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If we have
learned anything from the sub-prime mortgage crisis in the United States, and
the credit crisis that is being caused by the sup-prime crisis, it is that
people need some sort of financial planning to handle the huge amount of debt
people are beginning to rack up. As a financial planner, it will be your job to
tell people how they should spend their money, what they should spend their
money on and what they should avoid spending money on. It may not be the most
liked of careers, given that people enjoy spending money, but it is currently
one of the most needed.
The Concept
Financial planners, by definition, need to
be good with money. They need to know how to
save money, how to invest money and how to
spend money. On top of that, they need to be
able to teach other people how to do it all
as well, on their own. Financial
planning is a very important industry right
now, and in some cases it is the last line
of defense between managing debt and
complete bankruptcy. That being said,
financial planners are not always cheap, so
it can be difficult to get clients if your
rates are too high.
Obviously, a background in finance is
critical to being a financial planner. You
need to be able to know a lot about money
and investing to tell others how to do it. A
degree in economics and banking would be
essential if you are going to have clients
who will listen to you.
On top of that, you have to keep constantly
updated on the news of the financial world
so you can advise your financial clients
about how they should respond to the latest
news from MSNBC or CNN.
Startup Costs
Since you will most likely have your degree
in business, economics or banking, the
startup costs for this career is very low.
In fact, except for the knowledge you have,
some subscriptions to financial magazines
and newsletters, and maybe a webpage, there
is little you have to spend to startup up
this type of company and career.
Expect to pay around $500 at most to startup
this career since everything you need is
already at your disposal. Although, it can
cost $2,000 or more if you want to buy
yourself some nice suits to go with your
career image as a financial planner.
How to Market It
Marketing this is very easy, especially
given the current financial crisis.
Advertise in the paper, and send out
brochures to houses in high-end areas. These
will be the most likely to contact a
financial advisor to help them with their
own money trouble. Try and advertise how you
have lowered your rates, since this will
make it much easier for you to get clients
who may not have as much money due to the
credit crisis. You can also market yourself
to banks and financial institutions who may
be able to recommend you to their customers
who are falling on hard times. As with any
small business, word of mouth is key and if
you can keep our clients from losing their
homes, then you are set for marketing.
The Concept
Startup Costs
How to Market It
