New Financial Advisor? Here’s 4 Tips to Starting Your Financial Planning Practice


A financial advisor career has multiple benefits, including good pay, great client relationships and learning and growth galore.

It’s an opportunity to engage in a highly respected field and to provide a valuable service to clients who rely on your expertise. I enjoyed being in the financial planning industry for several years and was privileged to serve over 200 clients in my financial planning practice.

Here are 4 tips if you’re planning to become a financial advisor that will get you started on the right foot:

1. Hire help immediately. When I started out in financial planning, I was a single mom of two young children. The hours were long to do everything that needed to be done to grow my practice.

One of the best decisions I ever made in my carer as a financial advisor was to hire a college student to do paperwork and make phone calls for me almost immediately after I began working at American Express. She was a lifesaver. With all the new responsibilities of being a financial advisor, this investment was well worth it for me. Hiring help immediately will take mundane tasks off your hands so you can focus your energies and attention on marketing your practice and providing clients with a rich and satisfying experience.

2. Have a paper management system, and stick with it! Determine early on a paper management system that will work for you to keep all your important papers and documents in order. The financial services industry is heavy on paper, and it’s easy to get bogged down in a white mass of papers on your desk (and all over your office) if you’re not equipped with a way to handle all the paper that comes at you on almost an hourly basis.

3. Set office hours and stick with them! Right up front, set your office hours. The beginning years of building a financial planning practice often mean long hours. You’ll work very hard in the beginning to build your financial planning practice, that’s what’s required to create success in this industry, but you’ve got to give yourself time to rejuvenate and time for the other things in life that are important to you if you plan on enjoying lasting success year after year.

4. Determine early on who your ideal client is, then go to all the places they hang out. Become a speaker to those organizations. Frequent the places where your ideal clients can be found. This puts you in direct contact with potential clients without you spending a boatload of money on marketing. This was easy marketing for me, since I love to speak. When you show up and give a powerful 15-20 minute presentation on the power of investing (or a topic you’re familiar with) clients who resonate with you will join you instantly. Always have with you sign-up sheets for potential clients to book a complimentary consultation with you.

A financial advisor career can be a rewarding one. Enjoy your new venture by starting out on the right foot!

Source by Valerie Love

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