How many new year’s resolutions have you made over the years? Most of us make a vow to eat healthier, start exercising more, or spend less time on our devices and more time with friends and family. While these are all very admirable goals, I have an even bigger one I think those in the financial advising business should consider: starting your own entrepreneurial financial business. I know, I know, it seems like a huge endeavor—especially if you’re used to working for a large firm and enjoy the security that comes along with it. However, I’ve talked numerous times in my blog about the advantages of going independent, and there’s never a better time than at the beginning of a fresh year.
Why 2018 is the Best Time to Start Your Entrepreneurial Financial Business
I’ve met a lot of advisers working at big firms who were truly meant to own their own businesses and create a fulfilling career they can be proud of. Am I saying that you can’t have a fulfilling career working for a large firm? Of course not. But with the new rules governing fiduciaries and the rise of robo-advising, it’s going to get more and more difficult. 2018 is the time to make a move to avoid disruption of your business and to capitalize on the thousands of people out there who truly need a financial mentor and not just someone who will sell them stocks or annuities.
How You Can Lay the Groundwork
Since January 1st is still a few weeks away, now is the time to start laying the groundwork to launch your own business soon after the first of the year. If you are working for a big firm right now, it’s time to speak with your business attorney to see if you’ve signed any documents that need to be addressed before leaving. Now is also the time to choose the type of advisor you are going to be—I highly suggest using the advice-based model—and what type of office environment you want to work in. Then it’s time to ensure you have all the designations you need to move out on your own and to review your referral network. If you don’t have a way of filling up your funnel with potential new clients once you hang your proverbial shingle, you need one of those now.
Best Ways to Ensure Follow-Through
Are you worried you’ll make a resolution to finally go out on your own and then chicken out before you can actually follow through? Well I’ve got some tips to help you deal with that as well! The first thing you need to do is make a commitment. Not just to yourself, but to someone who will hold you accountable. It can be to a mentor, your partner, or a trusted colleague who won’t let you get out of your plan and will check in with your regularly to see what steps you’ve taken.
My second piece of advice is to make an investment in your goal. It’s too easy to back out of something if you don’t have a lot to lose. That’s why I always tell people to make a monetary investment in the beginning as it provides ample motivation to follow through. In this case, investing in some ongoing education, a new designation, or an online class is a great way to get some skin in the game and prevent you from easily changing your mind once 2018 hits.
Now is the time to make a move and start creating the business of your dreams. If you begin laying the groundwork now, you can hit the new year running and be well on your way to a seven-figure entrepreneurial business. Interested in learning more about our class or talking more about starting your own business? Please reach out! It’s one of my favorite topics to discuss.