Things You'll Need:
-
Step 1
Decide what type of approach you are going to take. If you intend to function as a registered representative, then you must choose a broker-dealer that provides a platform for the types of products and services that you intend to offer. Peruse a copy of Registered Representative magazine to see a selection of the broker-dealers available. Or, if you plan on functioning as a Registered Investment Adviser, then study for your Series 65 exam.
-
Step 2
Formulate an investment philosophy that you will use for your clients. This philosophy will determine how you will achieve your clients' investment objectives. This philosophy is the cornerstone of your business in many ways.
-
Step 3
Choose the type of products and services that you intend to offer. You may want to include such ancillary services as mortgages, income tax preparation and comprehensive financial planning in your practice. You will also need to find a trading platform to use for investment management. Your broker-dealer will supply this if you choose this route. Otherwise, you will have to find one on your own. Look at Investment Advisor magazine or an issue of the Journal of Financial Planning for help in this area.
-
Step 4
Create a comprehensive business plan that includes your method of prospecting, professional philosophy and the business model that you've chosen. Lay out the way that you will run and manage your business and the number of employees, if any, whom you intend to hire.
-
Step 5
Open some accounts with your family and friends and begin trading them profitably. Establish a solid track record of your investment management performance and display those results for the public to see. Also use the traditional methods of prospecting, such as advertising, referrals and telephone or Internet marketing.
