(Add to Favorites | View All Articles | Resource Directory)
|
|
|
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. Randy has dozens of home based business articles such as Start a Mattress Cleaning Service, Unusual Home Based Businesses and Start a Catering Business.
MORE RESOURCES: News provided by Yahoo! News and Google News Small biz and targeted tax breaks moving in Fla. House - Bizjournals.com Next Street, Citi create $30M small-biz lending fund - Crain's New York Business Small business: How to tackle volatility BUSINESS TIPS: Internet presents a new market What do Google's privacy policy changes mean to your small biz? - Crain's Chicago Business (blog) |
|
|
|
RELATED ARTICLES
Franchise Territories are Generally Delineated On a Map; Why? If you own a mobile service or home based franchise your exclusive territory will be delineated on a map in the attachment of your franchise agreement. You will be assigned generally a single city, county or region and another franchisee or team member of the same system will not compete with your although may be right around the corner. Top Ten Blunders Business Owners Make In today's marketplace the words 'job security' have become an oxymoron. So more and more people are venturing on their own. Creative Metrification - A Technique to Improve Some things in business are relatively easy to measure - these are the "hard" metrics such as sales volume and profit, production per man-hour, time without an accident, shipments without error, number of customers served, on-time delivery, etc. Other, "soft" metrics, are more difficult to quantify, but with a little creativity, measurement can be made of just about anything. Is Your Business Making Money? Is your business making money? Would you know?Figuring out whether your business is actually making money is no easy task. Most small business owners have a pretty good idea of what their top line is (their revenues), but unless they're closely tracking and inputting all of their expenses, the bottom line can often come as a complete surprise. Who Makes the BEST Alliance What types of companies do you want to align yourself with?What is the best company to align with? It is a company that does not quite compete with your core business. By this we mean that the company has offerings that dovetail into what you have to offer. So You Don't Believe in Outsourcing Entrepreneurs are hardy stock. But sometimes hardiness can get you into trouble. Beginning an Internship Program CONSIDERATIONS FOR YOUR INTERN: Specify the number of hours the intern will be needed each week. Will specific hours be adhered to, or will the schedule be more flexible? Applicants want to know up front what they will be paid, if anything. We Know Who THEY Are Am I the only one that does not have an "A" button on my computer? I have looked on the keyboard, monitor and hard drive I can not find that darn thing anywhere. Nobody will tell me where it is. Franchises: How to Find the Best Franchise Opportunity for You If you are looking for a franchise opportunity, the choice is mind boggling. There are literally hundreds if not thousands of different types of franchise available for you to invest in, with the same variety in cost. 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. Why is My Restaurant Not Full Every Monday Night? In a quest for customers and to keep those customers, restaurants are now compelled to develop a marketing plan. Marketing plans are a crucial component for anyone who has the desire to make their restaurant a success. Business Leverage - what it is, and how to apply it Remember those drawings from science class of how a lever works?The lever was a long bar that rested atop a triangularly shaped fulcrum. One end of the lever was underneath the object to be raised. Business Reviews that Work What is the satisfaction & expectation review of the business history to date?You have spent a lot of time and effort gathering information about your clients and potential customers. You have kept track of everything that you need to know and have followed-up with precision. Don't become a statistic - Get business advice on a regular basis It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Employee Relations Manual Sample Outline Most smart entrepreneurs and all large corporations have Employee Relations Manuals. Nearly all businesses with over five or more employees have some sort of employee manuals but not all have Employee Relations Manuals for their managers. 20 Great Ways to Market Your Business Locally Whether your target audience is in your neighborhood or across the world, you can use your local resources to get the word out about your business. Your local community is easily accessible and provides dozens of opportunities for building a buzz about your product or service. The Wrap on Ag Plastic While driving through Pennsylvania farmland, you have probably noticed an increased amount of white plastic bundles stacked in lines or piles along farm buildings or edges of farm fields. Sometimes referred to as "marshmallows" or "long white tubes", etc. Small Business Marketing Series - Choosing a Niche Market Many smaller businesses choose niche markets for various reasons and these niche markets can be very lucrative. This article will look at ways to identify and assess whether they are right for your business?For many smaller businesses it is important to have a focused strategy which enables them to operate in a small part of a chosen market with great success. Analyzing Customers in Your Business Plan The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs. Small Business Marketing, According to Seinfeld What could Seinfeld possibly have to do with marketing a small business? As it turns out, all small business owners could take a few lessons from the show that brought us such popular phrases as "Man Hands" and "master of your domain".The Coffee Shop - Jerry, George, Kramer, and Elaine spent countless hours in the coffee shop, talking about "nothing.
|
| Home | Site Map | Privacy Statement | More Articles |
| © 2006 |