How to Become Successful in the Field of Financial Consultants
Financial Consultants are one of the fastest growing industries today. More and more people are requiring the services of a finance consultant to get out of debt, and/or prepare for educational and retirement expenses. The knowledge these consultants have creates an income potential for everyone involved.
Becoming a financial consultant takes time and money. It is not a get-rich-quick business, but it does lead to an unlimited income potential. Before you do anything else, you need to decide if you are committed to making the time to become a finance consultant. If you decide you are, then delve deeper and learn more.
Financial consultants are also called investment consultants, because they help you plan financially through investments. The best thing to do when you decide to become an investment consultant is to contact one of the many financial planning organizations such as the Financial Planning Association.
You will need to become a member of many of these financial consultant associations. You are also required to take class and an exam, before you can provide financial consultant services. Each association has its own credentialing system. While it is not necessary to have all the certifications, it is best to have several for professionalism and credibility.
Until you receive certification, you should get the requirements from the Securities and Exchange Commission as well as your State regulatory Authority for financial consultants. It is also required that you register with these agencies as well as the NASD and obtain licenses from them.
Once you are certified and licensed you are ready to open your investment consultant company. However, a few things need to be done before seeking clients. You will need to decide how you will be compensated for your services, and if you will specialize in a type of planning, such as estate planning, or generalize. You will also want to begin networking with other local people in the industry, such as accountants and lawyers.
Financial consultants have four compensation methods to choose from. When deciding on the compensation method for you, decide if you want to obtain more licenses and certifications. In almost any event, you will need to partner with insurance companies and at least on e securities broker/dealer.
You can offer your investment consultant services on a commission-only basis, fee-only basis, fee plus commission basis, or fee-offset basis. Of these three methods, only the fee-only method does not require parternering with insurance companies and securities broker/dealers, or obtaining extra licenses. A fee-only consultant creates a financial plan for the client, but the client is responsible for implementation of the plan. A fee-only consultant usually has a per hour fee or project fee.
Each of these methods of compensation has a good and bad side. You must consider the type of financial consultant business you want, and then choose the method that is appropriate for you. You can always change methods, but that can be tricky.
If you decide to go with on of the methods, other than fee-only, you will need to find your partners. It is best to partner with as many insurance companies and broker/dealers as possible. This will give your better tools and more options to work with for your clients.
While you are talking to companies, you should also talk with lawyers, and accountants in the field. They cannot only refer clients to you, but may be willing to work on projects with you for your clients. This is part of the networking you will need to do to succeed.
You need to invest for insurance for your investment consultant company as well. It protects you and your clients. This is a necessary part of the business. Should the unimaginable happen, you will be protected.
Clients will probably not fall in front of you when you first start. To gain experience and clients, offer your finance consultant services for a small fee, or even free, to friends and family. Ask them if you can use them as references. This will not just help your business, but it may help them too.
Once you have become a financial consultant, you will need to retain your certifications with continuing education in financial planning. Loot at web sites and books, they will keep you informed of industry trends, as will industry magazines. Stay affiliated with organizations at the national, State and local level. Your business is reliant on personal ability and honesty. Stay focused on this and you are bound to succeed.
© Copyright Randy Wilson, All Rights Reserved.
How to Create an Information Plan
What is in an information plan?
Where To Get Money For a Franchise Idea
How often have you thumbed through a business opportunity magazine, noticed a franchise opportunity advertisement, and felt you'd really like to get in on that...if only you had the money? If you're like most who are seeking greater opportunity and wealth, this probably happens with you more often than you care to admit, except perhaps in strictly private conversations.
Do You Love Food? - Then Maybe Opening a Restaurant is Not Such a Crazy Idea
The restaurant industry in the United States employs an estimated 12.2 million people, making it the nation's largest employer outside of government agencies.
How to Effectively Design Your Business Image
In many industries, image is one of the last things business owner looks at. If business is not booming, they assume there is something wrong with the sales method, as opposed to the image. "If we just sent out a few thousand more fliers" they say, "we will get some more clients". When in reality, they should be looking at how the message they're sending to their target market is perceived in the first place. Here are a few pointers to look at:
Small Business Support Equals Survival
Support is critical for your small business survival. You may shy away from the thought of having an advisory board to guide you through your rough spots, but having a group of professionals who are willing to be your sounding board can mean the difference between success and failure.
How to Profit from Business Consulting Opportunities
Business consulting opportunities might be just what your are looking for in a home based business.
Small Business Opportunities Magazine Business
A Small Business Opportunities Magazine is one of the new small business opportunities opening up everyday. More and more companies are looking to outsource for basic services, cutting their budgets in the process and increasing profits. With this happening globally, the small business opportunities available are increasing. This process will only benefit the company's bottom line, but will also open the door for more employees to own their own businesses and take control of their lives.
City Wide Garage Sales: Hidden Riches!
Most of us remember going to at least one garage sale in our lives. It may have been called a yard sale, garage sale or flea market. The name didn't matter it was all the same. Other people selling what they thought was trash to people who thought the items were treasures.
To Buy A Fat Pig
What does buying a fat pig have to do with your business? Stick with me and all will be revealed.
Passion Is Key To A Successful Business
Passion. Passion alone can make your business successful. As an entrepreneur, you are a passionate person. For why would anyone invest such incredible amounts of time and energy on something they have no REAL desire to do? If you do such a thing, then it's just bullshit. You have built an unreal, superficial way work environment and based on that you most likely are not very satisfied in what you do.
Canon City, Colorado - Good for Small Business
Canon City, Colorado is known for it's 6 Prisons; State and Federal, women's prison and juvenile. It is also home to the First Colorado Territorial Prison. Pictured here. Most of the people work for the prison system and it is the main employer of the town. This helps the local business community with high paying jobs. The small town has 7 new car dealerships and six used dealerships. Canon City is surrounded by several other smaller towns, which add quite a bit of people to the area.
The Business Failed, But Did You?
Q: After years of dreaming about starting my own business, I finally took the plunge a little over a year ago. To say the least, my dream quickly became a nightmare. The business didn't do nearly as well as I had hoped. I ran out of money within six months and had to take out a second mortgage on my house just to keep things going. I have now closed the business and am left with a pile of bills that will probably put me in personal bankruptcy. I don't mean to take it out on you, but instead of telling people how great having your own business is all the time you should also warn them that starting a business is not easy and can be devastating when things go wrong.-- Gene K.
Four Reasons Why Small Businesses Succeed (or Fail)
The American system of business management has been admired and emulated around the world. This system is characteristic of two traits in the American psyche: (1) enthusiasm for the future and making things better, and (2) an openness and willingness to change in order to achieve that end.
Creating Lists to Learn About Yourself, Your Business and Your Customers
I love lists. I make them for everything. And I'm not just talking about groceries, things to do this week or places to see before I die; but more important lists that help me learn about myself, my business and my life.
11 Benefits of Starting a House Cleaning Business
One of the biggest fears people have about starting a house cleaning business is the fear of having no real security. But for natural entrepreneurs, security comes from designing your own life. My partner Ev and I discovered that we could create security when we put forth the effort to call our own shots and make key business decisions that made sense for our lives. Starting a house cleaning business has helped us achieve real security.
Franchising VS Business Opportunity; What is the Difference?
The modern Franchise business model and the much different business opportunity are much different and dissimilar. The definition of these two business models should be broken into completely different parts to better fit the two-different business models and have their own set of regulations, which would contain similar stipulations with regards to prohibitions, definitions or basic rules of law. The Federal Trade Commission is considering a redefining of these two models under their legal description.
Community Relations Strategy for Small Business
Does your company have a community relation strategy? Have you even considered it? It is essential to have policies in place. Having run a small business for years which eventually turned into a multi-state franchise system, I realized early on that a business who is part of the community it serves can survive the ups and downs of the business cycles, making it somewhat recession proof. Nothing turns off the community more than a business which refuses to give back a little and gives some ridiculous excuse of; "It is our corporate policy, sorry!" Many times a volunteer for a club or organization will come in and ask for a hand out. Rather than giving them an excuse, talk with them about what you can do, have a policy which helps them too. Do not just tell them sorry; "No can do" offer them other assistance instead. For instance if they come in a are looking for a donation, you might say. We are not able to give a straight donation, but we are allowed to give you an item or two on the discount rack for a door prize or silent auction.
Your Practice is Only as Valuable as Your Referral Base
Many physical therapists in private practice have the appearance of a very successful business that is built on the backs of about four to five doctors. Now if anything would happen to any of these guys, the value of these practices would drop markedly. How can you run a practice for many years and then take a good look at it and realize that you have five doctors that represent more than 50% of the referral base? Exactly how can that happen?
Low Cost or Highly Funded Start Up
Many new ventures are preoccupied with all the money they are going to make, rather than how they are going to the about making it. Set realistic goals by setting realistic steps-discreet 'doable' actions, each of which connects to the next one in some logical progression.
7 Essentinal Resources for Small Business
So you want to start a business but you don't have a lot ofmoney? Start your business online, and it won't be a problem.
|© Athifea Distribution LLC - 2013|