How to Start a Financial Services Business

Financial service business deals with all investment related affairs with one or more finanical advisors helping their clients successfully manage their financial resources. While the fundamentals for any financial business will be the same, there is an opportunity for specialization in a particular area, such as giving financial advice and charging a certain fee, or handling their finances and invest it on their behalf. One can further specialize in the area of bonds and stock or can cater to the needs of various businesses.


  • 1

    Firstly decide on the types of services you are willing and able to provide. That will depend on your own knowledge and area of expertise, along with the input of other financial advisors working with you. Moreover, you need to know the current demand of your community. If a financial service already exists, than make sure that you chose a different line or be more tactically sound than your competitors. Also search for the popular companies and see what they offer and how they have been successful.

  • 2

    Having researched thoroughly, now make up a business plan and determine how you will market yourself. Is setting up a viable option rather than simply working with other financial institutions for a particular fee or income? Plan the start-up cost and figure out your client base before making your next move.

  • 3

    Network with other financial advisor and ask them for the right advice. Also contact other businesses and even individuals to determine their needs. Can you help them in a better way than others? It will help you analyze the market response.

  • 4

    Make sure you are familiar with all the state regulations. Every state will have their own business setting-up requirements and you need to make sure that you have kept them in the loop. Contact a state financial officer for help and ask them on how to acquire a license. Get hold of all the necessary application details before submitting it. Make sure that you have obtained a license in the relevant field. An investment license or an insurance license is needed when you pursue the selling and buying of stocks and bonds.

  • 5

    Now that you have carried out all the hard work, make a list of the services you will offer and the amount you will charge for each. There could be a flat rate, plus add-ons depending on the service you are providing.

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