Startup costs for your own RIA are one of the most frequent questions we’ve gotten from listeners so in this episode we tackle that important question. Funding your startup doesn’t have to be that intimidating so long as you have a good plan to address it. In this episode, listen on as Daniel and Forrest share their valuable lessons learned, their recommendations of considerations to think through, and ways to think about this for your financial planning career!
Author: Brandon Jones
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Should you have a niche to serve clients?
BLUF (Bottom Line Up Front): Over the long run, your practice will reflect you. However, at the beginning, it will be very hard to ‘niche’ your practice because profitability is initially a revenue problem. Over time, you may have more flexibility to make intentional decisions that will shape your practice.
Main question: Do you want to be an ER doctor, or a right-hand surgeon? Most surgeons end up having to do some time doing the things they don’t like, but eventually end up where they want to be.
Listen on as Daniel and Forrest share their valuable lessons learned, what’s worked and what didn’t, and ways to think about this for your financial planning career!
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What about sales?
Sales is the lifeblood starting out in most financial planning careers. For many people, this can feel clunky, forced, or like a used car experience when in fact it should be quite the opposite of that. Focus on a collaborative process and make your fees and process clear.
Listen on as Daniel and Forrest share their valuable lessons learned, what’s worked and what didn’t, and ways to think about this for your financial planning career!
The military offers a host of education benefits for servicemembers and spouses that can help make the career transition into financial planning easier. Forrest and Daniel share how they used these benefits and walk through lots of the options out there to help you too.
https://www.theamericancollege.edu/military
https://www.afcpe.org/news-and-publications/the-standard/2018-2/educational-scholarship-opportunities-for-active-duty-veterans-and-spouses/
https://www.kitces.com/cfp-scholarships-list/
https://info.xyplanningnetwork.com/cfp-exam-scholarship-program
https://www.cfp.net/get-certified/tools-and-resources/apply-for-a-scholarship
https://www.cfp.net/get-certified/tools-and-resources/apply-for-a-scholarship/third-party-scholarships
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What should you be doing on LinkedIn?
Take time to build and grow your network – learn from key thought leaders on LinkedIn. This career leap should be about making and deepening relationships and connections.
Here are some key thought leaders to follow: Caleb Brown; Michael Kitces; Alan Moore; Carl Richards; Matt Quick; Michael Quinn; Hannah Moore; Matthew Jarvis; Taylor Schulte; Alex Hopkin; Cameo Roberson; Michelle Wong; Zoe Meggert; Derek Hagan; Andrew Komarow; Jamie Bosse; Zechariah Schaefer; Zach Teutsch; Akeiva Ellis
Starting up in the financial planning space requires money, but how much? If you’re interested to learn about how to fund your startup costs and what specific expenses to plan for, this episode is for you. Daniel and Forrest both share specific examples from their own experience as well as their recommendations for Do’s and Don’ts. Every dollar in your practice has a purpose so the trick is determining which spending priority is the most important, especially in the early stages.
P.S. Go read Profit First by Mike Michalowicz.
Picking a niche is an interesting topic and lots of reasons for and against. Forrest and Daniel talk about the pros and cons of each side of this question as well as delve into the mistakes they made or successes they built upon. Niche marketing can be valuable but picking the military isn’t the only way.
Listen on as Daniel and Forrest share their valuable lessons learned, what’s worked and what didn’t, and ways to think about this for your financial planning career!
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What if your spouse isn’t onboard?
Every military career transition faces challenges, but switching careers into financial planning can bring specific ones related to having a united home front. Starting over in a new career or launching out as an entrepreneur can be scary and quite different from military life. Ensuring your spouse is onboard with this transition is key to success. Here’s some things for you to think about this challenge.
Listen on as Daniel and Forrest share their valuable lessons learned, what’s worked and what didn’t, and ways to think about this for your financial planning career!
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How do you get clients?
This is the single largest problem for any new advisor, whose expected role includes ‘business development.’ If you’re hired on as a second advisor at an RIA, or as a paraplanner, you may be expected to take on work that the current staff cannot handle However, most ‘job opportunities’ have an expectation of business development (it’s embedded in the history of our industry, so it’s hard for many practices to ‘let go.’)
Listen on as Daniel and Forrest share their valuable lessons learned, what’s worked and what didn’t, and ways to think about this for your financial planning career!