Financial consultants are one of the fastest growing industries today. More and more people are demanding the services of a finance consultant to get out of debt and / or prepare for education and retirement expenses. The knowledge of these consultants creates an income potential for everyone involved.
Becoming a financial consultant takes time and money. It's not a fast-rich business, but it leads to unlimited income potential. Before you do anything else, decide if you are committed to giving yourself time to become a finance consultant. If you decide to be, then go deeper and learn more.
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Financial consultants are also called investment consultants because they help you plan financially through investments. The best thing to do when deciding to become an investment consultant is to contact one of the many financial planning organizations such as Financial Planning Association.
You will have to join many of these financial consulting associations. You will also be required to take a class and an exam before you can provide financial consulting services. Each association has its own identification system. While not having all certifications is necessary, it is best to have more for professionalism and credibility.
Until you receive certification, you must receive the requirements of the Securities and Exchange Commission as well as your state authority for financial consultants. You are also required to register with these agencies as well as NASD and obtain licenses from them.
Once you are certified and licensed, you are ready to open your investment consulting business. However, a few things need to be done before seeking customers. You will have to decide how to compensate for your services and if you specialize in one type of planning, such as estate planning, or generalizing. You also want to start collaborating with other local people in the industry, e.g. Accountants and attorneys.
Financial consultants have four compensation methods to choose from. When deciding on the compensation method, you must decide if you want more licenses and certifications. In almost every case, you need to partner with insurance companies and at least with a securities broker / dealer.
You can offer your investment consulting services only on commission, fee only, fee plus commission or offset fee. Of these three methods, only the fee-free method requires not cooperating with insurance companies and securities brokers / dealers or obtaining additional licenses. A fee-only consultant creates a financial plan for the client, but the client is responsible for implementing the plan. A consultant usually has a fee per person. Hour or project fee.
Each of these compensation methods has a good and bad side. You need to consider the type of financial consulting business you want and then choose the method that is right for you. You can always change methods, but this can be difficult.
If you decide to continue the methods, except for a fee only, find your partners. It is best to partner with as many insurance companies and brokers / dealers as possible. This gives you better tools and more opportunities to work with your clients.
While talking to companies, you should also speak to lawyers and accountants in the field. They can not only refer clients to you, but may be willing to work on projects with you for your clients. This is part of the network you need to do to succeed.
You also need to invest in insurance for your investment consulting business. It protects you and your clients. This is a necessary part of the business. If the unimaginable happens, you will be protected.
Customers probably won't fall in front of you when you first start. To gain experience and clients, offer your financial consulting services for a small fee or even free of charge to friends and family. Ask them if you can use them as references. Not only will this help your business, but it can help them as well.
Once you become a financial consultant, you will need to maintain your certifications with continuing education in financial planning. Loot on websites and books, they will keep you informed of industry trends, as will industry magazines. Join organizations at the national, state and local levels. Your business relies on personal ability and honesty. Stay focused on this and you are bound to succeed.
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