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You can offer your investment consultant services on a commission-only basis, fee-only basis, fee plus commission basis, or fee-offset basis. Of these three methods, only fee-only method does not require parternering with insurance companies and securities broker/dealers, or obtaining extra licenses. A fee-only consultant creates a financial plan for client, but client is responsible for implementation of plan. A fee-only consultant usually has a per hour fee or project fee.
Each of these methods of compensation has a good and bad side. You must consider type of financial consultant business you want, and then choose method that is appropriate for you. You can always change methods, but that can be tricky.
If you decide to go with on of methods, other than fee-only, you will need to find your partners. It is best to partner with as many insurance companies and broker/dealers as possible. This will give your better tools and more options to work with for your clients.
While you are talking to companies, you should also talk with lawyers, and accountants in field. They cannot only refer clients to you, but may be willing to work on projects with you for your clients. This is part of networking you will need to do to succeed.
You need to invest for insurance for your investment consultant company as well. It protects you and your clients. This is a necessary part of business. Should unimaginable happen, you will be protected.
Clients will probably not fall in front of you when you first start. To gain experience and clients, offer your finance consultant services for a small fee, or even free, to friends and family. Ask them if you can use them as references. This will not just help your business, but it may help them too.
Once you have become a financial consultant, you will need to retain your certifications with continuing education in financial planning. Loot at web sites and books, they will keep you informed of industry trends, as will industry magazines. Stay affiliated with organizations at national, State and local level. Your business is reliant on personal ability and honesty. Stay focused on this and you are bound to succeed.
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