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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.

10 Tasks for New Financial Planners

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

  1. Decide whether your firm will be an S corporation, a C corporation, a limited liability company, a general partnership or a sole proprietorship.
  2. Prepare a business plan that defines the market, your competition and how you'll generate business.
  3. Find a mentor.
  4. Earn a credential or designation.
  5. Set up an advisory board.
  6. Set up a back-office team, even if your team is just a part-time assistant.
  7. Purchase the right technology.
  8. Write a marketing plan.
  9. Comply with regulations on licensing and ethics.
  10. Set up standard procedures.

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