business, economics or finance.
Consider accreditation and membership from a professional industry organization. Though certification or a license is not necessary to be a financial planner, becoming a member of a professional organization has benefits including access to networking and educational opportunities. This can only help you with credibility and building a client base.
Decide whether you want to provide additional services such as the trading of bonds, stocks, mutual funds, or helping clients with real estate investments. Make sure to secure the necessary licenses applicable to your state.
Create your business. Your next step will be to file the necessary paperwork to create the framework of your business. This means registering your business name, deciding what type of company you want to start, and opening up the necessary bank and credit accounts.
Invest in promotion. Now that you have your company legally set up, it's time to promote your services. You should create a marketing strategy based off of your budget, target population and long-term goals. The more viable promotion that you can introduce to the market, the more clients you will attract.
Create relationships with financial institutions and other businesses in your area. Once you have started to get a client base as well as a reputation, it's time to start making as many business connections as you can. Having local business connections will only aid in new client referrals.
Tips & Warnings
- Even though there is not a specific licensing or education requirement to run a financial planning business, remember that you are going to be helping your clients with money. If you do not know what you are doing you could do a great amount of damage to the finances of your clients.
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