Financial Planner Business Plan

Financial Planner Business Plan-18
Take advantage of the emerging full-service office rental business model.Rather than leasing office space in the traditional manner, these companies rent specific facilities, such as a conference room, for specified periods of time, allowing you to save money by paying for the office only when you need it. Errors and omissions insurance is essential for most consultants, but especially crucial for financial planners.They match clients with a customized mix of products that protects their assets while earning a profitable return.

Take advantage of the emerging full-service office rental business model.Rather than leasing office space in the traditional manner, these companies rent specific facilities, such as a conference room, for specified periods of time, allowing you to save money by paying for the office only when you need it. Errors and omissions insurance is essential for most consultants, but especially crucial for financial planners.They match clients with a customized mix of products that protects their assets while earning a profitable return.

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Consider planning seminars to gain clients, network with consumer groups or write expert articles for financial publications. Include all upfront expenses that you know you'll incur based on the previous sections of your business plan.

Don't forget to include a salary for yourself as well as office start-up costs, advertising and marketing budgets, license fees, industry association dues and every expense related to your business.

Offer to serve friends, family and business contacts at discounted rates during the first few months to stimulate word-of-mouth advertising, gain genuine working experience and work out any kinks in your customer service activities.

David Ingram has written for multiple publications since 2009, including "The Houston Chronicle" and online at

While business plans differ in length and detail, the kind of industry dictates the style and dimension of the business plan.

A staffing agency, for example, includes more recruiting strategies in a complete business plan than a single owner-operator business such as a financial planner.Families' and businesses' financial futures may depend on your management of their assets.If you make a mistake or fail to disclose certain information that results in financial catastrophe, your clients could sue. Build an informative website, print business cards and start networking.Build relationships with providers of life insurance, college savings plans, annuities, mutual funds and types of Individual Retirement Accounts.Build a portfolio of products to suit at least three levels of risk tolerance — high, moderate and low. Most of your work as a financial planner can be performed on a laptop in a coffee shop or at your home office, but it is essential to have a proper office for client meetings.For example, if you have a Series 7 license, will you be trading stocks? If you will be working strictly as a consultant, which broker and dealer will you be using?Following extensive research into the needs of the community, the availability of products and the extent of the competition, narrow down your target market.Take and pass the Series 6 exam, administered by the Financial Industry Regulatory Authority, to gain the legal right to sell mutual funds and annuities. Skip this step if you wish to work solely under your own name.As consultants, financial planners walk a fine line between being self-employed and owning a business.Individual variances can easily be inserted if you start out with a sample financial planner business plan.The mission statement of the financial planning business should be concise and focused, while demonstrating the vision of the financial expert.

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