Starting Your Own Financial Planning Business

Starting Your Own Financial Planning Business-56
However, fears and misconceptions about social media - along with a general uncertainty about exactly what the point is and why planners should get involved - have dramatically slowed advisor adoption.Yet the reality is that there are several simple and clear ways that platforms like Twitter can be used to create value for financial planners." 5 Financial Advisor Blogging And Social Media Strategy Lessons I’ve Learned (The Hard Way) "After having built on this for a little over 3 years now, I’m sure there are many lessons left to learn, but I present here my own top 5 “lessons learned” so far in the world of social media and blogging, particularly as it pertains to the strategy of how to use it to build your business." In The Future, The Best Firms Won't Find New Clients; The New Clients Will Find Them "The best firms are beginning to take the key actions now that will be necessary for success, from better defining target clientele, to creating relevant content and distributing it, to beefing up the raw aesthetic quality of their websites so they leave a good impression - so that in the future, they won't have to find new clients, because the new clients will find them." The Value Of Advisor Study Groups – Not Just Studying Financial Planning, But Mastermind Your Business And Career "In the world of financial advisors, the purpose of study groups is not necessarily about 'academic' study, but more commonly focuses on practice management and career development issues.Or the time horizon it takes for them to be implemented?

However, fears and misconceptions about social media - along with a general uncertainty about exactly what the point is and why planners should get involved - have dramatically slowed advisor adoption.

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Are in-person meetings best, or are phone calls preferable? Where do one-to-many communications like newsletters and social media fit in?

" Financial Planning For Gen X And Gen Y Clients: Focus On Human Capital First "In the future firms that are aiming to serve younger clientele should consider adding "career asset management" services, and advising clients on their career decisions, and not focus too heavily on "just" the financial products clients need to purchase or the assets they have available to manage.

In fact, such services may be especially conducive to an ongoing retainer-style financial planning engagement, and become a way for advisors to bring value to the large number of underserved Gen X and Gen Y clients.

And of course, clients who are effective maximizing their human capital in the early years may even become the clients with the most financial assets in the future, too!

Whether it's the active vs passive debate, or permanent insurance vs buy-term-and-invest-the-rest, some planners just tackle client problems in a materially different manner than others." Filling The Income Gap When Starting A New Financial Planning Firm "While these income gap fillers won’t necessarily fully resolve the issue – especially since the greatest challenge may simply be finding and getting clients in the first place – they can go a long way to at least partially bridging the gap and making it easier to survive the launch of a new firm." XY Planning Network and the Future of Getting Paid For Financial Planning "This month marks the launch of XY Planning Network, a new Turnkey Financial Planning Platform (TFPP) designed to help younger Gen X and Gen Y advisors who want to deliver financial planning to their Gen X and Gen Y peers, with a monthly retainer fee model that allows them to actually get paid for the advice itself and supports an ongoing financial planning relationship, without the sale of products or requiring AUM.

Notably, this provides a path not only for younger consumers to finally have access to a financial planner, but also an important new career path for younger advisors who want to grow and develop a business serving their Gen X and Gen Y peers." Will Monthly Retainers Be The Next Big Business Model In Financial Planning?'" 3 Reasons Financial Planning Firms Might Consider a Blog "In practice, it seems there are three primary reasons that most financial planning firms consider a blog: drip marketing for prospects, a communication tool for existing clients, or Search Engine Optimization (SEO) enhancement for your overall website.Fortunately, once you know which of these reasons matches the purpose for your blog, you can figure out what kind of content to create for it, to whom the blog updates should be distributed, and whether having a blog even makes sense for your firm in the first place." 3 Easy Ways Financial Planners Can Get Started On Twitter "As social media continues to rise in the digital age, financial planners are increasingly getting involved on platforms like Facebook and Twitter.In truth, there are many paths to finding a niche, from focusing on a passion, to an area where you already have an affinity or connections, to your existing clients or even former colleagues in a prior line of business.For those who truly have "no idea" what to do, the easiest path may simply be to start taking anyone you know out to lunch, asking them what their needs and issues are, and beginning to define a vision for your business accordingly." What Are The Key Performance Indicators (KPIs) For Your Financial Planning Firm?"As a financial advisory practice grows, it becomes increasingly important measure and track more information about the business, so it can be managed as a business. More and more financial advisors are exploring this path -- and with networks like XYPN that provide the necessary technology platform, compliance support, and other tools that make it possible to run a successful business, it's becoming an increasingly realistic option for advisors who want to serve way.While starting your own financial firm is possible, there's still a lot of information out there about how to do it. Financial Advisor’s Guide To Establishing A Next Generation Financial Planning Firm "If you're a newer advisor that recently started your own practice, or are thinking about going out on your own, this should be helpful to you as a starting point for solutions to consider and some ideas about what's important to focus on.Would a better alternative be to look at client satisfaction surveys?What about the percentage of recommendations that are implemented?


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