financial advisor business plan examples

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Essential requirements in crafting a one-page financial advisor business plan.

August 17, 2015 07:01 am 21 Comments CATEGORY: Practice Management

Executive Summary

In a world where most advisory firms are relatively small businesses, having a formal business plan is a remarkably rare occurrence. For most advisors, they can “keep track” of the business in their head, making the process of creating a formal business plan on paper to seem unnecessary.

Yet the reality is that crafting a business plan is about more than just setting some business goals to pursue. Like financial planning, the process of thinking through the plan is still valuable, regardless of whether the final document at the end gets put to use. In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.

So what should the (one-page) financial advisor business plan actually cover? As the included sample template shows, there are six key areas to define for the business: who will it serve, what will you do for them, how will you reach them, how will you know if it’s working, where will you focus your time, and what must you do to strengthen (or build) the foundation to make it possible? Ideally, this should be accompanied by a second page to the business plan, which includes a budget or financial projection of the key revenue and expense areas of the business, to affirm that it is a financially viable plan (and what the financial goals really are!).

And in fact, because one of the virtues of a financial advisor business plan is the accountability it can create, advisors should not only craft the plan, but share it – with coaches and colleagues, and even with prospective or current clients. Doing so becomes an opportunity to not only to get feedback and constructive criticism about the goals, but in the process of articulating a clear plan for the business, the vetting process can also be a means to talk about the business and who it will serve, creating referral opportunities in the process!

Author: Michael Kitces

Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth , which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners , a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth.

In addition, he is a co-founder of the XY Planning Network , AdvicePay , fpPathfinder , and New Planner Recruiting , the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com , dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.

Read all of Michael’s articles here .

Why A Business Plan Matters For Financial Advisors

There’s no end to the number of articles and even entire books that have been written about how to craft a business plan , yet in practice I find that remarkably few financial advisors have ever created any kind of formal (written or unwritten) business plan. Given that the overwhelming majority of financial advisors essentially operate as solo practitioners or small partnerships, this perhaps isn’t entirely surprising – when you can keep track of the entire business in your head in the first place, is there really much value to going through a formal process of crafting a financial advisor business plan?

Having been a part of the creation and growth of numerous businesses , I have to admit that my answer to “does a[n individual] financial advisor really need a business plan?” is a resounding yes . But not because you’re just trying to figure out what the basics of your business will be, which you may well have “figured out” in your head (or as the business grows, perhaps figured out in conversations with your partner). The reason a business plan matters is all about focus , and the ability to keep focus in proceeding towards your core objectives, and accountable to achieving them, even in a dynamic real-world environment full of distractions.

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As the famous military saying goes, “ no battle plan ever survives contact with the enemy ”, because the outcomes of battle contact itself change the context, and it’s almost impossible to predict what exactly will come next. Nonetheless, crafting a battle plan in advance is a standard for military leadership. Because even if the plan will change as it’s being executed, having a clearly articulated objective allows everyone, even (and especially) in the heat of battle, to keep progressing towards a common agreed-upon goal. In other words, the objective stated in the battle plan provides a common point of focus for everyone to move towards, even as the (battle) landscape shifts around them. And the business plan serves the exact same role within a business.

Essential Elements Required In A Financial Advisor Business Plan

Because the reality is that in business – as in battle? – the real world will not likely conform perfectly to an extensively crafted business (or battle) plan written in advance, I am not a fan of crafting an extensively detailed business plan, especially for new advisors just getting started, or even a ‘typical’ solo advisory firm. While it’s valuable to think through all the elements in depth – the process of thinking through a business plan is part of what helps to crystallize the key goals to work towards – as with financial planning itself, the process of planning can actually be more valuable than “the plan” that is written out at the end .

Accordingly, for most financial advisors trying to figure out how to write a business plan, I’m an advocate of crafting a form of “one-page business plan” that captures the essential elements of the business, and provides direction about where to focus, especially focus the time of the advisor-owner in particular. In other words, the purpose for a financial advisor business plan is simply to give clear marching orders towards a clear objective, with clear metrics about what is trying to be achieved along the way, so you know where to focus your own time and energy!

Of course, the reality is that what constitutes the most important goals for an advisory firm – as well as the challenges it must surmount – will vary a lot, depending not just on the nature of the firm, but simply on its size, scope, and business stage. Financial advisors just getting started launching a new RIA face very different business and growth issues than a solo advisor who has been operating for several years but now hit a “wall” in the business , and the challenges of a solo advisor are different than those of a larger firm with multiple partners who need to find alignment in their common business goals. Nonetheless, the core essential elements that any business plan is required to cover are remarkably similar.

Requirements For An Effective Financial Advisor Business Plan

While there are many areas that can potentially be covered, the six core elements that must be considered as the template for a financial advisor business plan are:

6 Required Elements Of A (One Page) Business Plan For Financial Advisors 1) Who will you serve? This is the most basic question of all, but more complex than it may seem at first. The easy answer is “anyone who will pay me”, but in practice I find that one of the most common reasons a new advisor fails is that their initial outreach is so unfocused, there’s absolutely no possibility to gain any momentum over time. In the past, when you could cold-call your way to success by just trying to pump your products on every person who answered the phone until you found a buyer, this might have been feasible. But if you want to get paid for your advice itself, you need to be able to demonstrate your expertise. And since you can’t possibly be an expert at everything for everyone, you have to pick someone for whom you will become a bona fide specialist (which also provides crucial differentiation from other advisors the potential client might choose to work with instead ). In other words, you need to choose what type of niche clientele you’re going to target to differentiate yourself. And notably, this problem isn’t unique to new advisors; many established advisors ultimately hit a wall in their business, in part because it’s so time-consuming trying to be everything to everyone, that they reach their personal capacity in serving clients earlier than they ‘should’. Focusing on a particular clientele – to the point that you can anticipate all of their problems and issues in advance – allows the business to be radically more efficient. So who, really , do you want to serve? 2) What will you do for them? Once you’ve chosen who you will serve, the next task is to figure out what you will actually do for them – in other words, what services will you deliver. The reason it’s necessary to first figure out who you will serve, is that the nature of your target niche clientele may well dictate what kind of services you’re going to provide them; in fact, part of the process of identifying and refining your niche in the first place should be to interview a number of people in your niche , and really find out what they want and need that’s important to them (not just the standard ‘comprehensive financial plan’ that too many advisors deliver in the same undifferentiated manner ). For instance, if you’re really serious about targeting retirees, you might not only provide comprehensive financial planning, but investment management services (for their retirement portfolios), a specific retirement income distribution strategy, assistance with long-term care insurance, and guidance on enrolling in Medicare and making decisions about the timing of when to start Social Security benefits . On the other hand, if you hope to work with entrepreneurs, you might need to form relationships with attorneys and accountants who can help facilitate creating new business entities, and your business model should probably be on a retainer basis, as charging for assets under management may be difficult (as entrepreneurs tend to plow their dollars back into their businesses!). If your goal is to work with new doctors, on the other hand, your advice will probably focus more on career guidance, working down a potential mountain of student debt, and cash flow/budgeting strategies. Ultimately, these adjustments will help to formulate the ongoing client service calendar you might craft to articulate what you’ll do with clients (especially if you plan to work with them on an ongoing basis), and the exact business model of how you’ll get paid (Insurance commissions? Investment commissions? AUM fees? Annual retainers? Monthly retainers ? Hourly fees?). 3) How will you reach them? Once you’ve decided who you want to reach, and what you will do for them, it’s time to figure out how you will reach them – in other words, what will be your process for finding prospective clients you might be able to work with? If you’re targeting a particular niche, who are the centers of influence you want to build relationships with? What publications do they read, where you could write? What conferences do they attend, where you might speak? What organizations are they involved with, where you might also volunteer and get involved? If you’re going to utilize an inbound marketing digital strategy as an advisor , what are the topics you can write about that would draw interest and organic search traffic, and what giveaway will you provide in order to get them to sign up for your mailing list so you can continue to drip market to them? In today’s competitive world, it’s not enough to just launch a firm, hang your (virtual) shingle, and wait for people to walk in off the street or call your office. You need to have a plan about how you will get out there to get started! 4) How will you know if it’s working? Once you’ve set a goal for who you want to serve, what you want to do for them, and how you will reach them, it’s time to figure out how to measure whether it’s working. The caveat for most financial advisory businesses, though, is that measuring outcomes is tough because of the small sample size – in a world where you might have to reach out to dozens of strangers just to find a dozen prospects, and then meet with all those prospects just to get a client or two, it’s hard to tell whether a strategy that nets one extra client in a quarter was really a “better strategy” or just random good luck that won’t repeat. As a result, in practice it’s often better to measure activity than results , especially as a newer advisory firm. In other words, if you think you’ll have to meet 10 Centers Of Influence (COIs) to get introductions to 30 prospects to get 3 clients, then measure whether you’re meeting your activity goals of 10 COIs and 30 prospect meetings, and not necessarily whether you got 2, 3, or 4 clients out of the last stint of efforts. Not that you shouldn’t ultimately have results-oriented goals of clients and revenue as well, but activity is often the easier and more salient item to measure, whether it’s phone calls made, articles written, subscribers added to your drip marketing list, prospect meetings, COI introductions, or something else. So when you’re defining the goals of your business plan, be certain you’re setting both goals for the results you want to achieve, and the key performance indicator (KPI) measures you want to evaluate to regarding your activities along the way? 5) Where will you focus your time in the business? When an advisory firm is getting started, the role of the advisor-as-business-owner is to do “everything” – as the saying goes, you’re both the chief cook and the bottle washer . However, the reality is that the quickest way to failure in an advisory firm is to get so caught up on doing “everything” that you fail to focus on the essential activities necessary to really move the business forward (that’s the whole reason for having a plan to define what those activities are, and a measure to determine whether you’re succeeding at them!). Though in truth, the challenge of needing to focus where you spend your time in the business never ends – as a business grows and evolves, so too does the role of the advisor-owner as the leader, which often means that wherever you spent your time and effort to get your business to this point is not where you need to focus it to keep moving forward from here. From gathering clients as an advisor to learning to transition clients to another advisor, from being responsible for the firm’s business development to hiring a marketing manager, from making investment decisions and executing trades to hiring an investment analyst and trader. By making a proactive decision about where you will spend your time, and also deliberately deciding what you will stop doing, it also becomes feasible to determine what other resources you may need to support you, in order to ensure you’re always spending your time focused on whatever is your highest and best use. In addition, the process can also reveal gaps where you may need to invest into and improve yourself, to take on the responsibilities you haven’t in the past but need to excel at to move forward from here. 6) How must you strengthen the foundation? The point of this section is not about what you must do to achieve the goals you’ve set, but what else needs to be done in the business in order to maximize your ability to make those business goals a reality. In other words, if you’re going to focus your time on its highest and best use in the business, what foundation to you need to support you to make that happen? If you’re a startup advisory firm, what business entity do you need to create, what are the tools/technology you’ll need to launch your firm , and what licensing/registrations must you complete? Will you operate with a ‘traditional’ office or from a home office , or run an entirely virtual “location-independent” advisory firm ? What are the expenses you’re budgeting to operate the business? If you’re an advisor who’s hit a growth wall , what are the essential hire(s) you’ll make in the near future where/how else will you reinvest to get over the wall and keep moving forward? At the most basic level, the key point here is that if you’re going to execute on this business plan to move the business forward from here, you need a sound foundation to build upon – so what do you need to do to shore up your foundation, so you can keep building? But remember, the goal here is to do what is necessary to move forward, not everything ; as with so much in the business, waiting until perfection may mean nothing gets done at all.

Creating A Budget And Financial Projections For Your Advisory Business

In addition to crafting a (one-page) financial planner business plan, the second step to your business planning process should be crafting a budget or financial projection for your business for the upcoming year (or possibly out 2-3 years).

Key areas to cover in budget projections for a financial advisory firm are:

Revenue - What are the revenue source(s) of your business, and realistically what revenue can you grow in the coming year(s)? - If you have several types of revenue, what are you goals and targets for each? How many hourly clients? How much in retainers? How much in AUM fees? What commission-based products do you plan to sell, and in what amounts? Expenses - What are the core expenses to operate the business on an ongoing basis? (E.g., ongoing salary or office space overhead, core technology you need to operate the business, etc.) - What are the one-time expenses you may need to contend with this year? (Whether start-up expenses to launch your advisory firm , new hires to add, significant one-time projects to complete, etc.)

An ongoing advisory firm may project out for the next 1-3 years, while a newer advisors firm may even prefer a more granular month-by-month budget projection to have regular targets to assess.

Ultimately, the purpose of the budgeting process here is two-fold. The first reason for doing so is simply to have an understanding of the prospective expenses to operate the business, so you can understand if you do hit your goals, what the potential income and profits of the business will be (and/or whether you need to make any changes, if the business projections aren’t viable!). The second reason is that by setting a budget, for both expenses and revenue, you not only set targets for what you will spend in the business to track on track, but you have revenue goals to be held accountable to in trying to assess whether the business is succeeding as planned.

Vetting Your Business Plan By Soliciting Constructive Criticism And Feedback

The last essential step of crafting an effective financial planner business plan is to vet it – by soliciting feedback and constructive criticism about the gaps and holes. Are there aspects of the financial projections that seem unrealistic? Is the target of who the business will serve narrow and specific enough to be differentiated, such that the person you’re talking to would clearly know who is appropriate to refer to you? Are the services that will be offered truly unique and relevant to that target clientele, and priced in a manner that’s realistically affordable and valuable to them?

In terms of who should help to vet your financial advisor business plan, most seem to get their plan vetted by talking to a business coach or consultant to assess the plan. While that’s certainly a reasonable path, another option is actually to take the business plan to fellow advisors to vet, particularly if you’re part of an advisor study (or “mastermind”) group ; the reason is that not only do fellow advisors have an intimate understanding of the business and potential challenges, but if their target clientele is different than yours, it becomes an opportunity to explain what you do and create the potential for future referrals! In other words, “asking for advice on your business plan” also becomes a great opportunity to “tell you about who I work with in my business that you could refer to me” as well! (In fact, one of the great virtues of a clearly defined niche practice as an advisor is that you can generate referrals from other advisors who have a different niche than yours !)

Similarly, the reality is that another great potential source for feedback about your business plan are Centers of Influence already in your niche in the first place. While you might not share with your potential clients the details of your business financial projections (which is why I advocate that those be separate from the one-page business plan), the essential aspects of the business plan – who you will serve, what you will provide them, how you will charge, and how you will try to reach them – is an area that the target clientele themselves may be best positioned to provide constructive feedback. And in the process, once again you’ll effectively be explaining exactly what your niche business does to target clientele who could either do business with you directly, or refer business to you , even as you’re asking for their advice about how to make the business better (to serve people just like them!). So whether it’s people you’re not yet doing business with but want to, or an existing client advisory board with whom you want to go deeper, vetting your plan with prospective and current clients is an excellent opportunity to talk about and promote your business, even as you’re going through the process of refining it and making it better!

And notably, the other benefit of vetting your business plan with others – whether it’s a coach, colleague, prospects, or clients – is that the process of talking through the business plan and goals with them also implicitly commits to them that you plan to act on the plan and really do what’s there. In turn, what this means is that once you’ve publicly and openly committed to the business plan with them, it’s now fair game for them to ask you how it’s going, and whether you’re achieving the goals you set forth for yourself in the plan – an essential point of accountability to help you ensure that you’re following through on and executing the business plan you’ve created!

So what do you think? Have you ever created a formal business plan for yourself? If you have, what worked for you – a longer plan, or a shorter one? If you haven’t created a business plan for yourself, why not? Do you think the kind of one-page financial advisor business plan template articulated here would help? Have you checked out our financial advisor business plan sample template  for yourself? Do you have a financial advisor business plan example you're willing to share in the comments below?

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Financial Advisor Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Financial Advisor Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Financial Advisor Business Plan

You’ve come to the right place to create your financial advisor business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their financial advisor businesses. Our financial advisor business plan template will help you create your business plan, ensuring that you have all the necessary elements to make your financial advisor business a success.

To write a successful financial advisor business plan, you will first need to decide what type of financial advisor services you will offer. Will you be working with small businesses? Or are your target customers individuals saving for retirement?

You will need to gather information about your business and the financial advisor industry. This type of information includes business goals, customer demographics, market research, and financial statements.

Below are links to each section of a financial advisor business plan example:

Next Section: Executive Summary >

Financial Advisor Business Plan FAQs

What is a financial advisor business plan.

A financial advisor business plan is a plan to start and/or grow your financial advisor business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your financial advisor business plan using our Financial Advisor Business Plan Template here .

What Are the Main Types of Financial Advisor Companies?

There are different types of financial advisor firms . The most common kinds are the investment advisors, broker-dealers and brokers, certified financial planners, financial consultants, wealth advisors, and portfolio, investment, and asset managers. There are also digital platforms that provide automated, algorithm-driven investment services with little to no human supervision called robo-advisors.

What Are the Main Sources of Revenues & Expenses for Financial Advisors?

Financial advisors make money on client fees for financial planning services.  These are usually charged on an hourly basis or as a percentage of client assets under management. Another source of income are commissions for certain financial transactions, such as the sale of insurance products or the buying and selling of securities.

The key expenses are salaries and wages, and office space rent.

How to Start a Financial Advisor Business?

Starting a financial advisor business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

• Write A Financial Advisor Business Plan - The first step in starting a business is to create a detailed business plan that outlines all aspects of the venture. This should include market research on the financial industry and potential target market size, information on the services and/or products you will offer, marketing strategies, pricing details, competitive analysis and a solid financial forecast.
• Choose Your Legal Structure - It's important to select an appropriate legal entity for your business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your financial advisor business is in compliance with local laws.
• Register Your Business - Once you have chosen a legal structure, the next step is to register your financial advisor business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
• Identify Financing Options - It’s likely that you’ll need some capital to start your business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
• Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
• Hire Employees - There are several ways to find qualified employees and a top notch management team, including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
• Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your business. Marketing efforts includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising to reach your target audience.

Learn more about how to start a Financial Advisor business:

• How to Start a Financial Advisor Business

How Do You Get Funding for Your Financial Advisor Business Plan?

Financial advisor businesses are typically funded through small business loans, personal savings, credit card financing and angel investors.

A financial advisor's business plan should include a detailed financial plan to secure any type of potential investor. This is true for all types of financial advisor business plans including a financial planner business plan and a wealth management business plan.

Where Can I Get a Financial Advisor Business Plan PDF?

You can download our free financial advisor business plan template PDF here. This is a sample financial advisor business plan template you can use in PDF format.

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The One-Page Business Plan Template for Financial Advisors

Stephen Boswell , Kevin Nichols | Dec 31, 2018

Ask financial advisors if business planning is important, and most will say, “yes, of course.” Then ask if they have a business plan. If they do, ask whether they refer to it frequently and use it to guide their business development activities. You know the probable answer.

While business planning is undeniably important, it’s too often an exercise in futility. Financial advisors spend days writing yearly business plans. They cram them full of ideas, projects and financial projects that often become a distant memory by February.

In our opinion, your business objectives for the coming year should able to fit on one page. Sure, there are always exceptions. But instead of writing an MBA thesis this year, consider honing your goals down to a one-page document you can share with your team and refer to regularly. There is brilliance in simplicity.

We’ve created a one-page business plan template which you can  access here for a limited time. Here’s how to use it:

1. Five-Year Vision: Start by envisioning your personal and professional life five years from today. Contrast where you are now and where you want to be in five years, so the gap between them becomes clear. Don’t be concerned about how you will close the gap between now and five years from now. The principle is this: If you can envision your future, you can achieve it.

2. One-Year Goals: Use this section to list you most important goals for the upcoming year. Most likely, these are financial goals related to assets, revenue and new households. However, feel free to include some personal goals as well. 

3. Projects: Whether it’s migrating to a new CRM system, adding more fee-based revenue or finding new financial planning software, there are always projects in the works. Use this section to prioritize projects by quarter.

4. Ideal Client Profile: You inevitably have an idea of the clients with whom you work best. That’s a good start. But you also need a list of criteria that will enable you to quickly identify the right people and qualify them as prospective clients. Your ideal client profile will drive all your marketing efforts.

5. Differentiators:  Fifty-six percent of financial advisors claim “outstanding personalized service” as their main differentiator. Doesn’t this seem a bit contradictory? You should be able to articulate and show what sets your practice apart from others.   

6. Marketing Strategies: Use this section to list the core marketing strategies you plan to implement in the coming year. In our survey, 524 financial professionals were given a list of marketing activities and asked which actually landed $1 million-plus clients and which did not. The most effective strategies were:

• Unsolicited Referrals
• Proactive Introductions
• Professional Alliances
• Social Prospecting
• Intimate Social Events
• Educational Events
• Social Media, Website and Content Marketing

7. $1,000/Hour Activities: For most financial advisors there are a handful of activities that drive the majority of their business revenue and future growth. We refer to these as “$1,000/hour activities.” High achievers try to spend the majority of their time engaged in these activities. Also, these activities should correspond with the marketing strategies you listed in section 6.

8. SWOT Analysis: No business plan is complete without a SWOT analysis. Make a list of your internal strengths and weaknesses as well as external opportunities and threats. An honest analysis will help you identify what you’re doing well, where you need improvement in the competitive landscape. 

How do you plan to get from where you ARE to where you WANT to be in your business? Consider  hiring a coach who will guide you through our business planning tools and resources.

@StephenBoswell  is President of The Oechsli Institute and co-author of  Best Practices of Elite Advisors .  @KevinANichols  is the Chief Operating Officer of The Oechsli Institute and co-author of  The Indispensable LinkedIn Sales Guide for Financial Advisors .

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How to Write a Financial Advisor Business Plan (+ Template)

Creating a business plan is essential for any business, but it can be especially helpful for financial advisor businesses that want to improve their strategy and raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every financial advisor business owner should include in their business plan.

Download the Ultimate Financial Advisor Business Plan Template

What is a Financial Advisor Business Plan?

A financial advisor business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Financial Advisor Business Plan?

A financial advisor business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Financial Advisor Business Plan

The following are the key components of a successful financial advisor business plan:

Executive Summary

The executive summary of a financial advisor business plan is a one- to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

• Start with a one-line description of your financial advisor company
• Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast, among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company began and provide a timeline of milestones your company has achieved.

If you are just starting your financial advisor business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your financial advisor firm, mention this.

You will also include information about your chosen financial advisor business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a financial advisor business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

• What part of the financial advisor industry are you targeting?
• How big is the market?
• What trends are happening in the industry right now (and, if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, financial advisor business customers may include corporate human resources departments, small business owners, and individual investors.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or financial advisor services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your financial advisor business may have:

• Extensive knowledge and experience in the industry
• Proven track record of success
• Strong relationships with clients
• Offers a unique service that is not currently being offered by competitors
• Highly specialized services that cater to a specific niche
• Low overhead costs

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. Your plan should be clearly laid out, including the following 4 Ps.

• Product/Service : Detail your product/service offerings here. Document their features and benefits.
• Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
• Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
• Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, or launch a direct mail campaign. Or you may promote your financial advisor business via word-of-mouth or referrals.  

Operations Plan

This part of your financial advisor business plan should include the following information:

• How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
• What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a financial advisor business include reaching $X in sales. Other examples include acquiring a certain number of clients or partners, launching a new service, opening a new location, and hiring key personnel.

Management Team

List your team members here, including their names and titles, as well as their expertise and experience relevant to your specific financial advisor industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities, you plan to hire for in the future.

Financial Plan

Here, you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

• Revenue : how much revenue you generate.
• Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
• Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Financial Advisor Firm

Financial Advisor Balance Sheet

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

• Assets : Everything you own (including cash).
• Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
• Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Financial Advisor Firm

Cash Flow Statement

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include cash flow from:

• Investments

Below is a sample of a projected cash flow statement for a startup financial advisor business.

Sample Cash Flow Statement for a Startup Financial Advisor Firm

You will also want to include an appendix section which will include:

• Your complete financial projections
• A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
• Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your financial advisor company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

Following the tips and using the template provided in this article, you can write a financial advisor business plan that will help you succeed.  

Finish Your Financial Advisor Business Plan in 1 Day!

Wish there was a faster, easier way to finish your Financial Advisor business plan?

With our Ultimate Financial Advisor Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Articles

Financial Advisor Marketing Plan to Get Clients (+Template)

Establishing Business Goals For Your First Year as a Financial Advisor

Developing Your Financial Advisor Value Proposition

How to Create a Financial Advisor Vision Statement

How to Write a Financial Planner Business Plan (+ Template)

Business Plan Template for Financial Advisors

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

As a financial advisor, having a solid business plan is essential to building a successful practice. It's your roadmap to attract and serve clients, and ultimately achieve long-term success.

ClickUp's Business Plan Template for Financial Advisors is designed to streamline your planning process and help you create a comprehensive strategy that aligns with your goals. With this template, you can:

• Define your business goals and objectives with clarity
• Identify your target market and client profile for effective client acquisition
• Develop marketing plans to promote your services and stand out from the competition

Don't miss out on the opportunity to take your financial advisory business to the next level. Start using ClickUp's Business Plan Template for Financial Advisors today and set yourself up for success!

Business Plan Template for Financial Advisors Benefits

A Business Plan Template for Financial Advisors can provide numerous benefits to help financial advisors achieve long-term success. Here are just a few of them:

• Streamline your business goals and strategies, giving you a clear roadmap to follow
• Define your target market and client profile, allowing you to focus your efforts on the most profitable opportunities
• Develop effective marketing plans to attract and retain clients in a competitive industry
• Provide a comprehensive overview of your business to potential investors or partners
• Set measurable objectives and track your progress towards achieving them
• Identify potential risks and challenges, allowing you to proactively address them
• Enhance your credibility and professionalism in the eyes of clients and industry stakeholders

With a Business Plan Template for Financial Advisors, you can ensure that your business is well-positioned for success in the fast-paced and ever-changing financial advisory industry.

Main Elements of Financial Advisors Business Plan Template

To help financial advisors effectively plan and strategize their business, ClickUp offers a comprehensive Business Plan template with the following key elements:

• Custom Statuses: Track the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring that every aspect of your plan is accounted for and easily manageable.
• Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add specific details and categorize different sections of your business plan, providing a streamlined approach to organizing and accessing vital information.
• Custom Views: Access different perspectives of your business plan with views like Topics, Status, Timeline, Business Plan, and Getting Started Guide, allowing you to focus on specific areas of your plan or get an overview of the entire document effortlessly.

How To Use Business Plan Template for Financial Advisors

If you're a financial advisor looking to create a solid business plan, our Business Plan Template for Financial Advisors can help guide you through the process. Follow these five steps to get started:

1. Define your target market and services

Take the time to identify your target market and the specific services you will offer to them. Are you focusing on retirees, young professionals, or small business owners? Determine who your ideal clients are and what unique value you can provide to them.

Use custom fields in ClickUp to track your target market segments and the services you plan to offer to each segment.

2. Set your business goals and objectives

Establish clear, measurable goals and objectives for your financial advisory business. Do you want to increase your client base by a certain percentage? Are you aiming for a specific revenue target? Setting goals will help you stay focused and motivated as you build your business.

Create Goals in ClickUp to track your business objectives and monitor your progress.

3. Develop a marketing and client acquisition strategy

Outline the strategies and tactics you will use to attract and acquire new clients. This could include digital marketing, referrals, networking events, or partnerships with other professionals. Determine the most effective channels to reach your target market and develop a plan to execute your marketing initiatives.

Use the Board view in ClickUp to create a visual marketing plan and track your progress in acquiring new clients.

4. Create a financial forecast

An essential part of your business plan is a financial forecast. This will help you understand your projected revenue, expenses, and profitability over a specific period. Consider factors such as operating costs, pricing structure, and client retention rates when creating your forecast.

Utilize the Gantt chart in ClickUp to create a timeline for your financial projections and monitor your business's financial health.

5. Monitor, review, and adjust

Once your business plan is in place, it's important to regularly review and monitor your progress. Track key metrics and indicators such as client acquisition rates, revenue growth, and client satisfaction. Analyze the data and make adjustments to your strategies or tactics as needed to ensure you're on track to achieve your business goals.

Use Dashboards in ClickUp to create visual reports and track your business's performance over time.

By following these steps and utilizing our Business Plan Template for Financial Advisors in ClickUp, you'll have a comprehensive plan to guide your financial advisory business towards success.

Get Started with ClickUp’s Business Plan Template for Financial Advisors

Financial advisors can use this Business Plan Template for Financial Advisors to outline their business goals, strategies, target market, target client profile, and marketing plans to achieve long-term success.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to organize your business plan into different sections such as goals, strategies, target market, and marketing plans
• The Status View will help you track the progress of each section of your business plan, with statuses like Complete, In Progress, Needs Revision, and To Do
• The Timeline View will give you a visual representation of your business plan's timeline, allowing you to set deadlines and milestones
• The Business Plan View will provide a holistic overview of your entire business plan, allowing you to see how all the sections fit together
• The Getting Started Guide View will give you a step-by-step guide on how to use the template effectively and create a successful business plan
• Utilize custom fields like Reference, Approved, and Section to add additional information and categorize different aspects of your business plan
• Update statuses as you progress through each section and task to keep stakeholders informed of progress
• Monitor and analyze your business plan to ensure it aligns with your goals and objectives
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Growthink's Ultimate Business Plan Template

The world's #1 business plan template.

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Financial Advisor Business Plan Template

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It Took Us 17 Years to Create the Ultimate Financial Advisor Business Plan Template for You

Hi, I’m Dave Lavinsky, the co-founder and President of Growthink.

I’m honored and flattered to have been recognized as the world’s foremost business planning expert by BusinessWeek, Forbes and others.

Seventeen years ago we started writing business plans for entrepreneurs, executives and business owners like you.

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Using this vast experience, we have created and constantly refined Growthink’s Ultimate Financial Advisor Business Plan Template to be the hands-down quickest and easiest way to create a professional Financial Advisor business plan that allows you to raise capital and build a strategically sound business.

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Simply Fill in the Blanks

We’ve created simple, fill-in-the-blank exercises that guide you through all the key questions your Financial Advisor business plan must answer.

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Just type your answers directly into our template and you’re done!

Automatic Financials

Simply type in some numbers, like your salary and expected growth, and our template automatically calculates your complete 5-year financial projections.

You’ll have your Income Statement, Balance Sheet, Cash Flow Statement, and multiple charts and graphs completed in minutes.

Turn Your Ideas to Reality

If you don’t have an action plan for executing on your ideas, they’ll never materialize.

That’s why Growthink’s Ultimate Financial Advisor Business Plan Template includes an Operations Plan section.

This section takes you through our proven and proprietary process for creating an Operations Plan that will transform your ideas into reality.

Improve Your Strategy

Growthink’s Ultimate Financial Advisor Business Plan Template helps you build a strategically sound business.

It guides you through key questions about your company, marketing and operations strategies, and gives you tons of ideas for improvement.

For example, in the Marketing Plan section, you’ll see several of the best marketing tactics to get new customers.

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Our Ultimate Financial Advisor Business Plan Template “Members Area” gives answers to all your questions, plus access to our amazing customer support team.

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Frequently Asked Questions

Below are answers to your most frequently asked questions:.

Immediately upon purchasing Growthink’s Ultimate Financial Advisor Business Plan Template, you will be taken to our Member’s Area where you can instantly download our template and begin working on your business plan.

If for any reason you are not delighted with our product, simply contact our friendly support desk and you’ll be issued a full refund. You have an entire year to request a refund if desired.

Unlike other software that charges you a fee month after month after month, you only pay once for Growthink’s Ultimate Financial Advisor Business Plan Template and you own it.

You can create an unlimited number of business plans with Growthink’s Ultimate Financial Advisor Business Plan Template. Once you purchase it, you have lifetime access to use it for any business in which you’re involved, now or in the future.

Yes, Growthink’s Ultimate Financial Advisor Business Plan Template works flawlessly on both PCs and Macs.

Growthink’s Ultimate Financial Advisor Business Plan Template is designed for both established Financial Advisor businesses and startups.

Yes , you can! Anyone can easily follow our basic instructions and create a great business plan quickly and easily. Plus, my expert team is available to help you if you have any questions.

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Creating Your Financial Advisor Business Plan

Global Diversification Might Not Be Dead

Your communication style might be negatively impacting your business, continuous learning: how a changing world has made it important for financial advisors to prioritize lifelong learning, help clients find exceptional memory care, business models and broker/dealers: the grass isn’t always greener, just saying ... it's cheap to hedge now, elite advisors know less is more when scaling your practice, what does freedom mean to you with scott danner.

A  business plan  is a critical step to success as a financial advisor.

An effective financial advisor business plan includes:

• Services you provide
• Commitment and philosophy
• Your ideal client, marketing plan, business goals, and financial numbers

Sample Financial Advisor Business Plan for [Business Name]:

Our financial advisory business, [Business Name], is committed to providing to  affluent women and couples  and closely held businesses:

• Comprehensive financial planning
• Insurance, retirement, and tax planning
• Investment management services

We understand the importance of financial security. Our goal is to guide our clients in making informed decisions. As a result, they can achieve their short-term and long-term financial goals.

Creating Your Financial Planner Business Plan

Executive summary.

[Business Name] is a full-service financial advisory firm located in [City, State].

Our team of experienced advisors offers personalized financial planning advice.

We also offer investment management, retirement planning, insurance planning, estate planning, and tax strategies to clients.

Our mission is to build deep meaningful relationships with our clients. We provide customized solutions that align with their financial goals and values.

Business Description

Our firm will operate as a registered investment advisory firm, offering commission and fee-based services. We offer financial planning to closely held business owners and their family.

Our advisors will assess clients’ financial situations, create tailored financial plans, implement investment strategies, and provide ongoing monitoring and support.

Market Analysis

The market for financial advisory services is continuing to grow. There is an increasing need for financial advice. Our target market comprises high-net-worth individuals, professionals, and closely held businesses in North America. We will continue to expand our reach and opportunities through online marketing, referral partnerships, and virtual consultations.

Financial Planning Services include:

1. Financial Planning

Our firm will offer a comprehensive evaluation of clients’ financial situation. The analysis will include our clients’ goals, cash flow analysis, budgeting, debt management, and risk assessment.

2. Investment Management

Our firm will create custom investment portfolios. The portfolios will include our clients’ risk tolerance, investment objectives, and time horizons.

3. Retirement Planning

We offer retirement income planning and projections. We analyze existing retirement accounts to help our clients maximize their retirement savings.

4. Insurance Planning

We provide insurance planning and analysis. Our review includes an assessment of the current insurance assessment and gaps in coverage.

5. Estate Planning

We assist with estate distribution, legacy planning, wealth preservation, and minimizing tax implications.

6. Tax Strategies

We provide guidance on tax-efficient investment strategies, tax planning, and coordination with clients’ tax professionals.

7. Generational Wealth Planning

We offer generational planning for our clients. As a result, our clients’ children and grandchildren have the tools and resources to create a bright financial future.

Marketing and Sales Strategy

To attract clients, we will implement the following marketing strategies:

1. Website Development

Our goal is to develop an informative and user-friendly website highlighting our services, team, and case studies. We provide weekly blog posts with relevant financial insights.

2. Social Media

We will create a presence on [Name of the social media platforms]. Our firm will consistently engage with our niche market of affluent clients and closely held businesses. We will share helpful financial tips, insight, and industry news.

3. Networking

We will join [name of the business organization], [name of the community events], and [name of online forums]. By doing so, we can build relationships, establish our credibility, and talk with prospective clients.

If you want more referrals, click here:

4. Referral Marketing

Our firm will thank current clients for their business and referrals. We will also communicate the value of receiving warm introductions.

We will continue to expand and grow our network of reciprocal referral partners. By growing our network, we connect with partners who are committed to giving and to getting referrals.

We will develop strategic partnerships with traditional referral partners, such as accountants or attorneys. We will also expand referral partnerships with non-traditional referral partners such as commercial lenders, business bankers, and business brokers.

5. Operations and Management

[Business Name] is managed by experienced financial advisors. Our services include financial planning and investment management.

Our firm will continue to improve our knowledge and skills. As a result, we will provide our clients with the most up-to-date financial solutions.

We leverage technology tools for efficient operations, data security, and streamline client communication.

6. Financial Projections

We will identify our annual revenue goal and then determine and monitor our daily, weekly, monthly, and quarterly numbers.

Based on our actual numbers, we will adjust our financial advisor business plan.

By combining market research and conservative assumptions, we project the following financial performance over the next three years:

a) Year 1: Generate total revenues of $X and achieve a net profit margin of X%.

b) Year 3: Increase total revenue by X% and improve the net profit margin to X%.

c) Year 5: Continue revenue growth, reaching $X, and maintain a net profit margin of X%.

7. Risks and Challenges

The financial advisory industry is highly competitive. Gaining clients’ trust requires consistent performance and proven results.

Market uncertainty and regulatory changes can also impact our business. We will mitigate these risks through continuous professional development, staying informed about market trends, and adapting our strategies accordingly.

Conclusion – Financial Advisor Business Plan

Financial advisors and money coaches need a business plan. The plan should include a solid foundation, winning strategy, and consistent execution of your plan.

A well-crafted business plan provides a roadmap for success. It also helps you achieve their long-term objectives while navigating the ever-changing financial advisory industry.

Related:  11 Reasons Financial Advisors Fail

Sample Financial Advisor Business Plan

Writing a business plan is a crucial step in starting a financial advisor business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring financial advisors, having access to a sample financial advisor business plan can be especially helpful in providing direction and gaining insight into how to draft their own financial advisor business plan.

Download our Ultimate Financial Advisor Business Plan Template

Having a thorough business plan in place is critical for any successful financial advisor venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A financial advisor business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The financial advisor business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your financial advisor as Growthink’s Ultimate Financial Advisor Business Plan Template , but it can help you write a financial advisor business plan of your own.

Financial Advisor Business Plan Example – WealthWise Planning

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

At WealthWise Planning, we are a new Financial Advisor based in Detroit, MI, dedicated to filling a significant gap in the local market by providing high-quality financial advice and services. Our offerings include Financial Planning, Investment Management, Retirement Planning, Estate Planning, and Tax Advisory, all tailored to meet the unique financial goals and situations of our clients. Our holistic approach ensures comprehensive care for our clients’ financial health, guiding them towards financial security and prosperity. Strategically located in the heart of Detroit, our deep understanding of the local economic environment positions us as the go-to financial advisor in the area.

We are uniquely positioned for success, thanks to the invaluable experience of our founder in running a successful financial advisory business, and our commitment to offering superior financial planning services. Our team’s expertise and dedication to client well-being are at the core of our operations. Since our founding on January 5, 2024, we have achieved significant milestones, including designing our logo, developing our company name, and securing an excellent location for our operations. These accomplishments demonstrate our dedication to becoming the leading financial advisor in Detroit, MI.

The Financial Advisor industry in the United States, with a market size of over $66 billion in 2020 and an average annual growth rate of 5.7% over the past decade, is poised for continued expansion. With a projected market size of over $80 billion by 2025, driven by an aging population, increased financial market complexity, and the rise of digital financial advice platforms, the industry’s future looks promising. WealthWise Planning, serving Detroit, MI, is well-placed to capitalize on these trends by offering tailored financial solutions and personalized advice, aiming to establish itself as a trusted partner for individuals seeking to achieve their financial goals.

WealthWise Planning targets a diverse customer base in Detroit, MI, including young professionals, retirees, small business owners, and families. Our services are designed to address the unique financial needs of these groups, from managing burgeoning finances and preserving wealth to navigating business growth and securing financial futures for families. By providing personalized financial advice and planning strategies, we aim to become a trusted advisor for long-term financial well-being in our community.

WealthWise Planning’s main competitors include Zhang Financial, known for its wealth management and transparent fee structure; Bloom Advisors, which offers personalized financial planning; and Peak Wealth Management, specializing in wealth management and estate planning. Our competitive advantage lies in our personalized approach to financial planning and our commitment to leveraging the latest technology to enhance service delivery and client experience. This, combined with our dedication to client satisfaction, positions WealthWise Planning as a leader in the financial advisory landscape.

WealthWise Planning offers a suite of financial services designed to cater to various needs, with transparent pricing and a client-centric approach. Our comprehensive services include Financial Planning, Investment Management, Retirement Planning, Estate Planning, and Tax Advisory. Our promotional strategy encompasses online marketing, SEO, PPC advertising, social media marketing, email marketing, community outreach, networking, and leveraging client testimonials. By utilizing a multifaceted promotional approach, we aim to stand out in Detroit, MI, and build a solid client base, ensuring we reach potential clients effectively and build lasting relationships.

To ensure WealthWise Planning’s success, our key operational processes include detailed CRM activities, comprehensive financial analysis and planning, market research, compliance and regulatory reporting, professional development, client portfolio management, client meetings and reviews, operational efficiency improvements, risk management, and targeted marketing for client acquisition. Upcoming milestones include launching our business, developing a comprehensive marketing strategy, building a robust client onboarding process, establishing strategic partnerships, hiring additional staff, implementing advanced financial planning tools, and achieving specific revenue targets. These efforts will establish us as a successful, reputable financial advisor in Detroit, MI.

Under the leadership of Aiden Scott, our President, WealthWise Planning boasts a management team with the experience and expertise necessary for success. Scott’s background in financial advisory services, strategic foresight, and leadership skills, along with his deep understanding of the financial industry, are instrumental in guiding our company towards its goals. His expertise ensures that WealthWise Planning remains at the forefront of delivering exceptional financial advisory services.

WealthWise Planning is a new Financial Advisor serving customers in Detroit, MI. As a local financial advisor, we understand the financial landscape and challenges that our community faces. Currently, there are no high-quality local financial advisors in the area, which positions us to fill a significant gap in the market and serve our community with unparalleled financial services.

At WealthWise Planning, our offerings are designed to cater to a broad spectrum of financial needs. Our products and services include Financial Planning, Investment Management, Retirement Planning, Estate Planning, and Tax Advisory. These services are tailored to meet the unique financial goals and situations of our clients in Detroit, MI. Our holistic approach ensures that every aspect of our clients’ financial health is addressed, setting them on a path to financial security and prosperity.

Located in the heart of Detroit, MI, WealthWise Planning is strategically positioned to serve our local community. Our deep understanding of the local economic environment enhances our ability to provide targeted and effective financial advice, making us the go-to financial advisor in Detroit.

WealthWise Planning is uniquely qualified to succeed for several reasons. Our founder brings invaluable experience from previously running a successful financial advisor business. This experience, combined with our commitment to offering better financial planning services than our competition, sets us apart and ensures our success. Our team’s expertise and dedication to our clients’ financial well-being are at the core of everything we do.

Founded on 2024-01-05, WealthWise Planning has quickly made strides in establishing itself as a trusted financial advisor. We are a Limited Liability Company, which reflects our professionalism and commitment to operating with the highest standards of integrity and transparency. To date, our accomplishments include designing our logo, developing our company name, and finding a great location for our operations. These steps mark the beginning of our journey to becoming the leading financial advisor in Detroit, MI, and a testament to our dedication to serving our community.

The Financial Advisor industry in the United States is a booming sector, with a market size of over $66 billion in 2020. This industry has been steadily growing over the past decade, with an average annual growth rate of 5.7%. The increasing demand for financial advice and services, coupled with the growing number of individuals seeking help with their investments, has contributed to the expansion of this market.

Looking ahead, the Financial Advisor industry is expected to continue its growth trajectory, with market analysts projecting a market size of over $80 billion by 2025. This anticipated growth is driven by several factors, including an aging population seeking retirement planning services, increased complexity in financial markets, and the rise of digital platforms offering financial advice. As more individuals recognize the importance of professional financial guidance, the market for Financial Advisors is poised for further expansion.

These trends in the Financial Advisor industry bode well for WealthWise Planning, a new Financial Advisor serving customers in Detroit, MI. With the increasing demand for financial advice and services, WealthWise Planning has a significant opportunity to carve out a niche in this growing market. By providing tailored financial solutions and personalized advice to clients, WealthWise Planning can capitalize on the expanding market and establish itself as a trusted partner for individuals seeking to achieve their financial goals.

Below is a description of our target customers and their core needs.

Target Customers

Local residents will form the primary customer base for WealthWise Planning. This demographic is diverse, encompassing young professionals eager to manage their burgeoning finances and retirees focused on preserving their wealth. WealthWise Planning will tailor its services to meet the unique needs of these local individuals, providing personalized financial advice and planning strategies.

Small business owners in Detroit are another significant segment that WealthWise Planning will target. These entrepreneurs require specialized financial guidance to navigate the complexities of business growth, tax planning, and asset management. WealthWise Planning will offer custom solutions that address the specific challenges faced by these business owners, helping them to achieve financial stability and growth.

In addition to these groups, WealthWise Planning will also cater to families seeking to secure their financial future. These services will include college savings plans, retirement planning, and wealth transfer strategies. By addressing the financial concerns that are most relevant to families in Detroit, WealthWise Planning will establish itself as a trusted advisor for long-term financial well-being.

Customer Needs

WealthWise Planning offers high-quality financial advisory services that cater to the diverse needs of residents seeking to enhance their financial well-being. Customers can expect personalized financial strategies that align with their goals, whether they’re saving for a home, investing for retirement, or managing debt. This level of customization ensures that every financial plan is as unique as the individual’s circumstances, addressing a crucial need for tailored financial guidance.

In addition to personalized financial planning, WealthWise Planning understands the importance of financial education and empowerment. Customers have access to resources and tools that help demystify complex financial concepts and decisions. This empowers them to make informed choices about their financial futures, fostering a sense of confidence and control over their financial destiny.

Furthermore, WealthWise Planning prioritizes accessibility and convenience, recognizing that time is a valuable asset for its customers. By offering flexible consultation schedules and leveraging technology for virtual meetings, clients can easily integrate financial planning into their busy lives. This approach addresses the need for professional financial advice that is both accessible and adaptable to the modern lifestyle of Detroit residents.

WealthWise Planning’s competitors include the following companies.

Zhang Financial

Zhang Financial offers a wide range of services including wealth management, financial planning, and investment advisory services. They cater to high-net-worth individuals and families, providing bespoke solutions tailored to their clients’ unique financial situations. Their price points are typically based on a percentage of assets under management, aligning the firm’s interests with those of their clients.

Zhang Financial is known for its transparent fee structure and has been recognized for its commitment to providing fiduciary advice. The firm operates in multiple locations, with a strong presence in Michigan, which allows them to serve a broad geographic area. They target affluent clients seeking comprehensive financial planning and investment management services.

One of Zhang Financial’s key strengths is their team of highly qualified professionals, including Certified Financial Planners (CFPs) and Chartered Financial Analysts (CFAs), who bring a depth of expertise to their client engagements. However, their focus on high-net-worth individuals may limit accessibility for potential clients with lower levels of investable assets.

Bloom Advisors

Bloom Advisors offers financial planning, retirement planning, and investment management services. They focus on creating personalized financial plans that address the unique needs of each client, emphasizing long-term relationships. Their pricing model is based on a combination of a flat fee for financial planning and a percentage of assets under management for investment services.

Located in Michigan, Bloom Advisors serves a diverse clientele, including families, professionals, and retirees. They are particularly noted for their comprehensive approach to retirement planning. Their market segment includes individuals and families looking for personalized financial guidance and strategies.

Bloom Advisors’ strength lies in their personalized service and holistic approach to financial planning. However, their weakness may be perceived in terms of scalability, as the highly personalized nature of their services could limit their capacity to grow their client base rapidly.

Peak Wealth Management

Peak Wealth Management specializes in wealth management, financial planning, and estate planning services. They aim to help clients grow and protect their wealth through customized investment strategies and comprehensive financial planning. Pricing at Peak Wealth Management typically involves a fee based on the percentage of assets under management, along with possible flat fees for specific planning services.

With a presence in Michigan, Peak Wealth Management targets a broad range of clients, including individuals, families, and business owners. Their services are designed to cater to a wide spectrum of financial needs, from young professionals to retirees. This allows them to serve a diverse customer base within the region.

The firm’s key strength is its integrated approach to wealth management, combining investment management with financial planning to provide a holistic service offering. A potential weakness could be the challenge of differentiating their services in a crowded market, where many firms offer similar wealth management solutions.

Competitive Advantages

At WealthWise Planning, we pride ourselves on delivering superior financial planning services that set us apart from our competitors. Our team of experienced professionals employs a personalized approach to financial planning, ensuring that each client’s unique needs and goals are meticulously addressed. We understand that financial planning is not a one-size-fits-all service, which is why we tailor our strategies to fit the individual circumstances of our clients. This bespoke service model enables us to provide more accurate, relevant, and effective financial advice, making a significant difference in our clients’ financial well-being and future security.

Furthermore, our competitive advantage extends beyond just the quality of our financial planning services. We are deeply committed to leveraging the latest technology to enhance our service delivery and client experience. From advanced financial modeling tools to seamless digital communication platforms, we ensure that our clients have access to cutting-edge resources. This technological edge not only improves the efficiency and effectiveness of our financial planning solutions but also provides our clients with a level of convenience and accessibility that is rare in the financial advisory sector. Coupled with our unwavering commitment to client satisfaction, WealthWise Planning stands as a beacon of excellence in the financial advisory landscape, ready to guide our clients towards achieving their financial dreams with confidence and clarity.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

Understanding the financial landscape can be daunting for many. This is why WealthWise Planning steps in to offer comprehensive financial services designed to meet a variety of needs. From crafting personalized financial plans to managing investments, WealthWise Planning ensures that its clients are well-prepared for the future, regardless of their current financial situation. Below is a detailed overview of the products and services offered, along with their average selling prices, enabling clients to make informed decisions.

Financial Planning is one of the cornerstone services offered. It encompasses a thorough analysis of the client’s current financial status and the development of strategies to meet future goals. Clients can expect to pay an average of $2,500 for a comprehensive financial plan. This service is tailored to provide a roadmap that covers savings, budgeting, and strategic investment recommendations.

Investment Management is another critical service provided. WealthWise Planning adopts a proactive approach to portfolio management, ensuring that clients’ investments align with their risk tolerance and financial objectives. The cost for this service typically averages 1% of the assets under management (AUM) annually. This fee structure ensures that the firm’s interests are directly aligned with the client’s success.

Retirement Planning is crucial for anyone looking to secure their financial future post-employment. WealthWise Planning helps clients navigate the complex world of retirement savings, pension plans, and Social Security benefits. Clients can expect to pay an average of $1,500 for a retirement plan, which is a small price for the peace of mind and security it brings in one’s golden years.

Estate Planning is also offered, ensuring that clients’ financial affairs are in order, and their legacies are preserved according to their wishes. The service includes guidance on wills, trusts, and estate taxes, among other elements. The average cost for estate planning services is around $3,000, depending on the complexity of the client’s estate and goals.

Tax Advisory services round out WealthWise Planning’s offerings, providing clients with strategies to minimize tax liabilities and ensure compliance with tax laws. This service, priced at an average of $500 annually, is invaluable for both individual and corporate clients looking to optimize their tax situations.

In summary, WealthWise Planning offers a suite of financial services designed to cater to various needs, from financial planning and investment management to retirement, estate planning, and tax advisory. With transparent pricing and a client-centric approach, WealthWise Planning is committed to helping its clients achieve financial well-being and security.

Promotions Plan

Attracting customers in the dynamic financial advisory market requires a multifaceted promotional approach. WealthWise Planning embraces a variety of methods to ensure it stands out in Detroit, MI, and builds a solid client base. Online marketing forms the cornerstone of their promotional strategy, leveraging the power of digital platforms to reach potential clients effectively.

One key aspect of online marketing is search engine optimization (SEO). WealthWise Planning will optimize its website with relevant keywords to ensure it ranks high in search results related to financial advice in Detroit. This strategy will increase visibility and attract organic traffic to their site. Alongside SEO, they will engage in pay-per-click (PPC) advertising, targeting individuals searching for financial planning services. PPC campaigns will allow WealthWise Planning to appear at the top of search results, offering immediate visibility.

Social media marketing is another pillar of their promotional efforts. WealthWise Planning will establish a strong presence on platforms such as LinkedIn, Facebook, and Instagram. By sharing informative content, financial tips, and insights into the financial planning process, they will build a relationship with their audience and establish themselves as thought leaders in the industry. Social media ads, tailored to target demographics in Detroit, will further enhance their visibility and attract potential clients.

Email marketing will also play a crucial role in WealthWise Planning’s promotional strategy. By collecting email addresses through their website and social media channels, they will send out newsletters, financial advice, and updates about their services. This direct form of communication will keep WealthWise Planning top of mind among potential clients and encourage engagement with their services.

Beyond online marketing, WealthWise Planning will engage in community outreach and networking. Hosting financial planning workshops and seminars in Detroit will allow them to demonstrate their expertise and engage directly with potential clients. They will also form partnerships with local businesses and organizations to expand their reach and establish a referral network. These face-to-face interactions will complement their online efforts, creating a comprehensive promotional strategy that builds trust and credibility in the community.

Finally, WealthWise Planning will leverage client testimonials and case studies to showcase their success stories and the value they provide. Sharing these testimonials on their website and social media channels will help build confidence among potential clients, illustrating the positive impact of their financial advisory services.

By integrating online marketing with community engagement and direct communication, WealthWise Planning positions itself to attract a diverse client base in Detroit. Their comprehensive approach ensures they not only reach potential clients but also build lasting relationships that foster trust and credibility in the financial advisory space.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of WealthWise Planning, there are several key day-to-day operational processes that we will perform.

• Customer Relationship Management (CRM) Activities: We will maintain detailed records of all interactions with clients, including calls, meetings, and emails. This ensures personalized and timely communication, fostering strong relationships.
• Financial Analysis and Planning: We will conduct comprehensive financial analysis for each client, considering their income, expenses, investments, and financial goals. This allows us to provide tailored financial advice and planning services.
• Market Research: We will continuously monitor financial markets and economic indicators to stay informed about trends and opportunities that can impact our clients’ investment strategies.
• Compliance and Regulatory Reporting: We will ensure that all operations comply with financial regulations and laws. This includes preparing and submitting required reports to regulatory bodies in a timely manner.
• Professional Development: We will invest in ongoing education and training for our advisors to keep them abreast of the latest financial planning strategies, tools, and regulatory changes.
• Client Portfolio Management: We will actively manage client portfolios, making adjustments as needed based on market conditions and client objectives. This includes buying and selling assets, rebalancing portfolios, and ensuring diversification.
• Client Meetings and Reviews: We will schedule regular meetings with clients to review their financial plans, discuss any changes in their financial situation, and adjust their investment strategies accordingly.
• Operational Efficiency: We will continuously seek ways to improve operational efficiency, including automating routine tasks, optimizing internal processes, and utilizing technology to enhance service delivery.
• Risk Management: We will implement strategies to identify, assess, and mitigate risks that could impact our clients’ investments or the operation of WealthWise Planning. This includes ensuring cybersecurity measures are in place to protect client information.
• Marketing and Client Acquisition: We will execute targeted marketing campaigns to attract new clients and retain existing ones. This will include digital marketing, community engagement, and networking events.

WealthWise Planning expects to complete the following milestones in the coming months in order to ensure its success:

• Launch our Financial Advisor Business : This initial step involves setting up the legal structure of the business, securing an office space in Detroit, MI, and ensuring all regulatory and compliance measures are met to operate as a financial advisor within the state. This includes obtaining necessary licenses and registrations with state and federal financial regulatory bodies.
• Develop and Implement a Comprehensive Marketing Strategy : Create a multi-channel marketing strategy that includes digital marketing (SEO, social media, email marketing), local advertising, and community engagement to build brand awareness and attract initial clients.
• Build a Robust Client Onboarding Process : Design and implement a streamlined onboarding process that ensures a smooth and professional experience for new clients. This includes client intake forms, assessment of financial goals and risk tolerance, and initial financial planning and advisement sessions.
• Establish Strategic Partnerships with Local Businesses and Communities : Form partnerships with local businesses, community organizations, and professionals (such as accountants and lawyers) to build referral networks and increase client base through trusted sources.
• Hire and Train Additional Financial Advisors and Support Staff : As the client base grows, recruit, hire, and train additional qualified financial advisors and support staff to maintain high service quality and client satisfaction. Focus on team members with strong expertise and excellent client service skills.
• Implement Cutting-Edge Financial Planning Software and Tools : Invest in advanced financial planning software and tools to enhance service delivery, improve client experience, and increase operational efficiency. Ensure staff are trained on these technologies.
• Achieve $5,000/Month in Revenue : This milestone signifies the business’s initial traction and market acceptance. It involves acquiring enough clients and managing enough assets to generate this level of recurring revenue.
• Develop and Launch a Client Retention and Expansion Program : Create programs aimed at retaining existing clients and encouraging referrals, such as regular financial education workshops, personalized financial health reports, and client appreciation events.
• Get to $15,000/Month in Revenue : This critical milestone indicates that WealthWise Planning has successfully scaled its client base and service offerings to a sustainable level. Achieving this target requires consistent marketing efforts, excellent client service, and a focus on expanding services to meet client needs. By systematically achieving these milestones, WealthWise Planning aims to establish itself as a successful and reputable financial advisor in Detroit, MI, positioning itself for long-term growth and success in the financial services industry.

WealthWise Planning management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Aiden Scott, President

Aiden Scott brings to WealthWise Planning not only his title of President but also a rich background in financial advisory services. Having successfully led a financial advisory firm in the past, Scott has demonstrated a keen ability to navigate the complex landscape of financial planning and investment management. His track record speaks volumes about his strategic foresight, leadership skills, and his deep understanding of the financial industry. Under his stewardship, WealthWise Planning is poised to benefit from Scott’s experience in creating value for clients and steering the company towards lasting success. His expertise is instrumental in shaping the strategic direction of WealthWise Planning, ensuring that the firm remains at the forefront of delivering exceptional financial advisory services.

To achieve our growth goals, WealthWise Planning requires $182,000 in funding. This funding will be allocated towards capital investments such as location buildout, furniture, equipment, and non-capital investments including working capital, initial rent, staff salaries, marketing, supplies, and insurance. These investments are critical for establishing our operations in Detroit, MI, and positioning WealthWise Planning for long-term success and sustainability in the financial services industry.

Financial Statements

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Income Statement

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Cash Flow Statement

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Financial Advisor Business Plan Example PDF

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Crafting the perfect financial advisor business plan

As an independent Registered Investment Advisor (RIA), you understand the importance of planning and strategizing to achieve success. One of the most crucial tools for long-term success is creating a comprehensive business plan tailored to your specific needs as a financial advisor. 

A well-crafted business plan helps attract clients and partners. It provides a roadmap to keep your financial planning business on track for years‌ to come. In this blog post, we will explore the essential components of a business plan that caters to the unique needs of financial advisors.

1. Executive Summary

The executive summary is crucial to any financial advisor's business plan. It is a concise yet comprehensive business overview outlining its mission, vision, and objectives. In the case of an RIA firm, the summary should clearly explain its services, how it plans to achieve its business goals, and what unique factors set it apart from other competitors in the market. 

By presenting a well-crafted executive summary, the RIA firm can effectively communicate its value proposition to potential investors and stakeholders, paving the way for future success.

The executive summary is a critical section of your business plan as it serves as the first impression and encapsulates the main points of your plan. For example, you would say something like this:

ABC Financial is a forward-thinking Registered Investment Advisory firm based in San Francisco, California. As a tech-savvy, fiduciary-based firm, we aim to serve young professionals and tech industry employees seeking to build wealth and navigate complex financial situations. ABC Financial provides personalized, goal-based financial planning and strategic investment management, leveraging cutting-edge technology and a comprehensive understanding of the evolving financial landscape.

2. Company Overview

In this section of your business plan, you'll need to describe ‌the structure of your RIA firm, including the legal entity (e.g., sole proprietorship, partnership, or corporation), ownership, and management team. Provide brief bios for key team members, highlighting their relevant experience and qualifications.

Here's an example:

XYZ Wealth Management LLC is a newly established, independent Registered Investment Advisory (RIA) firm headquartered in Dallas, Texas. We operate as a Limited Liability Company (LLC), providing us with the flexibility of a partnership while enjoying the liability protections of a corporation. 

Our primary business focus is delivering comprehensive wealth management services to high-net-worth individuals and families, small business owners, and retirees. This includes financial planning, portfolio management, retirement planning, tax planning, and estate planning services. 

The firm is led by three managing partners: John Doe, Jane Smith, and Bill Brown. John, a Certified Financial Planner (CFP) with over 15 years of experience in the industry, will oversee financial planning services. Jane, a Chartered Financial Analyst (CFA) with a decade of experience managing portfolios, will lead investment management. Bill, with an MBA and extensive experience in operations and compliance, will manage the firm's business operations and ensure regulatory compliance.

Our advisory team also includes two Associate Advisors and a Client Services Associate. As our firm grows, we plan to expand our team to continue providing our clients with personalized attention and high-quality service.

3. Market Analysis

Conduct a thorough competitive analysis of the financial advisory market in your target area. This analysis includes understanding the size of your target market, its growth potential, and the demographics of your potential clients. Identify and segment your target clients based on age, income level, and investment objectives. 

Additionally, analyze your competition to identify its strengths and weaknesses and to determine how your RIA firm can differentiate itself.

The market analysis is an essential part of your business plan, as it helps you understand your target market and competitive landscape.

Here is an example of what a market analysis might contain:

• The total number of high-net-worth individuals and families in the target geographic area.
• The estimated total wealth of these individuals and families.
• A breakdown of their demographics, including age, occupation, and investment goals.
• An assessment of the current demand for wealth management services in this market.
• An analysis of competitors providing similar services to high-net-worth individuals and families, their market share, strengths, and weaknesses.
• Market trends and challenges, such as changing regulations, technological advancements, or economic factors that may impact the demand for wealth management services.

4. Services and Pricing

Outline your RIA firm's services, such as financial planning, portfolio management, and retirement planning. Describe your unique value proposition and how your services will meet the needs of your target clients. 

​​This section outlines the specific services your firm offers and the pricing model you'll follow. Here are a few examples:

XYZ Wealth Management offers a suite of services designed to cater to the financial needs of high-net-worth individuals and families. These services include:

• Comprehensive financial planning: Including cash flow management, tax planning, retirement planning, estate planning, and risk management.
• Investment management: Including portfolio construction, ongoing monitoring, and periodic rebalancing.
• Family wealth services: Including multigenerational wealth transfer strategies, philanthropic planning, and family governance.

XYZ Wealth Management operates on a fee-only basis, charging a percentage of assets under management (AUM). The fee schedule is as follows:

• 1.00% for the first $1 million
• 0.85% for $1 million - $3 million
• 0.70% for $3 million and above

ABC Retirement Advisors specializes in providing retirement planning services to pre-retirees and retirees. Our services include:

• Retirement income planning: Crafting strategies to generate a sustainable income stream during retirement.
• Social Security optimization: Advising clients on when and how to claim Social Security benefits to maximize their lifetime income.
• Medicare planning: Helping clients understand their Medicare options and make informed decisions.
• Long-term care planning: Evaluating the need for long-term care insurance and other strategies to cover potential long-term care costs.

ABC Retirement Advisors charges a flat fee for comprehensive retirement planning services, based on the complexity of the client's situation. The fee typically ranges from $2,000 to $5,000. In addition, we offer ongoing investment management services for a fee of 0.50% of AUM annually.

Remember, transparency in your services and pricing is key. Clients value knowing what services they will receive and how much they will pay for them. As a RIA, you have a fiduciary duty to act in the best interest of your clients, and this includes being clear and upfront about your fees.

5. Marketing and Sales Strategy

In this section, outline the strategies you plan to use to attract, engage, and convert your target audience into clients. This includes the tactics you'll employ to raise awareness of your firm, the platforms you'll use to reach your target market, and the process you'll follow to turn prospects into clients.

This strategy can include online marketing (website, social media, and email campaigns), traditional marketing (print ads, direct mail, and events), and networking through industry associations and local events. Outline your sales process, including how you will generate leads, nurture prospects, and convert them into clients. 

Your marketing and sales strategy should be aligned with your target market, competitive landscape, and unique value proposition. It should be flexible and adaptable, allowing you to adjust your tactics based on what's working, changes in the market, or new opportunities.

6. Operations and Infrastructure

Detail the operational aspects of your RIA firm, including technology platforms, compliance and regulatory requirements, and back-office support. Describe the tools and systems you will use to streamline processes, manage client portfolios, and maintain compliance with regulatory standards.

As a client-focused RIA firm, 

• Strive to operate transparently and efficiently. 
• Utilize best-in-class technology platforms to streamline operations and provide clients with a seamless experience. 
• Stress compliance and regulatory requirements are always top of mind.
• Ensure your team is up-to-date on the latest industry standards. 
• Emphasize back-office support, which allows us to focus on what matters most - helping our clients achieve their financial goals. 

This section aims to demonstrate that you have a solid operational foundation that will enable you to deliver high-quality services to your clients and keep your firm running smoothly. This will reassure potential clients, partners, and regulators that you have the systems and processes in place to manage your business effectively and responsibly.

7. Financial Projections and Goals

To effectively prepare for the future of your RIA firm, it is crucial to create comprehensive financial projections for the next three to five years. This entails developing an income, balance, and cash flow statement. Additionally, you should establish key performance indicators (KPIs) to monitor your progress and establish both short-term and long-term financial objectives. 

It can be advantageous to conduct a break-even analysis to determine the point at which your firm will become profitable. By taking these steps, you will be better equipped to make informed decisions and successfully navigate the challenges that lie ahead.

​​Remember, while these projections are based on estimates, they should be grounded in thorough research and realistic assumptions. 

Be prepared to explain and defend your projections to potential investors, lenders, or partners. You should also plan to update your financial projections regularly as your firm grows and evolves, and as you gain a better understanding of your business's financial performance.

8. Risk Assessment and Mitigation

As a reputable RIA firm, it is crucial to thoroughly assess potential risks that may threaten your business. These risks could range from market volatility and regulatory changes to cyber security breaches. 

Creating a comprehensive strategy and contingency plan will enable you to quickly and effectively respond to unforeseen circumstances to ensure your firm is well-prepared. This proactive approach will help safeguard your firm's reputation, financial stability, and client relationships.

A comprehensive business plan tailored to your unique needs is essential to success. Following this outline and incorporating each component into your business plan will create a solid foundation for your RIA firm and set you up for long-term growth and prosperity. Remember to revisit and update your business plan regularly to ensure it remains relevant and adapts to the changing landscape of the financial advisory industry.  

Risk assessment and mitigation is not a one-time task but an ongoing process. You should regularly review and update your risk assessment as your firm grows, the market changes or new risks emerge. By proactively identifying and addressing potential risks, you can increase the resilience and sustainability of your firm.

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5 Key Elements to a Financial Advisor Business Plan

As a financial advisor, the idea of building a business plan can seem a low priority—merely an exercise for entrepreneurs trying to launch a startup. But as a business owner, you may know that you should take care of it, but you also know that it’s going to be uncomfortable. Just like avoiding your annual physical or regular car tune-up, not creating a business plan can hurt further down the road.

A lot of the anxiety financial advisors have over building a business plan can be because it’s unfamiliar or daunting. However, research shows that businesses that plan grow 30 percent faster than those that do not . Despite these results, a study by the Financial Planners Association showed that only 28 percent of advisors actually have a business plan.

In this article, we’ll explore some of the common myths surrounding financial advisor business plans. We'll also highlight some signs to watch out for that could indicate your practice is in need of a business plan. Lastly, we'll discuss what elements you need to incorporate into your new plan for the future of your financial advisory practice.

3 Myths Financial Advisors Believe About Business Plan

1. “business plans require a lot of detail and effort to make.”.

This myth is a common one because it is, in certain circumstances, true. For example, if you were just starting your financial advisory practice and wanted to secure a loan from the Small Business Administration, you would want to build a highly comprehensive business plan that covers everything from market analysis to your financial projections.

Fortunately, most financial advisors’ business plans will be for internal use only and serve a narrower scope of purpose. Realistically, building a business plan doesn’t even have to take a full day.

2. “I don’t need a business plan because I’m not trying to grow my practice right now.”

Plenty of financial advisors have settled into a lifestyle practice, plan on retiring soon, or have any number of reasons why they may not want to grow their business . In fact, our data suggests that a full third of advisors aren't actively growing—and that they prefer it that way.

But there’s no law that says a business plan needs to have growth as its goal. Ultimately, the purpose of your business plan is up to you. Succession planning is an excellent reason to craft a business plan, as is wanting to maintain the same level of assets under management (AUM) or client load as you have now. If you want to grow, that’s great; if not, that’s fine too.

3. “I know what my goals are, so I don’t need a business plan.”

Having goals is important, but a business plan isn’t just about defining goals. It’s about making a plan to obtain those goals, a definite set of objectives and expectations you can hold yourself to, criteria for measuring success, and defining those goals in detail.

Even if building a business plan was just about defining goals, it would still be a worthwhile exercise. External pressures and the difficult reality of making changes make it easy to allow goals to slip or morph into something that feels more attainable. Six months down the line, you might discover that the goal you’re currently pursuing bears no resemblance to the one you set out to achieve. Writing your goal down formally ensures that you have something to refer back to when the going gets tough.

How to Tell Whether You Need a Business Plan

Now that you’re familiar with the common misconceptions surrounding a business plan, the next step is to determine whether you need one. At AssetMark, we believe that any financial advisor—no matter where they are on their journey or what stage they’re at in their career—can benefit from a business plan. Furthermore, it’s better to have a plan and not use it than to need one and not have it. That being said, there are some common signs of distress in a practice that a financial advisor business plan can help with:

That being said, there are some common signs of distress in a practice that a financial advisor business plan can help with:

1. Your projects tend to go unfinished.

When there are a lot of great ideas but not enough follow-through, a well-defined business plan can help you focus your efforts and ensure that you hold yourself and your staff to making progress.

2. Your wishlist is growing long.

Similarly to the above, maybe there are just too many things you’d like to do to even get started on them. Again, a business plan can help you prioritize your wishlist and ensure you’re on the right track.

3. You and your staff are suffering from change exhaustion.

In order to reach their goals, many advisors undertake initiative after initiative, project after project, campaign after campaign—at a certain point, all of these efforts drain any reserves you and your team had and it's time for a break. The first thing to do is take that break. Then, after a recharge, a business plan can help you focus your efforts in a sustainable way.

4. Your advisors are starting to feel frustrated.

Frustration can come from many sources. Your advisors could feel like they have an unmanageable number of clients, that their hands are tied in how they serve those clients, that their hours are too long, or their pay isn’t enough. Whatever the issue is, a business plan can help you narrow in on solving the root cause.

Learn how AssetMark can make a difference in your firm's business performance.

What Are the Essential Elements of a Financial Advisor Business Plan?

Knowing when you need a business plan isn’t much good if you don’t know how to put one together. For most advisory firms, these 5 key elements can serve as a financial advisor business plan template.

1. Your Vision

Where are you trying to go? If you don’t have some desired future for your practice, then it doesn’t matter what you do and you don’t need a business plan. But, if you want to bring in more clients, grow AUM, maintain your current caseload, or transition your practice off to a promising junior advisor, then defining that vision will give you the Point B to your Point A.

2. Objectives and Goals

Take your vision and break it down into achievable goals. This could be, for example, increasing your AUM by 15% next year or onboarding 3 new high-net-worth clients. As a best practice, follow the SMART framework—that is, define goals that are specific, measurable, attainable, relevant, and time-bound.

3. A Plan of Action

In order to achieve these goals, you’ll need to establish a plan of action. Assign responsibilities to different members of your practice, set priorities, identify requirements, and document all of this so that whenever the wires get crossed, you’ll know who is supposed to get what done and when.

4. Measurable Metrics

Arguably the most important element of any financial advisor's business plan is the inclusion of metrics. Define the key performance indicators (KPIs) that you’ll track on the way to achieving your vision and goals. Evaluate your progress against these KPIs and, using those metrics, determine whether you need to take corrective action or stay the course.

5. Scheduled Reviews

You need to schedule your plan of action, of course. But, you also need to schedule regular reviews of and management sessions for your business plan. As you progress towards your vision, it's important to evaluate whether that vision still seems realistic or desirable, whether you need to tweak any metrics, reassign duties, and so on.

Build a Plan that Works for You

A financial advisor business plan doesn’t have to take weeks to craft together, nor is it only useful for advisors interested in growing their practice. The important thing to take away is that a business plan should be tailored around your goals. Whatever form it takes should be in service of those goals.

If that prospect seems a bit overwhelming, reach out to an AssetMark business consultant to walk you through the process. Any given financial advisor might make a handful of business plans over the course of their career, but our business consultants have worked with thousands of advisors on their business plans, so we’ve learned a few things about the practices that work best.

Take, for example, financial advisor Kit Tiell's experience. "At the onset of working with AssetMark, my goal was to spend 80 percent of my time in front of clients," said Tiell.

In addition to outsourcing administrative tasks to AssetMark, Tiell also leaned on our business consulting services: "I have also taken advantage of their practice management resources and business coaching to streamline office workflow, create business goals, and develop employee career ladders (among other things). My continued engagement with AssetMark’s elite practice management team has allowed me to continue building the practice that evolves with the current business environment."

If you're interested in building a business plan that—like Tiell's—sets a foundation for your practice, get in touch with us today to get started on your business plan, no matter what your goals are.

"AssetMark’s elite practice management team has allowed me to continue building the practice that evolves with the current business environment. "  -Kit Tiell

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Essential Parts of a Financial Advisor Business Plan

In the world of finance, foresight is everything, and that extends to how one manages their own business affairs. At the heart of a successful advisory firm lies a well-constructed financial planner business plan. But why is such a plan indispensable?

First and foremost, having a concrete business plan provides clarity. It allows financial advisors to map out their business goals with precision. This ensures every move is calculated and in line with their larger vision. 

This isn’t a luxury—it's a necessity. You wouldn’t advise clients without a detailed financial strategy, right? Similarly, running an advisory firm without a plan can lead to haphazard decisions and missed opportunities.

Moreover, in the realm of small businesses, which many advisory firms fall under, the terrain is fraught with challenges. From competition to regulatory changes, the landscape is ever-evolving.

Through meticulous planning, including identifying potential risks and strategizing on growth opportunities, advisors can navigate these complexities with confidence.

Here's our breakdown of everything you need to include in your comprehensive wealth management business plan. 

The Executive Summary

At the forefront of every robust business plan for financial advisors lies the executive summary. Think of it as the trailer to a blockbuster movie. It provides a concise overview of your business's entire narrative, touching on the highlights, the challenges, and the anticipated outcomes.

For a financial advisor, this section is vital. It encapsulates everything from your firm's mission and operational strategy to financial projections. The executive summary serves a dual purpose. 

First, it's a quick reference tool for those already familiar with your firm. It’s also a comprehensive introduction for potential investors who might be pursuing your plan for the first time.

While the bulk of your business plan dives deep into specifics, the executive summary gives readers an aerial view. It captures the essence of your advisory venture and its potential trajectory.

The Company Overview

The next step is to delve into the specifics of your enterprise with a comprehensive company overview. This section acts as the backbone of your blueprint. It provides critical details about your advisory firm's inception, its goals, and how it operates in the financial landscape.

The company overview addresses the "who, what, and why" of your business. It's where you define your target market, specify your services, and highlight your unique selling propositions. For instance, your firm might lean heavily on social media for client acquisition or financial education. If so, this is the place to note that.

Furthermore, understanding the nuances of cash flow and the financial structure of your business is crucial. This overview provides a clear snapshot for stakeholders, ensuring that they grasp the operational and financial vitality of your advisory firm. It sets the stage, offering context and clarity for the subsequent sections of your plan.

Industry Analysis

The industry analysis is a pivotal section in a financial advisor's business plan. It sheds light on the larger financial landscape in which the advisor operates. It encompasses a thorough competitive analysis, allowing the business owner to understand where their firm stands in relation to peers. 

Recognizing the strengths, weaknesses, opportunities, and threats in the industry provides invaluable insights. Such comprehension forms the bedrock of a sound marketing strategy. Staying informed about the industry's dynamics is essential. It allows an advisor to pivot when necessary, capitalize on emerging trends, and stay ahead in a competitive market.

Customer Analysis

In the realm of financial advising, understanding one's clientele is paramount. A thorough customer analysis provides insights into the specific needs and preferences of the clients in your target market. 

Financial advising clients are all different. Some are seeking wealth management to grow their assets. Others want financial planning for long-term stability, or retirement planning for a secure future. 

Still more need assistance with estate planning to ensure their legacy is passed on as intended. Recognizing these distinct requirements is crucial. 

By comprehensively analyzing the diverse financial objectives of clients, advisors can tailor their services more effectively. Ultimately, this will ensure they meet the unique goals and expectations of each individual they serve.

Competitive Analysis

A competitive analysis is a cornerstone for any RIA business plan. It involves diving deep into the market to understand how your financial advisory firm stacks up against competitors. What strategies are other firms using in their marketing plans? Which financial advisor business models are proving to be the most successful? 

By understanding the strengths and weaknesses of competitors, you can identify potential opportunities and threats in the marketplace. This information can be invaluable. It allows you to fine-tune your services, adjust your marketing strategies, and ultimately create a more resilient and successful business. After all, in the world of finance, knowledge truly is power.

Marketing Plan

Central to any investment advisor business plan is the marketing plan. It's where you lay out strategies to attract and retain clients. The marketing plan outlines how you'll position yourself in the industry. This includes the channels you'll use to reach potential clients and the tactics for engagement. 

Whether it's through social media campaigns, seminars, or referral programs, the marketing plan gives direction on promoting your services effectively. By aligning marketing efforts with overall business goals, you ensure that resources are used efficiently. Ultimately, this will drive growth and enhance your firm's reputation in the financial advisory landscape.

Operations Plan

The operations plan is a blueprint for the day-to-day functioning of a financial advisory firm. It outlines the nuts and bolts of how the business will run. From the client onboarding process to the management of resources. From the roles of members on your team to protocols for service delivery, the operations plan covers it all. 

A well-crafted operations plan ensures smooth operations, minimizes errors, and promotes a consistent, high-quality service experience for clients. Having this plan in place is essential to maintain efficiency, build trust, and nurture a growing client base.

Management Team

The management team section of a financial advisor's business plan highlights the individuals steering the firm towards its goals. It showcases the qualifications, experience, and expertise of key team members, underscoring their ability to execute the business's vision. 

By detailing their backgrounds and roles, potential investors or partners can gauge the leadership's competence and the firm's potential for success. This section provides reassurance to stakeholders that the business is in capable hands and that the team possesses the requisite skills and experience to drive growth, navigate challenges, and make sound financial decisions.

Financial Plan

The financial plan is a pivotal section of a financial advisor's business strategy, mapping out the fiscal foundation and anticipated growth of the firm. This section details the company's current financial status, projected revenue, expenses, and profitability. 

By laying out investment requirements, forecasting cash flows, and setting financial milestones, it offers a clear picture of the business's fiscal health and viability. Stakeholders, including potential investors and lenders, often scrutinize this portion to understand the sustainability of the business and to ascertain the potential return on investment.

Take Planning to the Next Level

Having created a business plan template is, unfortunately, only the first step to success. Lucky for you, Planswell has been perfecting the process of prospecting and closing deals for years. In fact, we’ve spent over $15 million on this learning process. 

We’ve developed a complete system advisors can use to boost their booking and close rate. We guarantee it.

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Financial Advisor Business Plan Sample

Published Jun.07, 2018

Updated Apr.22, 2024

By: Noor Muhammad

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Table of Content

Do you want to start financial advisor business?

Do you want to start a financial advisor business? Well, there are many benefits of starting this financial advisor business plan, the biggest one of which is the extremely low initial investment required for its startup. Secondly, you can also start it from your home, or a small office or even a virtual location and can still make huge profits. The only problem associated with this business plan for a financial advisor  is that it is never easy for startups to find high-paying clients in the initial run. So, it is highly recommended that you prepare a comprehensive financial consultant business plan which will not only help you attract good clients but will also establish the basis of your company’s operations and future decisions. If you are wondering how to write a good business plan for financial advisor, here we are providing you with the business plan for a financial advisor  business startup named ‘Martin Financial Services’.

Executive Summary

2.1 the business.

Martin Financial Services will be a licensed and registered financial advisory company aimed at solving all your financial problems by providing exceptional financial advisory and consultation services. The company will be owned by Nick Martin, a renowned financial expert, and the company’s main office will be located in Downtown Chicago.

2.2 Management

The success of a startup heavily depends on its staff and management that’s why Martin planned it before developing his financial advisor business model . The company’s management will comprise of sales executives, financial analysts, and insurance consultants.

2.3 Customers

This sample business plan for a financial advisor position also outlines what are the main target customers for a financial advisory firm. Martin Financial Services will provide financial consulting services to individuals, organizations, and businesses located in Chicago.

2.4 Business Target

Our target is to balance the initial cost of the startup with earned profits and to achieve the net profit margin of $10k per month by the end of the first year.

Company Summary

3.1 company owner.

Martin Financial Services will be owned by Nick Martin, a business graduate from the University of Illinois. Martin has more than ten years’ experience of working with various financial organizations including Wells Fargo and Equifax.

3.2 Why the Business is being started

The financial advisor business plan is being started with the purpose of making profits in this industry while also providing quality services.

3.3 How the Business will be started

Before starting your own financial advisor business , you have to plan everything beforehand otherwise you have very lower chances of succeeding in it. Martin Financial Services is a well-planned venture and its exceptional planning will become one of the reasons behind its success. The company will be started in a leased office in Downtown Chicago. In addition to computer systems and usual office inventory, professional financial software will also be procured. The startup summary is as follows:

The detailed startup requirements are given below:

Services for customers

Considering the economic demands of today’s world, there are countless firms that are providing financial advisory services. You can do some research about them and find out what services they are offering to their customers. You can also find many financial advisor business plan free templates on the internet or you can take help from this sample business plan for financial planners . Deciding your services is extremely important since the planning of other subsequent components depend on it. Martin Financial Services will offer a variety of financial advisory and consulting services to its clients from United States. Our main services include:

• Insurance and Tax Consulting
• Accounting and Financial Services Consulting
• Budgeting and Financial Planning
• Financial Auditing
• Estate Planning
• Income Tax Preparation
• Mortgage, Pension, Retirement and Investment Advisory Services
• Asset Management
• Wealth Creation and Wealth Management
• Investment (Business Portfolio) Management

Marketing Analysis of financial advisor business

The most important component of an effective financial advisor business plan is its accurate marketing analysis that’s why Martin acquired the services of marketing experts to help know how to write a business plan for financial advisor and develop a financial advisor marketing plan template . The success or failure of a business plan for a financial advisor  totally depends upon its marketing strategic business plan which can only be developed on the basis of accurate marketing analysis. Marketing analysis is a must-do thing before you develop your financial advisor business plan. If you are starting on a smaller scale, you can do marketing analysis yourself by taking help from this business plan for a financial advisor  or any other financial advisor business plan template available online.

5.1 Market Trends

For finding the marketing trends before starting your business plan for a financial advisor , you can take help from this financial advisor business plan example or any other financial advisor business plan template free available online. This financial advisor marketing plan example also contains information about current industry and market statistics of financial advisory services. Financial advisory industry is one of the booming industries of the United States. Currently, the industry generates more than $56 billion annually with around 121,000 businesses employing more than 215,000 people across the United States. Furthermore, the industry grew by 8.1% over a course of 5 years from 2012 to 2017. This increase is attributed to the economic development and the increase in other industries of the country, thus creating more demand for financial consulting and advisory services.

5.2 Marketing Segmentation

It is very important to analyze the market segmentation of the future customers of your services before you start your business plan for a financial advisor  because a successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our target market is the residential community as well as the corporate sector located in Chicago however, we will primarily focus on our clients from business sector. Our experts have identified the following type of target audience which can become our consumers in future:

The detailed marketing segmentation of our target audience is as follows:

5.2.1 Corporate Sector:

The biggest consumer of our services will be the corporate sector located in the Downtown Chicago ranging from small startups to established multinational companies. This group includes product manufacturers and distributors, real estate owners, hotels, restaurants and food companies, IT and software development firms, branding and advertising agencies as well as many other industries. These businesses will frequently need our advisory services for insurance and tax consultation, asset management, budgeting and financial planning, as well as investment management and auditing.

5.2.2 Institutions & Organizations:

Our second target group comprises of various institutions and organizations located in Manhattan including government organizations, schools, colleges, universities, non-profit organizations, religious and cultural institutes as well as social bodies. This group will also need our financial advisory services for addressing all their financial needs as well as in their budgeting and auditing.

5.2.3 Individuals:

Our third target group consists of individuals including both the employed and retired persons belonging to all age groups. This group will mostly need our services for getting advice and consultation related to mortgages, pension, retirement and investment. The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Our main goal is to become the best financial advisory service in Chicago within next 10 years. This goal is not something that can be achieved easily. For achieving this goal, we will have to increase our revenue, create an exceptional clientele and establish a name across the country. Our main goal of the business plan for financial planner can be divided into three main business targets, which are as follows:

• To achieve the net profit margin of $10k/month by first year, $15k by second year, and $25k by third year
• To balance the initial cost of the startup with earned profits by the end of the first year
• To start an online financial advisory service by the end of the first year

5.4 Product Pricing

Product pricing is one of the most important factors in deciding the strategy for a business plan for a financial advisor . After considering the market demands and our current competition, we have priced all our products in the similar ranges as of our competitors.

Like marketing analysis, sales strategy is also an important component of financial advisor business plans so it must be given proper attention before you think about creating your own financial consultant business plan .

6.1 Competitive Analysis

As mentioned earlier, there are more than 121,000 financial advisory companies in the United States, so we can say that we have a tough competition ahead. In addition to that, many international and local banking companies also financial consultation services to their customers, thus making this field even more competitive. Although we have a lot of competitors, we hope to surpass all of them by providing exceptional quality services and unparalleled customer experience.

6.2 Sales Strategy

• We will carry out a large-scale advertising campaign on social media sites
• We will offer a 20% discount on our advisory and consultation services for the first three months of our launch
• We will arrange free financial consultation seminars in various organizations and companies and will thus promote ourselves

6.3 Sales Monthly

Our monthly sales from target groups are forecasted as follows:

6.4 Sales Yearly

Our yearly sales from target groups are forecasted as follows:

6.5 Sales Forecast

Our forecasted sales are given in the following column charts.

The detailed information about the company’s forecasted sales is given in the following table.

Personnel plan

Personnel plan is an important part of a business plan for financial advisor services since it gives an estimate about the staff you require along with their salaries. Martin has developed the following personnel plan for his company.

7.1 Company Staff

Martin will act as the General Manager of the company and will initially hire following people:

• 1 Accountant to maintain financial and other records
• 2 Sales Executives responsible to market and discover new ventures
• 6 Financial Analysts to provide advice on various financial matters
• 2 Insurance Consultant to provide consultation on insurance services
• 2 Customer Representatives to interact with customers
• 1 Front Desk Officer to act as a receptionist

All employees will be hired by following strict testing procedures and all of them will undergo 2 weeks training prior to onboarding.

7.2 Average Salary of Employees

The estimated salaries of the staff required are given in the following table. These salaries can deviate slightly but the total sum will nearly be the same.

Financial Plan

Just like the other plans, you must also prepare a detailed financial plan covering all financial aspects of your financial advisory startup. The financial plan should present a detailed map of the costs of startup, inventory, payroll, equipment, rent, utilities and how these costs will be covered by the earned profits. Also, make sure to carry out a detailed profit and loss analysis of your startup venture. While developing the financial plan, you can take help from various financial advisor business plan examples available online so as to know which things to include in it. Martin has developed the following financial plan for his company.

8.1 Important Assumptions

8.2 Brake-even Analysis

8.3 Projected Profit and Loss

8.3.1 Profit Monthly

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 Business Ratios

Download Financial Advisor Business Plan Sample in pdf

OGS capital professional writers specialized also in themes such as holding business plan , insurance agency business plan ,  business plan loan , tax preparation business plan , credit repair company business plan and many others.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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How to create a vision and business plan for a financial advisor?

When entrepreneurs start out, it can be by fluke or purposeful planning, as most advisors don’t start with a vision and business plan for financial advisors. One fatal flaw that financial advisors make is spending too much time working IN their business without taking the time to work ON their business. You may have been doing just fine operating without one, seeing consistent growth throughout the years. 

But did you know that you can see a  30% greater chance of growth  this year if you take the time to make one? And here’s the kicker – you don’t have to be bogged down by pages and pages of jargon you’ll stick on the shelf and never read again. It can be tidied up to reflect your vision, mission, and purpose on just one page. Read on to learn how to create your own vision and business plan for a financial advisor. 

What is it important to have a vision and business plan for a financial advisor?

To get from point A to point B, it helps to have a map. This rings true for both treasure hunters, road-trip enthusiasts, and those looking to create a vision and business plan for a financial advisor. 

You might think of your company’s strategy as a road plan that helps you stay on track while you work toward your goals – kind of like the GPS that brings you back on route after your gas station pit stop. In the event that you’d want to keep your strategy brief, you’re free to do so. In fact, we’ve helped financial advisors create successful business plans that are only One Page . To begin, create a high-level plan in the form of a list of bullet points. You’ll be able to fine-tune the plan over time.

One of the most important things to understand is that this is a living record. Maintaining an updated plan is essential since your business objectives may change over time. Adaptability is as important as completeness when it comes to your company’s strategic business plan and vision.

To achieve your company’s vision and goals, you’ll need a solid business plan that you can reference when making decisions, big or small. To help you get started, we’ll go through the most important aspects of your vision and business plan for a financial advisor.

Vision 

To begin creating your solid vision and business plan for a financial advisor, you’ll need to lay the foundation of the most critical part – vision. 

Remember that question that typically elicited an eye-roll from a classroom full of students “Where do you see yourself in 5 years?” Well, there’s more to it than that. 

To start, you’ll want to answer these questions about your business, the way it operates, who you’re serving, and what your goals are. Here are a few great questions to get the ball rolling. 

• What are we building?
• What will this business look like in 1, 3, 5 years?
• What type of company is this?
• What markets does it serve?
• What is the geographic scope?
• Who are the target customers?
• What are the key products and services we will offer?
• What sales goal are we striving for? 

Your personal vision isn’t necessarily about your financial advisor business plan, but rather what you see possible for others and the world. From there, you carry your values and live them in your business plan. Once you answer those questions, you can begin to create your vision statement. It can end up looking like this: 

“Within the next five years grow Basis Wealth and Basis Benefits Inc into a ______ value financial planning company by providing comprehensive financial plans to professional / business owner families.”

Mission Statement

Your mission statement grows from your created vision and business plan for financial advisors. When you have a clear mission statement, you’re able to create a clear marketing plan to attract your ideal clients. To figure out where to start, you’ll need to ask yourself some more questions. 

• Who are our customers?
• What fundamental customer needs do we serve?
• What wants, needs, desires, pain, or problems do our product services solve?
• What is our unique selling proposition? 
• What is the key competitive edge or unique quality that we have in serving that need?
• What promise do we make to our customers?

Ultimately, your mission statement should answer the big question – why does this business exist? An example of this from one of our financial advisors that completed our  One Page Business Plan  program stated the following: 

Our mission is to help aspiring wealth-minded intergenerational households build wealth.

Essentially, your mission statement is what you are here to do. It encompasses the specific tasks, actions, or goals to realize a financial advisor’s vision and business plan. 

Your mission statement is what drives a good marketing plan and management decisions. When creating yours, remember to keep it short and memorable. 

Purpose of the vision and business plan for a financial advisor

Having a vision and a business plan brings your purpose to life – the reason you’re here. When you’re living your values by defining your vision and mission statement, your purpose can be facilitated by creating an action plan around it. 

But financial advisors that are feeling overwhelmed during their busy season of Q1 should not be focusing on this yet. Instead, wait for  The Dip of Q2  to evaluate how the last year went for your business. 

What went right? What didn’t? You need to understand where you went and where you’re going. And that will help you craft a sound vision and business plan for a financial advisor to live by. 

It’s easy to become overwhelmed when you don’t have a strategy for your business. Without a strategy, you’ll be going over the same “things” or “to-do” list over and over again, wasting critical time and energy. 

The  One Page Business Plan can help you write a clear, concise, and comprehensible business plan. It will also allow you to use keywords and short phrases in the quickest, easiest, and most straightforward method imaginable. 

We’ll leave you with this – what are you doing today to make your vision happen? You can  take the next step  now.

International Values and Behavioral Analyst, Business Coach, Speaker and Author

Executive Coaching Tips for Financial Advisors Speaking at a City Near You

Financial Advisor Business Plan Template [Updated 2024]

Financial Advisor Business Plan Template

If you want to start a Financial Advisor business or expand your current Financial Advisor or Financial Planning Business, you need a business plan.

Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of financial advisory company business plans.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Sample Business Plan For Financial Advisors

The following financial advisor business plan template gives you the key elements you must include in your plan.

I. Executive Summary

Business overview.

[Company Name], located at [insert location here] is a new wealth management firm providing financial advisory and investments to its clients. The Company will operate in a Professional setting, conveniently located next to [notable bank] in the center of the financial district. [Company Name] is headed by [Founder’s Name], an MBA Graduate from UCLA with 20 years of experience working as a financial advisor in such firms as Merrill Lynch Wealth Management.

Products Served

[Company Name] will focus on close client relationships. It has a full time assistant who, among other things, will focus on answering client’s daily questions and drafting newsletters to increase client communication.

The founder, [Founder’s Name], will also focus on answering his clientele’s needs. In addition to newsletters and email updates, [Founder’s Name] will hold seminars on financial strategies and investment presentations for his clients.

[Company’s Name] services include private wealth management, retirement services and other financial planning, and life insurance offerings.

Customer Focus

[Company Name] will primarily serve the residents within a 20-mile radius of our location. The demographics of these customers are as follows:

• [Number of residents]
• [Average or median income]
• [% married, % families]
• [% professional occupations]
• [Median age]

In addition to this prime adult demographic for a wealth management firm, there are four large banks in the area. Working professionals, especially those in the financial sector, realize the importance of early retirement planning and investment advice and create a perfect target market.

Management Team

[Company Name]’s most valuable asset is the expertise and experience of its founder, [full name]. [First name] has been a certified financial advisor for the past 20 years. He has spent much of his career working at Merrill Lynch’s Wealth Management division. He spent the more recent portion of his career at a smaller firm, Century Asset Management, where his client base doubled and his assets-under management tripled in 8 years.

[Company name] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator

Success Factors

[Company Name] is uniquely qualified to succeed due to the following reasons:

• The Company will fill a specific market niche in the growing community we are entering. In addition, we have surveyed the local population and received extremely positive feedback saying that they explicitly want to make use of our services when launched.
• Our location is in a high-volume area with easy access from multiple residential and commercial district zones.
• The management team has a track record of success in the private wealth management business.
• The local area is currently under served and does not have specialized financial advisors.

Financial Highlights

[Company Name] is currently seeking $125,000 to launch. Specifically, these funds will be used as follows:

• Store design/build: $60,000
• Working capital: $65,000 to pay for Marketing, salaries, and lease costs until [Company Name] reaches break-even

Topline projections over the next five years are as follows:

II. Company Overview

Who is [company name].

[Company Name], located at [insert location here] is a new wealth management firm providing financial advisory and investments to its clients. The Company will operate in a Professional setting, conveniently located next to [notable bank.] [Company Name] is headed by [Founder’s Name], an MBA Graduate from UCLA with 20 years of experience working for Merrill Lynch.

[Company Name] was founded by [Founder’s Name]. While [Founder’s Name] has been in the financial services sector for some time, it was in [month, year] that he decided to launch [Company Name]. Specifically, during this time, [Founder] met with a former friend and fellow independent financial advisor in Fort Lauderdale who has had tremendous success. After discussing the business at length, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.

Specifically, the customer demographics and competitive situations in the Fort Lauderdale location and in his hometown were so similar that he knew the business would work. After surveying the local population, [Founder’s name] went ahead and founded [company name].

[Company Name]’s History

Upon returning from Fort Lauderdale, surveying the local customer base, and finding a potential retail office, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].

The business is currently being run out of [Founder’s Name] home office, but once the lease on [Company Name]’s office location is finalized, all operations will be run from there.

Since incorporation, the Company has achieved the following milestones:

• Found office space and signed Letter of Intent to lease it
• Developed the company’s name, logo and website located at [website]
• Hired an interior designer for the decor and furniture layout
• Determined equipment and fixture requirements
• Began recruiting key employees

[Company Name]’s Products & Services

[Founder’s Name] will be able to provide clients with the following services:

• Asset Management: investing and managing client’s savings depending on portfolio preferences.
• Financial Planning: detailed planning and a structured layout for retirement or child’s funds for college.
• Hourly Advice: advising clients that do not have assets with [Company Name] on an hourly basis.
• Life Insurance: providing the option of life insurance to clients as part of their long term and retirement planning.

As [Founder’s Name] understands, the key to a successful advisory business is being accessible and staying in contact with clients. [Founder’s Name] will have a full time assistant on hand who, among other things, will manage client’s phone calls and answer questions as possible.

[Company Name] will also feature a Bloomberg Terminal and several major publications in order to stay informed on important news and market trends.

III. Industry Analysis

The financial advisory services industry is strongly correlated with the strength of the economy as a whole. Last year, industry revenues fell as the market fell, declining by 34% to $37.6 billion. Revenues are expected to recover again this year, reaching the $38 billion mark.

Most of the industry consists of small, independent financial advisors and firms. The lion’s share of the private wealth management industry is composed of these individual advisors. Large firms often pay significant amounts for an independent advisor to join them and bring their client base along. Overall, employment in the industry is currently declining. It is estimated that 225,000 people were employed in financial advisory services in last year, and that only 213,800 will be employed this year.

The market served by financial advisors is a diverse one. 47% of the client base is made up of High Net Worth Individuals, HNWIs for short. These are classified by the Securities and Exchange Commission as people with at least $750,000 in investment-ready assets, or $1.5 million in investment-ready assets held in a marriage. These clients tend to be aging individuals who are beginning to consider retirement. This fits with the industry trend toward retirement planning services. Financial advisory services are not reserved exclusively for HNWIs, however. There are an estimated 120 million households with $17 trillion in assets in the United States, many of which require such services.

The next largest customer segment served by financial advisors is made up of businesses and the US government, holding 23% of the business. Retail clients make up 13% of the business, followed by hedge funds and other clients with 7% and 10%, respectively.

IV. Customer Analysis

Demographic profile of target market.

[Company Name] will serve the residents of [company location] and the immediately surrounding areas as well as those who work in [company location].

The area we serve is populated mostly by the middle- and upper-middle class; as a result, they have both the need for financial advisory services and the means to pay for it.

The precise demographics of the town in which our location resides is as follows:

Customer Segmentation

The Company will primarily target the following customer segments:

• Aging Baby Boomers: The area in which the Company will operate has a significant population of baby boomers. This generation is rapidly approaching their retirement age, and has a great deal of disposable or discretionary income. After experiencing a life of great financial prosperity, these are often married couples or empty nesters. They seek to ensure that their own nest eggs will support the lifestyle they want to live after they stop working, and that their wealth will be preserved appropriately for future generations of family members. These customers typically have extensive networks of individuals in similar economic circumstances, and as such will be an excellent source of referrals.
• Middle-aged Professionals: [Company name] is located along a well-traveled commute route. By offering a convenient location, effective advertising, and a strong product mix, the Company will draw in a significant crowd of professionals with rising earning power, who wisely seek to manage their money for the future.
• Young parents: There is a growing population of young parents with small children in the Company’s immediately surrounding area. These people will seek solutions to provide for the future economic well-being of their new families, purchasing services such as life insurance.

V. Competitive Analysis

Direct & indirect competitors.

The following financial advisory firms are located within a 20 mile radius of [Company Name], thus providing either direct or indirect competition for customers:

Prudential Financial

Prudential Financial is the city’s only major financial advisory firm. The company focuses primarily on the sale of life insurance however, and offers financial advice as a support to its primary business.

As the second largest US life insurer, Prudential focuses its efforts on maintaining top position through the sale of individual life insurance, long term care, and disability insurance.

Prudential also offers financial advice. This includes asset management services, mutual funds, and retirement services.

Internet Brokers

Many internet brokers have emerged since 2001 and cater to those individuals looking for minimal advice while having more felt control over their investments. These firms often offer personal banking and investment tools for stocks, mutual funds, ETFs, and other securities.

Furthermore, internet brokers offer professional advice and software products such as ratings on securities and articles from industry experts. However, they leave the final act of investing in the hands of the individual.

These online brokers commonly refer to themselves as discount brokers, and charge anywhere from $5 to $13 per trade. Premium accounts may be charged flat rates or given a number of free trades per month, but typically require a certain amount of account activity.

Some of the more notable online brokerage firms are E-Trade, Scottrade and Charles Schwab.

Competitive Advantage

[Company Name] enjoys several advantages over its competitors. These advantages include:

• Location: [Company Name]’s location is near the center of town, in the financial district of the city. It’s visible from the street with many working professionals walking to and from work on a daily basis; giving passerby’s a direct look at our firm, most of which are part of our target market.
• Client oriented service: [Company Name] will have a full time assistant to primarily keep in contact with clients and answer their everyday questions. [Founder’s Name] realizes the importance of accessibility to his clients, and will further keep in touch with his clients through monthly presentations, seminars, and updates per email and newsletters.
• Management: [Founder’s Name] has been extremely successful working in the financial services sector and will be able to use his previous experience to grant his clients detailed insight into the financial world. His unique qualifications will serve customers in a much more sophisticated manner than [Company Name’s] competitors.
• Relationships: Having lived in the community for 25 years, [Founder’s Name] knows many of the local leaders, newspapers and other influences. Furthermore, he will be able to draw from his ties to the community in order to build up a heavy asset base in a short amount of time.

VI. Marketing

[Company name] will use several strategies to promote its name and develop its brand. By using an integrated marketing strategy, [company name] will win clients and develop consistent revenue streams.

The [Company name] brand

The [Company name] brand will focus on the Company’s unique value proposition:

• Client-focused financial services, where the Company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-firm expertise in a small-firm environment

Promotion Strategy

Targeted Cold Calls [Company name] will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to demand the services of a financial advisor. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

Referrals [Company name] understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer their friends and family by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Additionally, [company name] will aggressively network with local area banks that do not offer the same product mix—banks that do not offer life insurance, in particular. This network will generate referral leads from banking clients. In return, clients who seek services that [Company name] does not provide will be redirected to these banks.

Internet [Company name] will invest resources in two forms of internet promotion—organic search engine optimization and pay-per-click advertising. The Company will develop its website in such a manner as to direct as much traffic from search engines as possible. Additionally, it will used highly-focused, specific keywords to draw traffic to its website, where potential clients will find a content-rich site that presents [Company name] as the trustworthy, well-qualified financial advisory firm that it is.

Publications [Company name] will place print advertisements in key local publications, including newspapers, area magazines, and local sport programs. Additionally, the Company will print brochures and place them in specific locations frequented by target individuals, such as premium stores and professional service providers.

Direct Mail The Company will use a direct mail campaign to promote its brand and draw clients, as well. The campaign will blanket specific neighborhoods with simple, effective mail advertisements that highlight the credentials and credibility of [Company Name] as a financial advisor.

VII. Operations

[Company name] will carry out its day-to-day operations primarily on an appointment basis. Clients will make regularly scheduled appointments to review the contents and progress of their investment portfolio. These will primarily occur in-office or in-home in order to increase the strength of the client relationship. If necessary, appointments can be conducted over the telephone. Walk-in financial advice will also be provided on a limited basis. Walk-in clients will be billed on an hourly basis.

[Founder’s name] will work on an as-needed basis, but can be expected to be present in the office during normal business hours. The company will also employ an administrative assistant who will also support marketing and client relationship development efforts.

Milestone targets

Company name]’s long term goal is to become the number-one provider of financial advisory services and investment products in the [city] area. We seek to be a household name and the standard by which other providers are judged. We seek to do this by ensuring customer satisfaction and developing a loyal and successful clientele.

The following are a series of path steps that will lead to the vision of long term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:

VIII. Management Team

[Full Name] [Title] [Company Name]’s most valuable asset is the expertise and experience of its founder, [full name]. [First name] has been a certified financial advisor for the past 20 years. He has spent much of his career working at Merrill Lynch’s Wealth Management division. He spent the more recent portion of his career at a smaller firm, Century Asset Management, where his client base doubled and his assets-under management tripled in 8 years. [Name] has acquired a reputation for success and has earned the respect and trust of his clients. Prior to working in the financial services industry, [name] worked for the private equity firm Bruns & Potter Partners, and earned his MBA from UCLA. He began his career as an intern at an integrated consulting and investment banking firm in El Segundo, California.

[Company name] will also employ an experienced assistant to help with various administrative duties around the office. [Assistant’s name] has experience working with C-level executives and has spent significant time as an administrator in the financial services industry.

IX. Financial Plan

Capital requirements and use of funds.

[Company Name] is seeking a total funding of $125,000 of debt capital to open its office. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses and working capital.

Specifically, these funds will be used as follows:

• Working capital: $65,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even

Key Assumptions & Forecasts

The following table reflects the key revenue and cost assumptions made in the financial model.

5 Year Annual Income Statement

5 Year Annual Balance Sheet

5 Year Annual Cash Flow Statement

You can also click here to get our financial advisor business plan sample pdf .

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Financial Advisor Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Financial Advisory Business

Are you about starting a financial advisory business online? If YES, here is a complete sample financial advisory business plan template & feasibility report you can use for FREE .

One of the trades which you may consider to readily commence is the financial advisor business. This is isn’t a skill set to be acquired. However, there is need to be well versed in the knowledge of it. After that has been done, all other things can follow.

One of the things that readily follow the zeal and enthusiasm to own a business as being a financial advisor is drawing up a business plan. Below is a sample financial advisory business plan.

A Sample Financial Advisory Business Plan Template

1. industry overview.

Talking about financial service industry wouldn’t be complete without first talking about financial advisors. The basic responsibility of a financial advisor firm is to offer their clients with financial products and services, subject to the licenses / professional certifications they possess and the training they have had. A financial advisor may create financial plans for clients or sell financial products, or a combination of both.

Furthermore, financial consulting firm provide their customers with specialist advice on how to manage their finances. They carry out their jobs by researching the marketplace and recommending the most appropriate financial products and services available.

They also ensure that their clients are aware of the product and also understand the product that best meet their needs and before sealing a business deal.

Financial advisors are known to sell some financial products such as; employee pension schemes to companies or offering mortgage, pension or investment advice to private clients who can afford it. Some financial consulting firm are generalists; they offer financial related advice to clients in all of these areas, as well as saving plans and insurance.

The financial consulting industry is expected to be one of the fastest-growing industries over the next decade, with a projected growth rate of 30 percent through 2024, based on the report released by the Labor Department. That obviously is an additional 73,900 new positions on top of the 249,400 jobs financial advisors held in 2014.

So also the retirement of baby boomers in need of financial planning advice will facilitate appreciable growth in the industry.

If you are tinkering with the idea of becoming a financial advisor or starting a financial consulting business, you would need to acquire financial expertise and also an aspiration to help people. Basically you would need a bachelor’s degree from financial related course or business related course.

Aside from a bachelor’s degree in related financial discipline, you would also need professional certifications. Basically, The Certified Financial Planner exam is required to become a CFP –a distinction that looks good to employers. You can also acquire other related designations if you want to specialize in a certain area of financial planning.

For example, you can also complete the necessary certification exam to acquire the Chartered Retirement Plans Specialist, or CRPS, designation.

Over and above, as a financial consulting firm, your core responsibility is to improve your client’s finance by effecting changes in response to your analysis; you should be able to change the fortune of their finance within an agreed timeline. Individuals and even organizations are willing to pay expensive fees as long as they are going to get results.

No business person will be willing to pay you for a financial consulting service if you don’t have a track record that shows that you know what you are doing. It is one thing to convince a client to patronize your financial consulting services and it another thing for you to deliver solutions as agreed.

Lastly, one good thing about the financial consulting industry is that there is readily available market for their services simply because individuals and even organizations naturally would want to improve and effectively manage their finance. So if you are well positioned and you know how to deliver results as a financial advisor, you will always smile to the bank.

2. Executive Summary

Darlington & Williams Financial Advisors, LLP is a standard financial Consulting firm that will be located in the heart of Madison Street, New York City, New York. The firm is going to operate as a standard financial consulting firm with bias in offering financial advice and financial management, financial planning and wealth management to our highly esteem clients.

Our services will also cover areas such as; Auditing, Accounting and Financial Services Consulting, Tax Consulting, Insurance Consulting, and any other related financial services.

We are quite aware that financial consulting businesses these days require diverse and sophisticated approach; which is why we will position our financial consulting firm to offer a wide range of financial consulting services as requested by our clients.

Darlington & Williams Financial Advisors, LLP is a client-focused and result driven business financial consulting firm that provides broad-based results at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a complete range of financial consulting services to both individual and corporate clients and we will ensure that we work hard to provide the required services and financial solutions needed by our clients to accomplish their retirement or financial goals and objectives.

At Darlington & Williams Financial Advisors, LLP, our client’s best interest come first and everything we do is guided by our values and professional ethics. We will ensure that we hire financial consultants who are well experienced in a wide variety of financial consulting and wealth management et al.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Darlington & Williams Financial Advisors, LLP will at all time demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

Darlington & Williams Financial Advisors, LLP is founded by Darlington Schneider (MBA, CFP®) and his business partner Williams Sinclair (MBA, CFP®). The organization will be managed by both of them. They both have extensive experience in a diverse range of finance consulting, wealth creation and wealth management.

The combination of their experiences revolves around being a stockbroker, finance manager, financial adviser, financial consultant, wealth manager, investment banker, financial planner, investment advisor, investment consultant, investment representative, branch manager, broker and certified financial planner (CFP®)

3. Our Products and Services

Darlington & Williams Financial Advisors, LLP is going to offer a variety of financial advisory services within the scope of the financial consulting industry in the united states of America. Our intention of starting our financial advisor firm is to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our corporate goals and objectives.

Our business offering are listed below;

• Investment (Business Portfolio) Management
• Financial Advisory Services
• Wealth Creation and Wealth Management
• Asset Management
• Mortgage, Pension, Retirement and Investment Advisory Services
• Income Tax Preparation
• Financial Auditing
• Estate Planning
• Budgeting and Financial Planning
• Accounting and Financial Services Consulting
• Tax Consulting
• Insurance Consulting

4. Our Mission and Vision Statement

• Our vision is to provide our clients with highly professional financial advisory services; giving them good value for their money.
• We strive to handle each client with accountability and responsiveness, as if we are managing our own finance.
• We focus our attention on the providing workable financial solutions for our clients so that our clients can focus their attention on other aspect of their lives.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to make available professional and trusted financial advisory services that assist individual and corporate organizations in operating sustainably.
• We provide workable financial advisory services in combination with our own business backgrounds, and deliver valuable services in a timely and cost-effective way.

Our Business Structure

Darlington & Williams Financial Advisors, LLP will build a solid business structure that can support the growth of our organization. We will ensure that we hire competent and well experienced hands to help us build the business of our dream. Below is the business structure that we will build Darlington & Williams Financial Advisors, LLP on;

• Chief Executive Officer / Lead Financial Advisor
• Financial Advisors

Financial Risk Analyst

Legal Secretary

Admin and HR Manager

Business Developer

Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office / Chief Financial Advisor:

• Responsible for providing direction for the firm
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Conducting in-depth reviews of clients’ financial circumstances, current provision and future aims
• Responsible for handling high profile clients and deals
• Responsible for fixing prices and signing business deals
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for drawing up contracts and other legal documents for the company
• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
• Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Makes recommendations to reduce or control risk, which may involve an insurance strategy
• Works with traders to calculate the risk associated with specific transactions;
• Liaises with underwriters and insurers
• Forecasts and monitoring market trends
• Considers proposed business decisions
• Conducts research to assess the severity of risk
• Conducts statistical analysis to evaluate risk and using statistical software such as SPSS and SAS
• Reviews legal documents
• Presents ideas via reports and presentations, outlining findings and making recommendations for improvements
• Purchases insurance
• Analyzes a bank’s market position and running figures through complex modeling techniques to find value at risk (VAR) measurements
• Carries out quantitative analysis
• Uses financial packages and software, including portfolio management software
• Studies government legislation, which may affect a company, and advising on compliance
• Protects the organization’s assets and public image
• Develops contingency plans to deal with emergencies.

Financial Advisor

• Contacts clients and sets up meetings, either within an office environment or in clients’ homes or business premises
• Analyzes information and preparing plans best suited to individual clients’ requirements
• Completes risk analyses
• Researches the marketplace and providing clients with information on new and existing products and services
• Designs financial strategies
• Assists clients to make informed decisions
• Researches information from various sources, including providers of financial products
• Reviews and responding to clients changing needs and financial circumstances
• Promotes and selling financial products to meet given or negotiated sales targets
• Negotiates with product suppliers for the best possible rates
• Liaises with head office and financial services providers
• Communicates with other professionals, such as estate agents, solicitors and valuers
• Keeps up to date with financial products and legislation
• Producing financial reports
• Contacts clients with news of new financial products or changes to legislation that may affect their savings and investments
• Meets the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and also the advised products.

Asset Manager

• Oversees local third party property managers and leasing agents.
• Propose goals and objectives for each property.
• Assists in the preparation and approval process of property operating budgets.
• Monthly, quarterly and annual reporting of the portfolio.
• Monthly review of operating statements.
• Assists in the due diligence and underwriting of potential acquisitions.
• Financial analysis, market studies and industry standard reporting (i.e. variance reporting, discounted cash flows, IRR’s, etc.)
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Document all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
• Receives Visitors / clients on behalf of the organization
• Receives parcels / documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distributes mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Darlington & Williams Financial Advisors, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured financial consulting firm that can favorably compete in the highly competitive financial consulting industry.

Part of what our team of business consultant did was to work with the management of the firm in conducting a SWOT analysis for Darlington & Williams Financial Advisors, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Darlington & Williams Financial Advisors, LLP;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new financial consulting firm, it might take some time for our organization to break into the market; that is perhaps our perceived major weakness.

• Opportunities:

The opportunities in the financial consulting industry is massive (both individual clients and corporate clients) and we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face with as a financial consulting firm operating in the United States are complex financial landscape, expanding industry compliance, regulation, fears of declining asset values, unfavorable government policies , and the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power.

There is hardly anything we could do regarding these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

In recent time, financial advisers / financial consulting firms are in the center of a larger industry wide change. With the steady advancement in technology, changing business regulation, retiring financial professionals, and innovative types of financial services are indeed impacting the trend in the industry.

In view of that, financial consultants know that for them to survive the changing trends in the industry, they must ensure that the keep tap with latest happening in the industry, and also ensure that they position their organization to change and flow with the trends.

No doubt, most of the current trends affecting financial advisors today is what is responsible for the reduced fee structure in the industry. Of course the financial consulting industry is experiencing a shift from a transactional based fee structure to one that is fee based.

Take for instance, the regular stock broker who is remunerated for each client trade, is going by the wayside. This obvious change in the industry puts downward pressure on the financial advisors’ profit margins.

Talking about technological advancement, experts can confidently state that it has given huger leverages to financial advisors in areas such as data management, forecasting, portfolio management and analytical tools alongside expedient and effective communication applications.

In as much as the financial advisory industry has gained leverages on technological advancement, they also experience some challenges as well. With technological advancement, it is now easier for clients to get financial advice at a pretty low fee from online financial advisors (robo – advisors) from the comfort of their homes, hotels or offices.

As a matter of fact, the introduction of strictly internet based financial advisory services makes the financial advisory industry more competitive. Despite the fact that most online – based financial advisory firms are relatively small in size, in comparison with the brick and mortar (established) financial advisor firm, their growth is explosive when compared.

Aside from the state challenges, employment may be seriously affected by the increasing number of online advisory tools, which may likely turn away clients from seeking financial advice in person. No doubt, as the cost of financial consulting services continues to increase and as individual and corporate spending falls, new financial consulting delivery methods will continue to emerge and gain momentum going forward.

In addition, the market for financial consulting services has shifted from a sellers’ market to a buyers’ market. A market where financial advisory firms provide software solutions that will make it easier for their clients to monitor their asset and progress of their investment from their smart phones or computers et al.

8. Our Target Market

Although Darlington & Williams Financial Advisors, LLP will initially serve individuals clients and small to medium sized businesses, to be able to compete with the leading financial consulting firms in the United States. We hope to someday merge or acquire other smaller related consulting firms and expand our financial consulting services beyond the shores of the United States of America.

As a standard financial consulting firm, Darlington & Williams Financial Advisors, LLP have a variety of practice areas to help individual clients and corporate clients effectively manage their finance, assets and grow their wealth.

While we works with a variety of organizations and different class of individuals, Darlington & Williams Financial Advisors, LLP will also specialize in working with startups, real estate investors, and contractors, manufacturers and distributors, banks, lending and financial institutions.

Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.

In other words, our target market is the whole of the United States of America and subsequently other parts of the world. Below is a list of the people and organizations that we have specifically design our products and services for;

• Retirees and Pensioners
• Accredited Investors
• Business Merchants
• Businesses and Entrepreneurs
• Blue Chips Companies
• Corporate Organizations
• Manufacturers and Distributors
• Real Estate Owners, Developers, and Contractors
• The Government (Public Sector)

Our competitive advantage

If you take your time to closely study of the financial consulting and advisory services industry, you will realize that the market has become much more intensely competitive over the last decade. As a matter of fact, the supply of financial consultancy and advisory services has significantly exceeded demand.

This is so because there are quite a number of online based financial consultancy and advisory firm who are willing to offer their services at a much lower cost than what the conventional financial advisors offers. As a financial advisor, in other to position to take on the market, you just have to be more creative and diversify your services as against restricting your services to just a niche in the industry.

Darlington & Williams Financial Advisors, LLP might be a new entrant into the financial consulting and advisory services industry in the United States of America, but the management staffs and board members are considered gurus in their own right. They are people who are core professionals and licensed and highly qualified financial advisors in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups consulting firm) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Darlington & Williams Financial Advisors, LLP is established with the aim of maximizing profits in the consulting industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Darlington & Williams Financial Advisors, LLP will generate income by offering the following financial advisory services for individuals and for organizations;

10. Sales Forecast

As long as there are people living in the United States of America and business men and women expanding their investment portfolio and people getting retired et al, the services of financial advisors and financial consulting firms will always be in demand.

We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City, New York to other states in the U.S. and even the global market.

We have been able to critically examine the financial consulting and services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in New York.

Below is the sales projection for Darlington & Williams Financial Advisors, LLP, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;

• First Year-: $100,000
• Second Year-: $450,000
• Third Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition amongst financial consulting firms in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard financial consulting business that will leverage on word of mouth advertisement from satisfied clients (both individuals and organizations).

Our goal is to grow our financial consulting firm to become one of the top 10 financial consulting firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the U.S but in the world stage as well.

Darlington & Williams Financial Advisors, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to organizations and key stake holders in New York and other parts of the U.S.
• Promptness in bidding for consulting contracts from the government and other cooperate organizations
• Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality consulting services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our in house consultants and other brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the financial consulting industry by storm which is why we have made provisions for effective publicity and advertisement of our consulting firm.

Below are the platforms we intend to leverage on to promote and advertise our financial consulting business;

• Introduce our business by sending introductory letters alongside our brochure to households and stake holders in the United States of America
• Advertise our financial consulting firm in business magazines, newspapers, TV stations, and radio stations et al
• Promote our financial consulting firm online via our official website and all available social media platforms
• Adopt direct mailing coupon marketing approach
• List our business on yellow pages / local directories (both offline and online)
• Position our billboards, signage / flexi banners at strategic places
• Encourage our loyal customers to help us make use of word of mouth to promote our financial consulting firm
• Sponsor relevant TV programs, Radio programs and community based programs.
• Brand all our official cars

12. Our Pricing Strategy

Generally, a financial adviser is remunerated either through fees, commissions, or a combination of both. For instance, a financial adviser may be paid in any of the following means; an hourly fee for advisory services. A flat fee, such as $600 per year, for an annual portfolio review or $2,500 for a financial plan.

They could also be paid on commission basis especially on the securities they bought or sold for their clients such as $10 per trade et al. Financial advisor are also paid a commission that is based on the amount a client invested in a mutual fund or variable annuity.

It could also be termed a “mark-up” especially when a client buys “a property” products (such as bonds that the broker holds in inventory), or a “mark-down” when they are sold. A fee for assets under management, such as 1% annually of assets managed

Hourly billing for financial consulting and advisory services is a long – time tradition in the industry. However, for some types of consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.

As a result of this, Darlington & Williams Financial Advisors, LLP will charge our clients a flat fee for many basic services such as financial advisory services and tax consulting et al. At Darlington & Williams Financial Advisors, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.

In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises. We are aware that there are some clients that would need regular access to financial consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At Darlington & Williams Financial Advisors, LLP, our payment policy will be all inclusive because we are quite aware that different clients prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

No doubt starting a financial consulting firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furnish and equip the office, the amount needed to pay employees for the first few months, the amount needed to by the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

Basically, this is the area we are looking towards spending our start – up capital on;

• The Total Fee for incorporating the Business in New York – $750.
• The budget for Liability insurance, permits and license – $2,500
• The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
• The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
• The Cost of Launching your official Website – $600
• Budget for paying at least two employees for 3 months and utility bills – $30,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous – $1,000

Going by the report from the research and feasibility studies, we will need about $150,000 to set up a small scale but standard financial advisory firm in the United States of America.

Generating Funding / Startup Capital for Darlington & Williams Financial Advisors, LLP

Darlington & Williams Financial Advisors, LLP is going to start as a private business that will be solely owned by Darlington Schneider (MBA, CFP®) and his business partner Williams Sinclair (MBA, CFP®). They will be the financier of the firm, but may likely welcome partners later; which is why they have decided to restrict the sourcing of his start – up capital to 3 major sources for now.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The truth is that, it is easier for businesses to survive when they have a steady flow of business deals / customers patronizing their products and services. We are aware of this, which is why we have decided to offer a wide range of financial consulting and advisory services to both big and small clients (individual and corporate clients).

We know that if we continue to deliver excellent financial consulting and advisory services to our clients, there will be steady flow of income for the organization. As such, our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.

In the nearest future, we will explore the options of either merging with other consulting firms or acquire one or more consulting firms in order for us to increase our market share and service offerings. We know that if we do well to implement our business strategies, we will grow our financial consulting and advisory firm beyond New York City, New York to other states in the U.S in record time.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Securing a standard office facility in Madison Street, New York City: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry: In Progress

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