10 Tasks for New Financial Planners
If you're just starting out as a financial planner, these 10 steps will help launch your business successfully.
There's more to starting a successful financial-planning practice than hanging out a shingle and buying an ad in the local paper. "Ten key steps or must-do practice planning activities are necessary to get the new business launched," writes Jeffrey Rattiner, author of Getting Started as a Financial Planner.
Rattiner's 10 Steps
- Decide whether your firm will be an S corporation, a C corporation, a limited liability company, a general partnership or a sole proprietorship.
- Prepare a business plan that defines the market, your competition and how you'll generate business.
- Find a mentor.
- Earn a credential or designation.
- Set up an advisory board.
- Set up a back-office team, even if your team is just a part-time assistant.
- Purchase the right technology.
- Write a marketing plan.
- Comply with regulations on licensing and ethics.
- Set up standard procedures.