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Start a Financial Planner Business
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.
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