How to Become a Part-Time Independent Financial Advisor
An independent financial advisor usually needs to get some experience before setting up his own part-time business. That experience is typically gained during employment and through educational programs. A certified financial planner (CFP) certificate is perhaps the most useful credential you'll need because it states that you have met professional standards and are both competent and professional when dealing with clients.
Other People Are Reading
Instructions
-
-
1
Enroll and complete a program leading to a certificate or bachelor's degree in financial services, financial planning or a similar field. Make sure the program is registered with the Certified Financial Planner Board of Standards. Qualified CFP programs can be located on the board's website at cfp.net.
-
2
Meet the employment requirements to obtain CFP certification. The CFP Board of Standards requires three years of full-time employment in the personal financial planning industry before candidates can use the official CFP logo. Look for employment with a financial planning company that will franchise independent advisors, such as Ameriprise Financial, LPL Financial or Charles Schwab.
-
-
3
Register for and pass the CFP certification exam. Complete the remaining requirements to obtain your CFP certificate, such as passing the background check and the candidate fitness standards. Pay the required fees to the CFP Board of Standards to obtain your certification.
-
4
Register for the Series 7, Series 63 and Series 65 exams administered by the North American Securities Administration Association. The Series 65 license qualifies you as an investment adviser representative, which is needed if you are going to be independent and act as a sole proprietor. The Series 7 and Series 63 exams qualify you as a securities agent and authorize you to purchase securities products, such as corporate securities and variable contracts.
-
5
Make the transition from a full-time employee of a financial services company to an independent franchisee. Pay the company any association or franchising fees necessary to set up your business. Use the logo of the company and take full advantage of the support the corporate office offers its franchisees.
-
6
Meet any state or local permit requirements needed for your business. Consider registering a DBA ("doing business as") name with your state and filing for incorporation or as a limited-liability company.
-
7
Set business hours for your services. Decide what days you'll work and how much free time you want. Make sure to allow enough time to get work done for your clients.
-
1
