Going independent means you are ready to be a true entrepreneur. Being the CEO of your own financial business is a dream come true for those who don’t want to conform to the big wire houses or answer to anyone. While this avenue isn’t for everyone, every day financial advisors seek out to become their own CEO.
Complete independence provides great opportunities for advisors seeking to be their own boss, becoming a business leader and building their own business model in complete freedom and with flexibility.
Starting your own business and serving as CEO is simple, but building a business which endures early growth hiccups, and withstands difficult economic periods require diligent work and discipline. Before you jump, it’s important to plan. Below are the steps you should consider taking on your road to being CEO.
Step 1: Write a business plan developing your business idea into a viable service company which understands its target market and how to reach those clients.
Step 2: Forecast start-up costs, annual operating costs and potential revenues. Check with leasing companies for office or retail space. Speak with contractors and developers regarding costs of renovations, product development and engineering. Estimate how many employees you will need and the costs associated with those employees.
Step 3: Choose your broker-dealer. One of the biggest concerns associated with forming your own independent practice is the fear that if you change your broker-dealer, your clients will leave you. Business has always been and will continue to be all about relationships.
Step 4: Choose your company name. Search the county clerk’s name database, as well as the Secretary of State’s database to ensure no one else is using your company name.
Step 5: File the necessary paperwork with the Secretary of State’s office.
Step 6: Obtain proper tax registrations. Contact local state revenue boards for state registrations and business permits and licenses.
Being independent does not mean operating alone. Choosing the right broker-dealer is very important to the success of your business. Summit Brokerage offers a platform which allows you to grow your practice the way you want to.
Offering the personal touch of an exclusive boutique broker-dealer coupled with the resources and services of the largest firms in the industry, Summit provides the support, services, products and leading-edge technology you need to build a successful business. As a Summit advisor, you enjoy the freedom and control of being your own CEO while at the same time benefiting from the best support structure in the business.
You’ll have access to one of the most comprehensive collections of programs and services in the industry, designed to allow you to gain the maximum result from your efforts. Summit Solutions covers everything you need to run a successful practice including practice management, technology integration, research, financial planning, client management, education, advisory services, succession planning and more.
Training programs feature nationally known business and financial experts who offer insight on the industry, along with issues which are likely to affect your business, and because so much of what successful advisors learn comes from other advisors, many of the training programs offer designated peer-to-peer networking sessions.
Summit also provides you with a wide range of solutions which have proven extremely effective to run a more efficient and profitable practice, including: wealth reporting tools to help establish connections and build relationships; website development; promotional and marketing material support, including pre-approved ads, prospecting letters, ghostwritten articles, radio scripts, seminar support and more; professional partner development; and state-of-the-art CRM solutions.
A big plus: Summit is product neutral. You are not pushed to sell any particular product. As an advisor, you have the finest products in the industry available to you, and you get to decide which is best for your clients and your firm.
To learn more, call 866.341.9285 to speak with a Business Development Associate or visit www.joinsummit.com.
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