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A financial advising business helps people set financial goals and plan out a course of action to realize it.Financial planners who work for the business help clients by analyzing budgets, investments, insurance, and other financial products.
Most people find finance inherently difficult to understand, so a financial planning business bridges the knowledge gap while providing extensive support and tools for clients.
The best financial planning businesses don’t just sell products and services.
They make plans for clients and serve a vital role in today’s world, since they have advanced knowledge of both basic and complex financial concepts.
They can also teach their clients how to make their own financial plans and act as a coach or guide.
A financial planner also meets with clients or oversees meetings with his or her top advisors (who meet with clients).
A financial planner also sends faxes, drafts financial plans for clients, does a multitude of calculations on financial planning software, and spends time keeping tabs on the financial markets.Many firms focus on “assets under management” or “AUM”.The more assets under management, the more the firm makes.To sit in the CEO’s chair, you must be comfortable working long hours, have a passion for all things financial, and have a special interest in human psychology.Many financial decisions are not just about the numbers.Other investors may be more concerned with protecting their principal and earning a conservative rate of return.These investors might only be willing to invest in bonds and bond funds, annuities, permanent life insurance, and conservative bank products.Starting a firm requires you to become a registered investment advisor (RIA), registered with your state.You will spend between ,000 and ,000 for basic startup costs.Some clients may not be comfortable investing their money at all or may not be ready to.Others may need help reigning in spending, or they may be so focused on saving money that they’re living an unhappy life and are coming to you for advice on what to do.