Financial Consultants are one of fastest growing industries today. More and more people are requiring services of a finance consultant to get out of debt, and/or prepare for educational and retirement expenses. The knowledge these consultants have creates an income potential for everyone involved.
Becoming a financial consultant takes time and money. It is not a get-rich-quick business, but it does lead to an unlimited income potential. Before you do anything else, you need to decide if you are committed to making time to become a finance consultant. If you decide you are, then delve deeper and learn more.
Financial consultants are also called investment consultants, because they help you plan financially through investments. The best thing to do when you decide to become an investment consultant is to contact one of many financial planning organizations such as Financial Planning Association.
You will need to become a member of many of these financial consultant associations. You are also required to take class and an exam, before you can provide financial consultant services. Each association has its own credentialing system. While it is not necessary to have all certifications, it is best to have several for professionalism and credibility.
Until you receive certification, you should get requirements from Securities and Exchange Commission as well as your State regulatory Authority for financial consultants. It is also required that you register with these agencies as well as NASD and obtain licenses from them.
Once you are certified and licensed you are ready to open your investment consultant company. However, a few things need to be done before seeking clients. You will need to decide how you will be compensated for your services, and if you will specialize in a type of planning, such as estate planning, or generalize. You will also want to begin networking with other local people in industry, such as accountants and lawyers.
Financial consultants have four compensation methods to choose from. When deciding on compensation method for you, decide if you want to obtain more licenses and certifications. In almost any event, you will need to partner with insurance companies and at least on e securities broker/dealer.