Starting Your Own Investment Firm and Becoming an Independent Financial Advisor
This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/dE2OWKFSrIc
How to start your own investment firm and become an independent financial advisor is what we're going to cover today. There are 2 important questions to ask "when" and "how". When it comes to exactly when to do break away involves mainly:
1. "Do you have the financial runway?" Financial runway is a supportive, working spouse that understands that in months 0-24 you will be grinding it out and adding extra expenses to your household budget. You need either this and/or savings that will give you the income you need once you leave a paying position and go to zero but start incurring business expenses.
2. Also consider... do you have the expertise it will take to care for clients and have them trust you? You shouldn't break out on your own with less than 5 years experience. I may have some that disagree but this is just a hard thing. Unless you are an 11 on a scale from 1-to-10 on sales, you need to wait until you have established your reputation in the business before you become the quarterback of someone's financial life.
3. Next you should consider "how". Always play by the rules and declare any OBA (outside business activity) while you're registered with your current firm. You may also have a non-compete agreement in place preventing you from soliciting clients for business. Ultimately you may just have to make a clean break from your existing firm.
4. This means you'll want to file properly and use a professional with the expertise to help you. However, before leaving your current firm and stopping your paycheck, you need to have a clear idea of your firm name, how you will charge and drafts of all your documents like your ADV, file your LLC (articles of incorporation), your policies and procedures, etc.
Thanks for listening.
For more information on what I'm doing for current and aspiring financial professionals, click here.
Financial Coach vs. Financial Advisor: What’s the Difference? featuring Whitney Hansen
The Impact of Financial Literacy in the Economy with special guest Julie Kalkowski
The TRUTH About the Financial Advisor Career Path with Ash "Cash" Exantus
Should You Be an Independent Financial Advisor and Start Your Own Firm?
Want to Be a Financial Advisor—Top 10 List of Things to Do to Get a Job
How To Find a Mentor For Your Career
How To Become A Financial Planner: Advice for Young Professionals with Danny Harvey, MBA
Unscripted, Behind the Scenes Financial Advisor Talk with Preston D. Cherry, MS, CFP®
How To Impress a Potential Employer and Stand Out
Pros and Cons of Working for a Big or Small Financial Services Firm
Priming Your LinkedIn Profile for Success
The Entry Level Financial Advisor Career Path
How To Prepare For a Meeting with a Potential Client
Day in the Life of a Financial Advisor: End of the Month Duties
Best College Classes to Take to Become a Financial Advisor
Financial Advisor vs Financial Planner What is the Difference?
How To Become a Certified Financial Planner
Resume Tips for Aspiring Financial Professionals
Becoming a CFP - 3 Things to Land That First Job
Inside the Lens – This Week in Photo
Online VMware Training
Online Accent Reduction for Non-native English Speakers
LSAT Logic in Everyday Life