The Bureau of Labor Statistics projects that employment opportunities for personal financial advisors will grow by 30% in the coming decade, and Cerulli projects that nearly 1/3rd of existing advisors will retire over that same time period as well - creating a tremendous opportunity for those who are interesting in becoming a financial advisor.
In this week’s #OfficeHours with @MichaelKitces – a new video series we’ve launched where I will take reader questions, both emailed and live, every Tuesday at 1PM EST via the Periscope social media platform – we look at how much it costs to start an advisory firm, what it takes to survive in the early years, and why it is so difficult to get funding for your new advisory business venture.
Yet ultimately, it turns out that the simple reality is it's actually remarkably inexpensive to become a financial advisor - at least compared to the startup costs for most other industries. The real blocking point for getting started is not the cost to establish the business, but the "income gap" that is created as you leave another job and haven't yet gotten clients in your new firm. Or viewed another way, it's the difficulty in paying your personal bills while getting started as a financial advisor that is the real challenge, not the startup costs for creating the business itself.
You can see me discuss all of this and more in our #OfficeHours video posted in today’s article, along with details on how to sign up to watch the next broadcast live, and participate for yourself!