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Are You Ready To Own Your Own Advisory Firm?

Are You Ready To Own Your Own Advisory Firm?

One of the luxuries in finance is that knowledge can be taken with you wherever you go. Knowledge is not specific to a region or country and is applicable through different economies. Opening your own advisory firm is a route to take for driven individuals looking to start a finance company. You can expand and grow as you please or remain a solo advisor.

Are you prepared to be the owner of a professional advisory firm? Here are a few tips to help you gauge if you’re ready.

Have Time And Patience

You need to have the time and patience to commit to building your firm and brand. This will not happen overnight, and it’s up to you to build your reputation. Imagine yourself in the customer’s shoes—would you trust the advisor with your money? If not, what can you do to rectify those feelings? From there, begin laying the groundwork for a solid business plan.

Understand Your Customers

Understand the group of people you’re interested in advising. As an advisor, you’re the primary contact. Take initiative to communicate with clients, and always be available by email, phone, and in person. Build relationships.

Right now, the Baby Boomer generation is in retirement and needs managing, so these folks are a logical target. You may also discover that other markets are lacking advice and guidance for retirement planning, such as the Millennial generation. Some markets are different than others, but regardless of your choice, ensure that you fully understand their needs.

Review All Start-Up Costs

Be sure to review all costs attached with starting a firm. Not only will you need the correct paperwork and licenses to operate, but you’ll also need to settle on rates to charge clients for your services. Clients could pay for management services based on a percentage of the assets you manage, and perhaps other services that don’t involve managing money could be paid hourly or on a project basis.

This can be done through trial and error, but the more efficient route is to review your competition and market, understanding the cost range in which they operate.

  • Some of your advising costs may include:
  • Licensing & incorporation fees
  • Payroll
  • Insurance
  • Office space
  • Marketing & advertising
  • Travel

Maintain Accurate Bookkeeping And Accounting

Ensure your advising firm has an accurate bookkeeping and accounting system in place. Given you’ll be working with people’s money, it’s critical that your firm is compliant with current law and regulations. The last thing anyone wants is a financial audit, taking up valuable time and resources of the business. To prevent issues that could potentially harm or even close your firm, take the steps necessary to have the right software and documents in place.

Think You’re Ready?

Other items to consider are ensuring you have the proper certifications to advise and sell, such as a CFA, CFP, or your Series licenses. Not only does this bring you up to speed with compliance, but it also adds credibility to your name and brand.

Opening your own advisory firm takes time. With the right tools and expectations in place, you can grow a large company with colleagues or keep it small—just yourself and a handful of clients.

If freedom and independence is in your future, see how Freedom Wealth Alliance can help you make the rest of your life the best of your life. Learn more about our firm and its unique advantages by visiting You can also email us at or call Kurt Rozman at 262-798-7979.

About Freedom Wealth Alliance

Freedom Wealth Alliance is a Registered Investment Advisor providing a home and multiple affiliation options for financial advisors seeking business growth and/or succession planning, operational excellence, and turn-key placement. We created this firm to relieve your stress no matter the stage of your firm. We take the burden of running the business off your back, so you can spend your time doing what you do best and love the most. If that means spending more time with clients and prospects, you can. If that means spending more time with your family, just do it. Visit and sign up for a free account to access all the tools and resources we have developed to help you transition to true freedom and business ownership.

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