Business Model Changes Part 1
Way back in November I received an email from a reader named Jason who wrote, "For a couple of years now I've been desiring to setup a small financial planning practice. I have no desire to pick stocks, insurance policies, etc. for people. However, what I had in mind was helping people develop savings plans, financial goals, investment strategies, insurance strategies, etc. I've just been looking for an example of someone else doing similar for an idea of how to go about the startup. I have not found anything ... and then I read the comments to this post. You're doing exactly what I had in mind! Would you be willing to share you story with me or offer advice?"
I've hesitated to write back as my business model has been changing as of late due to a number of factors. 2006 has arrived and my situation has now calmed down enough to reply with reasonable accuracy.
First, what has changed for me? First off, upon the completion of my graduate certificate in financial planning I had to choose whether or not I wanted to get "serious" and sit for the CFP exam. I opted not to do so as my career and personal life have taken some unexpected turns recently. Most notably I am engaged in some entrepreneurial interests that have taken me more in the direction of experiential education than pure financial planning. To that end, I updated my intro post with this information so as to present myself more accurately.
I do, however, still maintain a small client load and take on additional clients who need fee-only help as I have the time. I enjoy this too much to let it go completely. It also never hurts to have some fall-back income.
With that intro information corrected I can move on to Part 2 of this post where I answer Jason's specific questions.
I received a note in my email recently asking about my financial planning practice and how I work part time. It said: I'm wondering if you would mind sharing your thoughts on being a part-time financial planner. I'm interested in making financial planning a part-time ... Read
This is Part 2 of 2 on my Business Model Changes, prompted by a reader email. You can read Part 1 here. Read
Readers may notice a trend in my, and indeed in all, pfblog.com posts. That trend is the seemingly maniacal obsession with squeezing just one more point of interest or appreciation out of every single transaction. Clients often question my obsession with low mutual fund fees ... Read
For new readers I'd like to briefly go over the types of posts and the categories that I will use so everyone can browse right to the content that most interests them. Read
