Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

Training & Education Expenses

$0

$1,000

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$0

$2,250

Total Startup Costs

$6,136

$41,311

Humphrey

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The Broke Generation

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Edward Jones

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Merrill Edge

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17,172

Financial Samurai

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Investing Services, Financial Advisors

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37,493

Making Sense of Cents

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37,734

Good Financial Cents®

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Well Kept Wallet

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58,020

TimeTap: Enterprise grade schedule for businesses

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61,231

The Financial Diet

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108,123

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Meaningful business connections

You never know who you will meet as a financial advisor. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Quick build time

The average time it takes to build your product is quick - typically around 12 months. This will allow you to bring your product to market faster.

Crowded Space

Competition is high when it comes to your financial advisor, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A financial advisor can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Time commitment

With becoming a financial advisor, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.

Difficult to build trust with your customer

With becoming a financial advisor, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.

Impatient customers

You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.

You might struggle financially (at first)!

If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.